Paradise Park, Jamaica’s largest photovoltaic power plant and the cheapest energy producer on the island has finally been sold to a third-party company, as the two majority owners have exited the entity.

Paradise Park, which is a 51-megawatt solar plant in Westmoreland has seen MPC Caribbean Clean Energy Limited (MPCCEL), its second largest shareholder off-loading its 34.4% per cent indirect stake to the unnamed third-party company reportedly for some US$5.9 million (J$930 million) through its subsidiary EREC Investment Limited.

Previously, the majority shareholder with 50% equity, French company, Neoen sold its shares to the third-party company. Our Today reported in November last year that MPCCEL, which is a Caribbean-based investment company established in 2017, decided to enforce its tag-along rights after Neoen issued a notice of intention to proceed with a third-party sale process for its shareholding in the plant. 

Tag-along sale rights exercised

After receiving the final binding offer along with the notice related to tag-along right, the Board of Directors of MPCCEL, which is registered in Barbados and publicly listed on the Jamaica Stock Exchange as well as the Trinidad and Tobago Stock Exchange, approved to exercise its tag-along rights to participate in the sale.

The other equity holder in Paradise Park, which trades as Eight Rivers Energy Company is project convenor and arranger, Rekamniar Frontier Ventures, controlled by Angella Rainford with 15.6 per cent.

The renewable energy developer and investor is reporting today that on March 31, 2025, the transaction to sell its shares through EREC Investment was successfully completed. 

Directors, José Fernando and Zuñiga Galindo in a regulatory filing with the Jamaica Stock Exchange, where the company is traded advise: “It is intended that after providing for an appropriate liquidity reserve at the company and holding company level to cover administrative, business expenses, contingencies and to adhere to any legal restrictions, the company intends to pay out up to 100% of the remaining sales proceeds received from the sale of Paradise Park.”

Share Purchasing Agreement to be published 

Notwithstanding the foregoing, the parties will agree on the terms of a press release relating to the transaction contemplated by the Share Purchasing Agreement, which will be published within a month of completion. 

MPC says its outlook for this year remains strong as it seeks to reduce costs while eyeing new projects. The company holds stakes in four operational renewable projects in Jamaica, Dominican Republic, El Salvador and Costa Rica totalling 154MW.