Three-year extension for US$10-million promissory note

Durrant Pate/Contributor

The board of MPC Caribbean Clean Energy Limited has agreed to extend the maturity date of the US$10-million non-voting convertible promissory note, which was issued on December 9, 2020 to RBC Trust (Trinidad & Tobago) Limited.

The board agreed to a three-year extension, effective tomorrow (March 31). The note was used to raise capital for the renewable energy company to be invested in the MPC Caribbean Clean Energy Fund.

The note, which will be registered by the Trinidad and Tobago Securities and Exchange Commission, entitles the holder to receive (from time to time) distributions equivalent to the dividends approved by the directors of the company to be paid from time to time to holders of Class B shares.

NET COMPREHENSIVE INCOME

Under this provision, each US$1 of the principal of the note corresponding to one Class B share, limited to a maximum of eight per cent per annum in aggregate in any one year. The convertible promissory note will be recognised on the balance sheet as a long-term liability.

Weather conditions presented by La Nina and extensive repairs at MPC Caribbean Clean Energy’s renewable energy plants resulted in its net comprehensive income decreasing in the fourth quarter of 2022. Net comprehensive income closed December 31, 2022 at US$823,520, reflecting a reduction of 36.7 per cent.

For the year, net comprehensive income declined by 38.6 per cent to $700,791. Total assets increased by over $740,525 to $31.40 million as at December 2022.