By Durrant Pate/Contributor

Wigton Windfarm is going deeper into green energy projects and will be executing this both independently and with its partners.

With a substantial portion of its operations currently centred on wind power, the company is charting a clear course for growth through diversification into other segments of renewable energy. To this end, Wigton, which trades on the Jamaica Stock Exchange, is actively exploring opportunities in the market for green energy projects. 

It is actively collaborating with its joint venture partner, Innovative Energy Company DBA IEC SPEI Limited, to implement projects involving the design, supply, and installation of solar photovoltaic systems in Jamaica. The renewable energy company says it remains committed to providing energy solutions in wind, solar, and other renewable areas, and promoting clean technology solutions to sustain growth in shareholder value.

Key stakeholder discussions

Ongoing discussions with key stakeholders are centred on the repowering of Wigton Phase I located in Rose Hill, Manchester. This initiative follows the Cabinet’s approval of a new 20-year generation licence for Wigton Phase I. 

Furthermore, Wigton was one of two entities pre-awarded by the Generation Procurement Entity (GPE) in their September 2023 tender for additional energy to the grid. The decision of the GPE as to the final award is now being awaited.

Wigton has signalled to the market its continued transformation and comprehensive focus on renewable energy and clean technologies. This transformation is aimed at boosting shareholder value and profitability.

Wigton’s current wind farm operations are supported by long-term power purchase agreements with the Jamaica Public Service Company. The company is continuing to enhance its contractual performance by improving efficiency, ensuring that capacity and availability consistently meet established targets and remains dedicated to enhancing operational efficiency and exploring investment opportunities.

In the June quarter Wigton’s profitability surged, closing the period on $97.4 million or 142.5 per cent over a similar period last year. This was due to a 7.7 million Kilowatt hour (KWh) or 24.0 per cent improvement in production, increasing sales revenue by $130.9 million or 26.7 per cent over 2023.