MPC Caribbean Clean Energy Fund and ANSA McAL Limited acquire Windpark in Costa Rica
HAMBURG, Germany and PORT OF SPAIN, Trinidad - 28 June 2018 - MPC Capital's investment platform for renewable energies in the CARICOM region, MPC Caribbean Clean Energy Fund, and ANSA McAL Limited ("ANSA McAL"), Trinidad and Tobago's largest conglomerate with companies throughout the Caribbean, will invest in the operational 21 MW windpark Tilawind, located in Tilarán in the Guanacaste province, Costa Rica.
With a wind turbine capacity factor of 45%, Tilarán represents an excellent location for the wind farm, which has been operational since 2015 and has the potential to expand its capacity to 40 MW in the future. Tilawind and the expansion were developed and constructed by the local project developer Gruman Resources, who currently operates the wind farm.
The joint venture with ANSA McAL is in keeping with MPC Caribbean Clean Energy Fund's investment strategy to support high quality assets with strategic regional partners. Tilawind is the second acquisition for the MPC Caribbean Clean Energy Fund following its investment in the 51 MWp Paradise Park Solar PV greenfield project in Jamaica. Both ANSA McAL and MPC Caribbean Clean Energy Fund are eager to explore additional greenfield and brownfield renewable energy investments within Costa Rica and the wider region.
Martin Vogt, Managing Director of MPC Renewable Energies, said: "We are delighted to announce the second acquisition of MPC Caribbean Clean Energy Fund and to add Tilawind to our investment portfolio. We also want to thank our local partner Gruman Resources and our co-investor ANSA McAL as well as our lender Republic Bank, for the tremendous cooperation given to this important transaction."
Mr Andrew Sabga, Chief Executive Officer of the ANSA McAL Group, added: "Our goal is to cultivate projects that are profitable for our shareholders, generate value for our customers and serve as an engine of sustainable development for the Caribbean region. Tilawind is a perfect example of that type of project. We are proud to support Costa Rica's efforts in providing sustainable energy. In addition to expressing thanks to MPC Caribbean Clean Energy Fund for partnering with us on this monumental transaction, we would also like to thank our lender ANSA Merchant Bank Limited for its continuous support throughout the process."
MPC Renewable Energies originated and structured the transaction and will provide asset management services to both investors. The transaction is subject to customary closing conditions.