Investment company MPC Capital announced a “Commitment to Action” to expedite the deployment of renewable energy in the Caribbean by making it easier for US impact investors to access the Caribbean market.
Firms make a “Commitment to Action” with the Clinton Global Initiative (CGI) Action Network, an initiative of the Clinton Foundation.
CGI Commitments to Action focus on tackling challenges in hurricane response and resiliency. Commitment-makers must develop and execute against a detailed project plan that includes clear and measurable objectives, a timeline and budget and the key steps required to achieve success.
Over the next two years, MPC Capital aims to raise $90 million from US-based impact investors, institutional investors and foundations. The money will be allocated to up to 15 renewable infrastructure projects in the Caribbean. MPC Capital made its first investment in the renewable energy sector in the Caribbean in 2016 and has since then continuously expanded its local footprint and activities.
The projects, which total approximately 200MW of installed capacity, will generate clean energy and reduce the region’s dependency on fossil fuel imports. Additionally, MPC Capital’s commitment will benefit the local labour market by creating 1,470 permanent and temporary jobs and providing an additional 1,000 people with training and capacity building opportunities.
MPC Capital’s decision to expand renewable energies in the Caribbean comes at a critical time for the region. A number of Caribbean governments have announced to cut down carbon emissions and diversify their energy mix by replacing diesel-fired power plants with renewable resources. Jamaica, for example, aims to run on 50% clean energy by 2030, while Barbados expects to be 100% reliant on green energy by 2030.
Ulf Holländer, CEO of MPC Capital, said in a press release that he believe the clean energy revolution has only just begin in the Caribbean. “The Caribbean’s shift towards a greener future raises the need for impact investments, not only to build the necessary infrastructure in the form of solar PV parks and wind farms but to also provide training courses for local communities, he added.
“It can be challenging for international investors to navigate through this highly diverse and fragmented region,” he also said, explaining that he hopes his company’s commitment will make it easier for US investors to gain access to the Caribbean market.
“Our engagement with the CGI is vital in that regard as it enables us to leverage cross-sector partnerships with other CGI members. The expansion of renewable energy in the Caribbean is a team effort and we look forward to making our contribution.”
A slightly different version of this story first appeared on our sister-site, Renewable Energy World.