2 months ago
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Regional energy company Sol Group has acquired renewable energy provider Content Solar for an undisclosed sum.
Content is a 32-megawatt solar plant in the parish of Clarendon that was developed by American company WRB Energy and held by WRB Serra, both of which are connected to WRB Enterprises.
“This project aligns perfectly with our vision of sustainable, long-term investment in renewable energy in the Caribbean,” said Dami Adesegha, CEO of Sol Ecolution, the renewable energy division of Sol Group, in a release posted to the website.
“As a partner to the Sol Group, a company that has been instrumental in the Caribbean energy eco-system over the past 50 years, Sol Ecolution represents permanent capital seeking to invest in, own and operate renewable energy assets over the long term,” said Adesegha.
Sol Group sells petroleum products and energy solutions in 23 markets across the Caribbean, Central America and South America. It also operates the Texaco petroleum marketing network in Jamaica.
Sol Ecolution describes itself as the “largest” independent power provider in the region, operating 63 renewable projects, amounting to 300MW of capacity, mostly encompassing small commercial-sized jobs, such as solar roofing, according to its website.
“The Caribbean, Central, and South America are natural destinations for our investments, given the abundant renewable resources and the growing need for sustainable energy solutions,” said Ivan Cheng, chief financial officer of Sol Ecolution, in the release.
Content was developed by WRB in 2016 for US$63 million, with three-quarters of the funding coming from the Overseas Private Investment Corporation, based in the United States. At development, some 154 solar panels were installed across the 154-acre site.
Content was initially a 20MW plant that was later expanded to its current capacity of 32MW. However, the additional investment made in the expansion is unknown.
Sol Ecolution said it will continue to capitalise and develop Content Solar throughout its lifespan.
The company was an unsuccessful bidder in the recent Government of Jamaica 100MW renewable capacity project. Sol Ecolution had proposed to develop a 50MW facility in Clarendon, but came out fourth in the ranking of the bids, with an offer price of $76.20/MW-hour.
Sol Group is owned 75 per cent by Parkland Corporation, a Canadian company, which acquired the regional business in 2018. The enterprise valuation was CDN$1.6 billion. Four years later, in 2022, Sol Group acquired the Texaco operations in Jamaica from GB Energy.
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