MPC Capital has reached financial close for the acquisition of the 21MW Tilawind wind farm in Costa Rica for $50 million.
Investors include MPC Caribbean Clean Energy Fund, MPC Capital’s investment platform for renewable energies in the Caribbean communities (CARICOM) region, and ANSA McAL Limited, Trinidad and Tobago’s largest conglomerate.
In 2018, Tilawind exceeded forecasted expectations, in terms of energy production and revenues.
The wind farm, located in Tilaran, in Guanacaste, a northern province in Costa Rica has been operational since 2015 and has the potential for future capacity expansion.
Tilawind is the second acquisition of the MPC Caribbean Clean Energy Fund, which has already invested in the 51MW photovoltaic installation Paradise Park in Jamaica.
MPC Renewable Energies, a wholly-owned subsidiary of MPC Capital and the investment advisor to the fund, originated and structured the transaction and is now responsible for the technical, commercial and administrative management of the wind farm.
MPC Renewable Energies managing director David Delaire said: “Taking over the management of Tilawind wind farm gives us the opportunity to utilize our renewable energies asset management platform to optimize the performance of this asset.
“We look forward to expanding our services, not only in the Caribbean region and Central America but also globally to maximise shareholder value.”
He also added that the company is “eager to explore” additional investment opportunities in the renewables sector for both institutional and retail investors.
The acquisition was signed in June 2018 with an economic transfer date as of January 2019. All customary approvals were granted in April 2019 enabling the closing of the acquisition.