Jamaican wind farm IPO set to boost local economy

The Wigton Windfarm – which made a net profit of $186 million as of March 2017 – is going public, with the help of broker Mayberry Investments Limited. The aim of the IPO is to encourage Jamaicans to become involved in the energy sector, says DBJ’s Managing Director Milverton Reynolds. “We want to widen the base of ownership and direct equity participation in the economy by encouraging the public to become involved in the energy sector,” said Reynolds.

The Development Bank of Jamaica (DBJ) is preparing to list Wigton Windfarm Limited (WWF) on the Jamaica Stock Exchange (JSE). WWF, a wholly owned subsidiary of the Petroleum Corporation of Jamaica (PCJ), is the largest wind-energy facility in the English-speaking Caribbean and was built by the Government to diversify Jamaica’s energy mix. The privatisation of WWF is being steered through DBJ’s Privatisation and Public-Private Partnerships (P4) Programme. Wigton accounts for 6.2 per cent of the grid’s installed generating capacity and 3.7 per cent of Jamaica’s electricity generation. Proceeds from the sale are expected to fund critical core governmental activities in areas such as health, roads and infrastructure maintenance.