Thu | Oct 18, 2018

Mayberry selected as broker for Wigton listing

Published:Friday | April 13, 2018 | 12:00 AM
In this November 2, 2016, Energy Minister Dr Andrew Wheatley, (left) and Chairman of Wigton Windfarm Duane Smith examine solar panels installed at the wind farm in Manchester.

The Jamaican Government's plan to divest its holdings in public companies via the stock market is now making headway with the selection of a broker to arrange the listing of renewable energy company Wigton Windfarm Limited.

Mayberry Investments Limited said Wigton would apply to list on the Jamaica Stock Exchange by the third quarter of this year, subject to current market conditions persisting.

"We are happy to have been selected after winning a competitive tender," said Mayberry CEO Gary Peart on Wednesday. The selection was done by the state's divestment agent, the Development Bank of Jamaica.

"It isn't the first time that GOJ is listing a company on the JSE. It's just been a long time since the last listing," he said, but declined to comment further on the structure of the transaction and on what JSE platform the listing was targeted.

"We are in a quiet period and are limited in what we can say," Peart noted.

Wigton, located at Rose Hill in Manchester, is described as the Caribbean's largest wind farm. It was developed in stages since 2004 and now has the capacity to generate 62.7MW of power, while its output is around 164 gigawatts per year, which it supplies to the national electricity grid under contract to Jamaica Public Service Company.

Wigton earns revenues of about $2 billion to $2.5 billion per year. It last reported net profit of $186 million at year ending March 2017 and was expected to triple that the following year to $640 million, according to the Jamaica Public Bodies 2018 report.

Its assets are estimated at $10 billion, more than $8 billion of which is fixed assets. The company is also $7.6 billion in debt.

avia.collinder@gleanerjm.com