JMMB’s Dom Rep arm deploys US$11m to solar, wind through fund

JMMB Group’s Dominican Republic (DR) fund management subsidiary has placed US$11 million (J$1.5 billion) in renewable energy investments through its Sustainable Energy Fund, marking one of the more concrete examples of a Caribbean financial institution channelling client capital into climate-linked assets.

“The Sustainable Energy Fund successfully placed two tranches totalling US$11.07m, diversifying and strengthening the portfolio,” according to a disclosure, contained in the parent JMMB group’s 2026 annual report published this week.

The fund “focuses on investments in renewable energy sectors, particularly solar and wind, seeking to maximise investor returns through both long-term capital growth and sustainable income streams,” according to the report.

The placements were part of a broader outperformance in the closed-end fund category within JMMB’s DR collective investment schemes business, where funds under management surged 49 per cent during the year. Overall, the collective investment scheme in DR grew its funds under management by 18 per cent to $39.9 billion, driven by what the report described as “organic client growth, as there was sustained confidence in the group’s investment offerings”.

The fund management team in the DR managed eight funds at year end after streamlining its product line-up during the year. The group closed its 90-Day fund and merged REIT I into REIT II, actions it said were “in alignment with the periodic reviews of the product portfolio conducted to ensure that funds remain well aligned with clients’ evolving needs, while optimising value creation and investment outcomes”.

JMMB operates financial services in Jamaica, Dominican Republic, Trinidad & Tobago and Barbados. The group recorded profit of $1.87 billion for the year ending March from $29 billion in revenue, down from $3.7 billion a year earlier on $25.2 billion in revenue. The lower earnings was due to a one-off gain in the base year. Total assets stood at $761.6 billion.

In the DR, gross revenues totalled $5.36 billion for the year, a post-pandemic peak.

The energy fund deployment is notable in the context of the wider Caribbean climate-finance conversation. Development banks and multilateral institutions have been pushing the region to scale private capital into renewable energy, but much of the discussion has centred on concessional lending and sovereign instruments. JMMB’s fund represents a different channel — retail and institutional investor capital flowing into solar and wind through a regulated collective investment vehicle managed by a Caribbean-headquartered financial group.

The group’s outlook for the DR operation flags rising risks, including the “escalating geopolitical tensions in the Middle East” which pushed oil prices higher.

business@gleanerjm.com