MPC Energy Solutions invests in energy efficiency through cogeneration in Puerto Rico
Amsterdam/Oslo – 7 June 2021 – MPC Energy Solutions N.V. has signed the acquisition of a 3.4 MW Combined Heat and Power (CHP) project in Puerto Rico. The project will sell the produced heat and power under a 12-year USD-denominated energy service agreement to a pharmaceutical company. This is MPC Energy Solutions’ first acquisition since its listing on the Oslo Stock Exchange’s Euronext Growth segment in January 2021. The acquisition is subject to customary closing conditions and expected for August 2021.
The project is currently under construction with expected commissioning to take place in August 2021. Once complete, it is expected to produce 25,000-30,000 MWh of energy supply annually and will lead to a reduction of 100,000 tons of CO2 over the 12-years contract period. The investment aligns perfectly with MPC Energy Solutions’ strategy to focus on the corporate sector as a source of clients and to build strategic partnerships for accelerated capital deployment such as with Enernet Global Inc.
Cogeneration projects offer substantial economic and environmental benefits to its users as they simultaneously produce heat and power. These benefits include lower overall energy costs, improved reliability, and reduced thermal energy consumption. The implementation of this project will lead to a reduction of carbon emissions of up to 30%.
Martin Vogt, CEO at MPC Energy Solutions, said: “Like a number of other countries within the region, Puerto Rico offers an attractive market with strong growth potential within the renewables sector. This latest investment shows our commitment to meeting growing demand from the region’s corporate sector which is looking to achieve a reduction in its carbon emissions as a whole. As we work hard to deliver our portfolio of projects across Latin America and the Caribbean, we will be assessing additional opportunities in Puerto Rico as we continue to help the region with its transformation from fossil fuels towards cleaner energies. This is also the first project implemented from the strategic partnership with Enernet Global Inc.”
The Company already owns a development portfolio of 334 MW solar PV projects in Colombia, El Salvador and Jamaica. In addition, the Company has built a project pipeline of around 300 MW in Latin America and the Caribbean.
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About MPC Energy Solutions N.V.
MPC Energy Solutions (ticker: "MPCES") is a global provider of sustainable energy and primarily focuses on low-carbon energy infrastructure, including solar and wind assets, and other hybrid and energy efficiency solutions. The Company participates in full project lifecycle of renewable solutions, from early-stage development through construction and operation. More details, including an updated company presentation on the pipeline development, at www.mpc-energysolutions.com
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MPC Energy Solutions N.V.
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Montieth & Company
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Email: cfont@montiethco.com
Forward-looking statements
This announcement contains forward-looking statements about the Company's financial and operating performance, business plans and prospects that involve substantial risks and uncertainties. Actual results could differ materially from the expectations and projections set forth in those statements and, consequently, no forward-looking statement can be guaranteed. Such risks and uncertainties include, among other things, the uncertainties inherent in the development, construction and operation of renewable energy assets. The Company assumes no obligation to update any forward-looking statements as a result of new information or future events or developments.