Wigton secures fund arranger for solar projects

Wigton Energy Limited has tapped Mayberry Investments Ltd (MIL) to lead the charge in arranging the funding for the installation of over 70 megawatts (MW) of solar power.

Wigton Energy’s two utility-scale solar projects are the Clarendon solar plant and the Wigton I Repowering project, designed to add roughly 70 MW of generating capacity and rebalance its energy mix. MIL has been appointed to provide financial advisory, arranger and brokerage services.

Wigton CEO Gary Barrow declined to say how much the company wants to raise from the market.

“The specific funding requirement is commercially sensitive at this time as we are in the arrangement phase, with options and structures being considered and negotiated,” stated Barrow.

Wigton intends to finance the projects through a combination of debt and equity, although the timeline remained undisclosed.

“Funding mobilisation is expected to commence following the execution of the necessary contractual arrangements with the relevant stakeholders,” he said.

Such measures would include a power purchase agreement with the power utility Jamaica Public Service Ltd.

“The company has accumulated the necessary funds on its balance sheet to meet the equity requirement as per the tender requirements, with the balance expected to be funded through debt,” he said about the company, which holds over $5.6 billion in shareholders equity, of which $3 billion represents cash.

“This financing strategy is intended to maintain a prudent capital structure, preserve financial flexibility, and support the company’s long-term growth objectives.”

In its 2025-2026 annual report, the company said that its “capital structure continued to strengthen during the year. The debt-to-tangible net worth ratio improved from 0.58 times to 0.41 times, reflecting continued debt reduction and growth in shareholders’ equity,” Wigton said.

Wigton recorded net profit of $168.9 million for the quarter ended June 2026, a decrease of $90.2 million, or one-third less than the corresponding period last year. The decline was primarily driven by lower electricity generation and a reduction in other income, the company stated in its financials.

neville.graham@gleanerjm.com