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New Energy Start – up Has US$4.8M in Signed Options


Caribbean Energy director Damian Lyn (left) and fellow director Leo Williams at the solar energy site at UTech, Kingston.
(Photo : Bryan Cummings)


NEW energy start-up, the Caribbean Energy Finance Company Limited (CEFCL), has identified some US$4.8 million from clients who have signed option agreements indicating interest in the firm’s flagship leasing product, according to its prospectus.

The company launches its initial public offering (IPO) on the Junior Market of the Jamaica Stock Exchange tomorrow.

At the same time, the IPO will limit the amount that can be raised to a significantly lower figure — a total of US$4.3 million or about US$500,000 less.

“Put simply, demand exceeds supply already for this innovative product,” the company said in a recent release.

The energy leasing company will specialise in providing renewable energy solutions through affordable finance options. Its main target will be companies around the Caribbean.

The CEFCL solution was designed to bring a wide range of benefits to investors, the national grid, local businesses and to the energy- consuming public — in ways that will lower the overall risks involved in the process.

With more than 40 per cent of the shares of the company on offer to the public (including the planned ESOP), the company is poised to offer open and transparent operations on the JSE and remain in local control consistent with the originally articulated vision presented to investors.

CEFCL is set to become the first renewable energy finance company to hit the stock market in the Caribbean. The comapny is aiming to attract as many small investors as possible. Leo Williams and Damian Lyn are co-founding directors of the company.

Source: Jamaica Observer

Category/ies:Jamaica News, News.
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