Wigton Energy Limited is making waves in the corporate solar market, with a $144 million profit recorded in the September second quarter. The company, formerly known as Wigton Windfarm Limited, recently completed a solar power system installation for Jamaica Inn Limited, a prominent hotel in Jamaica. Additionally, Wigton has embarked on a solar project for Carreras Limited, a cigarette sales company, showcasing its expanding presence in the commercial renewable energy sector, beyond wind generation.
- Partnerships and Growth: Wigton has joined forces with Innovative Energy Company to provide solar power systems in Jamaica. The company is actively seeking investment opportunities in the green energy sector, either independently or in collaboration with partners. This strategic move highlights Wigton’s commitment to expanding its operations and staying ahead in the renewable energy industry.
- Government Tenders and Future Ventures: Apart from corporate solar projects, Wigton is awaiting the government’s decision on a renewable energy supply tender. The Generation Procurement Entity shortlisted Wigton and Sunterra Energy to supply 50MW each under the 100MW tender. The final award decision is eagerly anticipated by Wigton, demonstrating the company’s dedication to securing opportunities in the renewable energy market.
- Operational Developments and Financial Performance: Discussions regarding repowering the first phase of Wigton’s operation are ongoing, following the approval of a new 20-year generation license for Wigton I by the Cabinet. With over $9.2 billion in assets and a capitalization of $5.4 billion, Wigton is navigating changes in its revenue and profits. Despite a drop in revenue from the previous year, Wigton reported higher pretax profits due to cost-cutting measures. The company’s tax adjustments also impacted its bottom line, contributing to a decrease in earnings after tax.
In a recent statement, CEO Gary Barrow expressed Wigton Energy’s commitment to leading Jamaica and the Caribbean in clean renewable energy. Barrow emphasized the company’s focus on growth through diversification, leading to the appointment of Norman Naar as Wigton’s chief commercial officer. The strategic leadership changes underscore Wigton’s dedication to driving progress and innovation in the renewable energy sector.
In conclusion, Wigton Energy Limited’s journey towards sustainability and growth highlights its proactive approach to navigating the renewable energy landscape. With strategic partnerships, operational developments, and a commitment to clean energy initiatives, Wigton is paving the way for a more sustainable future in Jamaica and beyond.
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