Wigton Energy is one of two entities that gained approval from the Government of Jamaica in the tender process to install 100 megawatts of renewable energy for Jamaica’s national grid.
According to a release from Wigton, the company “will install a 49.83MW solar energy facility in Clarendon” which, upon completion, will result in the company almost doubling its generating capacity, with existing wind turbines accounting for nearly 60 MW.
The size plant will likely take approximately one year to come on stream in late 2025 and should cost under US$50 million, our source informed ICInsider.com
Profit could double in the first full year of the expanded operations, in the March 2027 fiscal year
Bids for another phase are expected to be open to the public in early 2025 covering roughly 160 MW. Wigton is in a good position to participate in the bidding process and if successful could see further expansion and income generation.
Profit before taxation at Wigton increased 121 percent to $413 million, from $187 million in 2023 during the six months to September 2024, with net profit falling 39 percent to $310 million from $504 million in the same period last year, primarily due to an adjustment in the income tax rate from 33.33 percent down to 25 percent, resulting in a one-off tax credit recorded, 2023 compared to a tax liability in the September 2024 period. Profit before taxation for the three months, to September, more than doubled to $192 million, from $79 million in 2023, with after-tax profit ending at $143 million.
he stock value was already well ahead of the Jamaica Stock Exchange average PE of 14.4 at 23 times 2025 fiscal year earnings and climbed to 26 following the announcement.