{"id":2738,"date":"2022-07-02T12:21:03","date_gmt":"2022-07-02T16:21:03","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2738"},"modified":"2025-07-02T12:23:21","modified_gmt":"2025-07-02T16:23:21","slug":"wigton-windfarm-limited-7","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/wigton-windfarm-limited-7\/","title":{"rendered":"Wigton Windfarm Limited"},"content":{"rendered":"<h4><strong>RATING DRIVERS<\/strong><\/h4>\n<p class=\"badge\"><strong>\u00a0<\/strong><strong>Supporting Factors:<\/strong><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Leading independent renewable power producer in Jamaica with business operations supported by long-term contracts<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Good operating efficiency supported by well-maintained wind turbines<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Solid track record of profitability and above-average return metrics<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Healthy liquidity and strong debt servicing capability supported by strong cash flows from operations<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Satisfactory corporate governance structure and robust risk management practices<\/span><\/li>\n<\/ul>\n<p class=\"badge\"><strong>Constraining Factors:<\/strong><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Revenue highly susceptible to the vagaries of nature and wind variability<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Lack of government support and protective legislation for local renewable energy producers<\/span><\/li>\n<\/ul>\n<p class=\"badge\">Rating Sensitivity Factors<\/p>\n<p><span style=\"text-decoration: underline; font-size: 10pt;\"><strong>Factors that could, individually or collectively, lead to an improvement in the ratings and\/or Outlook include:<\/strong><\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Successful diversification by the Company into other renewable sources of energy or geographical markets, thereby boosting revenue stability and\/or expansion<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Improved operating efficiency, with capacity and availability metrics consistently meeting targets<\/span><\/li>\n<\/ul>\n<p><strong>Factors that could, individually or collectively, lead to a lowering of the ratings and\/or Outlook include:<\/strong><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Breach of any of the debt covenants<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Failure to satisfy any of the performance requirements of the Power Purchase Agreements<\/span><\/li>\n<\/ul>\n<p><span style=\"text-decoration: underline;\"><strong>COMPANY BACKGROUND<\/strong><\/span><\/p>\n<p><span style=\"font-size: 10pt; font-family: 'book antiqua', palatino;\">Wigton Windfarm Limited (\u2018Wigton\u2019 or the Company) is a wind energy facility that was established in April 2000 under the Jamaican Companies Act. The Company was established as a wholly owned subsidiary of the Petroleum Corporation of Jamaica (PCJ), a statutory entity created by the Petroleum Act that was initially mandated to explore and develop Jamaica\u2019s petroleum resources. In 1995, PCJ\u2019s mandate was expanded to include the development of indigenous renewable energy resources and be the main entity in the implementation of Jamaica\u2019s 2009-2030 National Energy Policy. The Government of Jamaica (GoJ) divested Wigton via an initial public offering (IPO) on the Jamaica Stock Exchange (JSE) which was successfully completed in May 2019. Wigton\u2019s shareholders are diversified among institutional and private shareholders. As at June 2021, Wigton\u2019s top 3 shareholders were Mayberry Jamaican Equities Limited (10%), Victoria Mutual Building Society (9.6%) and the National Insurance Fund (6.4%). As at November 10, 2021, Wigton \u2018s market capitalization stood at approximately J $5.5 billion<a id=\"_ftnref1\" href=\"#_ftn1\"><sup>[1]<\/sup><\/a>.<\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><em>Analytical Contacts:<\/em><\/span><\/p>\n<h5><span style=\"text-decoration: underline;\"><strong><span style=\"font-family: 'book antiqua', palatino;\"><span style=\"font-size: 8pt;\">Nadia Sanchez<\/span><\/span><\/strong><\/span><\/h5>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><em>Tel: 1-868-627-8879 Ext. 229<\/em><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><em>E-mail: <a href=\"mailto:nsanchez@caricris.com\">nsanchez@caricris.com<\/a><\/em><\/span><\/p>\n<p><span style=\"text-decoration: underline;\"><span style=\"font-size: 8pt;\"><strong><span style=\"font-family: 'book antiqua', palatino;\">\u00a0Anelia Oudit<\/span><\/strong><\/span><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><em>Tel: 1-868-627-8879 Ext. 226<\/em><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><em>Mobile: 1-868-487-8364<\/em><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><em>E-mail: <a href=\"mailto:aoudit@caricris.com\">aoudit@caricris.com<\/a><\/em><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\">Website: <a href=\"http:\/\/www.caricris.com\">www.caricris.com<\/a><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\">Email: <a href=\"mailto:info@caricris.com\">info@caricris.com<\/a><\/span><\/p>\n<p><span style=\"font-size: 8pt; font-family: 'book antiqua', palatino;\"><strong>Disclaimer<\/strong><strong>:<\/strong> CariCRIS has taken due care and caution in compilation of data for this product. Information has been obtained by CariCRIS from sources which it considers reliable.\u00a0 However, CariCRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.\u00a0 No part of this report may be published \/ reproduced in any form without CariCRIS\u2019 prior written approval.\u00a0 CariCRIS is also not responsible for any errors in transmission and especially states that it has no financial liability whatsoever to the subscribers\/ users\/ transmitters\/ distributors of this product.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>RATING DRIVERS \u00a0Supporting Factors: Leading independent renewable power producer in Jamaica with business operations supported by long-term contracts Good operating efficiency supported by well-maintained wind turbines Solid track record of profitability and above-average return metrics Healthy liquidity and strong debt servicing capability supported by strong cash flows from operations Satisfactory corporate governance structure and robust [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"table_tags":[],"class_list":["post-2738","post","type-post","status-publish","format-standard","hentry","category-rating-releases"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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