Wigton to be twice as big after multibillion solar buildout
Projects to last two years
Published:Friday | October 10, 2025 | 12:07 AM
Wigton Energy Limited, which has set sights on becoming one of the largest owners of solar power in Jamaica, says it will take two years to build out the 70 megawatts of capacity.
The company will remain focused on renewable energy, but the solar projects will rebalance its asset mix away from wind.
Within the two years, its wind farm is expected to fall from 62.7MW to 42MW of capacity, Wigton having got approval to transform the other 20MW delivered by turbines that are now obsolete into solar. The second project is a 50MW facility.
Comments by Wigton Chairman Dan Theoc suggest that the investment in the latter project will rise to $10 billion.
“We competed against dozens of international firms to win the right to build 50MW of solar. This wasn’t gifted — it was earned through a competitive tender,” Theoc said at the company’s annual general meeting. “We’re focused on executing this $10-billion solar investment over the next 24 months,” he added.
Wigton had previously been cagey about revealing the level of investment it is making in its solar projects, which are central planks of its diversification programme to become less reliant on wind for revenue.
“Building 70 megawatts of solar in two years is no small feat. We have a lot of work ahead,” said Wigton CEO Gary Barrow in his report to shareholders at the meeting.
As a signal of its new course, the company changed its name from Wigton Windfarm Limited to Wigton Energy last year. At the meeting, Barrow also highlighted the company’s efforts to refresh its public image.
“We want an agile mindset — nimble and innovative. We’ve started repositioning our brand and will continue to forge strategic partnerships,” he said. “You’ve probably seen our new billboards across Kingston and our increased presence on social media. We even launched a new website yesterday,” he added.
The big solar buildout includes a 50MW utility-scale project, for which Wigton secured a generation licence earlier this year, and is awaiting sign-off by the Office of Utilities Regulation, OUR, on the power-purchase agreement with monopoly power distributor Jamaica Public Service Company.
Environmental permits have been granted by the National Environment and Planning Agency, and financing discussions with local institutions are well advanced, Barrow said.
“We’ve completed negotiations with JPS and received our environmental permits. Our engineering, procurement and construction, EPC, contractor is lined up. Once the PPA is signed, commissioning is expected within two years,” Deputy CEO Michelle Chin Lenn added.
Meanwhile, as a provider of energy services, Wigton completed an installation for cigarette trader Carreras Limited at its new headquarters at Ferry in Kingston, and launched a revamped website to reflect its evolving brand identity.
The company’s annual meeting followed its release of a robust first-quarter financial report for the period April-June 2025. Revenue grew 25 per cent to $891 million, driven by higher energy production, and profit surged 56 per cent to $259 million.
Chief Financial Officer Shaun Treasure attributed the strong results to disciplined cost control and strategic investments.
“We’ve invested in technology, marketing, and talent development. Despite Hurricane Beryl’s impact last year, we’ve maintained resilience and are well-positioned for future growth,” Treasure told shareholders.
Hurricane Beryl caused a near one-tenth decline in annual revenues in 2024, but Wigton’s insurance coverage helped offset losses, with a $200-million payout boosting other income.
The company’s total assets stood at $9.67 billion at year ending March 2025, while liabilities fell 15 per cent to $4.4 billion, reflecting ongoing debt repayment, Treasure reported.
Theoc praised the team’s performance and reaffirmed Wigton’s commitment to shareholder value.
“Our immediate focus is on delivering the 70MW solar buildout, but we’re also exploring regional opportunities and emerging technologies. We’re committed to supporting Jamaica’s renewable energy goals and will continue to assess opportunities in energy storage, electric mobility, and clean tech solutions that can be implemented safely and quickly,” the chairman said.
Beyond solar, Wigton has increased its stake in Flash Motors, a young company focused on trading electric vehicles, and is supporting its growth through corporate guarantees and investor backing.
Affirming the EV sector’s potential, Chin Lenn cited global sales of 17 million units in 2024, a 25 per cent increase year-over-year.
“This is really the future and an area that Wigton wants to play in,” she said. “We introduced electric pickup trucks and panel vans last year, and they’ve been well received in Jamaica, Barbados, and St Lucia. Regionally, EV sales are increasing over 60 per cent and we expect to double our sales this year,” the deputy CEO said.
Flash Motors posted a $4-million loss in 2025, but that’s down from $10 million in 2024, and Treasure assured shareholders that that investment was not impaired.
“We conduct annual valuations to ensure the carrying amount is reasonable. Flash is a start-up, and early losses are expected,” she explained.
The leadership of Wigton also assured shareholders that efficiency, innovation, and shareholder returns were front of mind as the company charts a course in the renewable energy landscape.
“In two years, Wigton will be twice the size it is now,” Barrow declared. “Growth and profitability will come from increased revenue and managing our costs,” he said.