Innovative Energy Group (IEG), formerly known as Ciboney Group, is actively pursuing opportunities in Jamaica’s renewable energy market.
The company plans to expand into utility-scale projects, electric vehicle (EV) infrastructure, as well as residential and commercial solutions.
To support these ambitions, the company is initiating a capital raise of $5 million.
“To support our expansion, we are initiating a US$5 million capital raise via a combination of private equity and an APO (Additional Public Offering),” Chairman and CEO Nigel Davy told shareholders at the company’s annual general meeting. “Further, capital for specific projects in our pipeline will be secured through other long-term instruments such as green bonds. Our board, financial partners, and consultants are working to ensure this process is efficient and beneficial to all stakeholders.”
Central to IEG’s strategy are utility-scale renewable energy projects in Jamaica, where government tenders are expected to unlock over 1,000 megawatts of capacity by 2030. These initiatives, which include solar installations, wind farms, and energy storage systems, are valued at an estimated US$800 million.
“The PV solar and storage projects alone are projected to have a capital cost of approximately US$800 million over the next five years,” Davy noted. “We plan to compete aggressively in these opportunities, both at the engineering, procurement, and construction (EPC) level and as an independent power producer (IPP).”
Davy expressed optimism about the growth trajectory in the renewable energy sector across Jamaica and the wider region. “The targeted market segments offer substantial opportunities for us, and we are positioning IEG to capitalise on this demand,” he said.
IEG is also positioning itself to support the emerging electric vehicle market in Jamaica. The company plans to focus on the supporting infrastructure, such as EV chargers and integrated solar systems, to facilitate greater adoption of renewable energy-powered transportation.
“We have the expertise, the partnerships, and now the funding structure to make a significant impact,” Davy stated.
A key driver of IEG’s growth is its exclusive distribution partnership with Huawei Technologies. The deal gives IEG the rights to market Huawei’s advanced digital power products — such as inverters, battery systems, and energy storage solutions — across the English-speaking Caribbean.
“This is not just a distribution deal; it’s a game-changing collaboration,” Davy explained. “We’re bringing world-class technology to the region, allowing us to meet rising demand and deliver real value to businesses and households."
IEG is also pursuing new opportunities outside of Jamaica, with particular interest in Trinidad. The removal of electricity subsidies in that market is expected to drive demand for photovoltaic systems, positioning IEG to capitalise on this shift.
The company has projected total revenues of US$100 million over the next five years, driven by its focus on utility-scale projects, partnerships, and regional expansion. “We are incredibly optimistic about the exponential growth in renewable energy capacity and the opportunities it presents,” Davy said.
