Soleco Energy

13.03.25

Soleco fires up renewable energy solutions for businesses across the Caribbean

Article by Jamaica Observer. Published on 12 March 2025.

Soleco are featured in the Jamaica Observer with CEO & Founder Angella Rainford discussing renewable energy solutions for businesses across the Caribbean.

Read the full article below or visit the website here.

 

Launched as a turnkey solution for businesses seeking to become more energy efficient, Soleco Energy has for the last five years specialised in large solar and battery storage projects as it seeks to meet a growing demand for renewables in Caribbean and Central American markets.

Founded by Angella Rainford in 2019, the company prides itself on delivering managed solutions that are seamlessly integrated and made affordable through flexible financing options.

“Before starting Soleco Energy in 2019, I spent over a decade in finance, working in New York and London, where I focused on principal investments and private equity before pivoting to renewable energy entrepreneurship. In 2011, I launched my first company, Rekamniar Frontier Ventures to address Jamaica’s high cost of electricity. I believed renewable energy was a game changer for the Caribbean energy markets, and I wanted to prove it. Rekamniar successfully co-developed the Paradise Park Solar Project, which was commissioned in 2019, and it is currently Jamaica’s largest solar farm at 51MWp, and the island’s cheapest source of energy. After developing a US$65-million solar project which affirmed my vision, I saw that a gap in the commercial and industrial market remained as businesses continued to be in need of affordable, scalable solar solutions that could help them to reduce energy costs without waiting for government tenders and as such, Soleco was established to cater to that demand,” Rainford told the Jamaica Observer in detailing the company’s start-up.

The renewables entity, which builds and finances solar and battery energy storage systems for commercial and industrial clients, Rainford said now offers under-lease purchase deals allowing businesses the opportunity to switch to clean energy with immediate savings and no cost upfront.

“This business model enables companies to derisk the investment into renewables, as both energy savings and the long-term performance of the solar assets are guaranteed,” she noted.

With current operations powered by herself as CEO, responsible for driving and defining business strategy and operations, the Soleco team led by a number of other highly skilled individuals comprising engineers, project managers, and finance experts, she said all work together to bring projects to life while helping a lot more businesses to expand their operations throughout the Caribbean.

“Soleco’s chief financial officer (CFO) and special advisor Stephen West has over 30 years in investing throughout emerging markets and we have a strong board of directors made up of executives from established infrastructure players in the region, including Rubis Energie.

“Our team is compact yet highly skilled, spanning from project finance and energy modelling experts in Paris and London to seasoned engineers and project developers in our Jamaican office, all enabling us to deliver turnkey solutions entirely in-house. We are small enough to stay nimble, but skilled enough to deliver on almost any project type and size,” she said in highlighting her staff’s competence.

The company, safely pushing pass start-up challenges and the need to get investor buy-in the female-led business, having gathered much structure and expertise, is now said to be a regional powerhouse connecting clients to a growing number of successful renewables projects scattered across the Caribbean.

Cited among its first accomplishment is the company’s securing of a US$24 million in financing from IDB Invest which it used to fund commercial and industrial projects in the Caribbean during 2021. Following on in 2023 was the build-out of Jamaica’s largest commercial solar development which the company commissioned for Caribbean Broilers (CB Group), to install a 2.1-megawatt peak (MWp) solar power plant across four locations. The project touted as one of its biggest wins, the CEO said confirms Soleco’s ability to execute high-quality, commercial-scale developments.

“This proved the viability of the business model along with our ability to install both rooftop and ground-mount solar systems ranging from 183kWp to 51MWp. We thank CB Group for sharing our vision for a greener and sustainable Jamaica and for giving us an opportunity to prove this at such an early stage in the development of our company,” Rainford said while pointing to the company’s pioneering of solar grazing in Jamaica as another of its top-rated initiative.

Through solar grazing, sheep are used to maintain vegetation growth at sites. The CEO, in regarding this a personally rewarding initiative, said it has in an environmentally-friendly way helped to fuse the operations of her industry with that of agriculture, one to which her father the late Henry J Rainford devoted many of his years in work and advocacy.

“In May 2024, we also secured a strategic partnership with Rubis Energie, a leading independent energy group headquartered in France and operating in over 40 countries. This partnership was formed to accelerate our deployment of solar installations and to expand our activities in the region,” she said of later achievements.

With the company now said to be operationally stronger than it has ever been, Rainford said a strong pipeline of projects being looked at is expected to further lead the business to greater growth.

Recently securing its first hospitality client in Jamaica and now bullishly pursuing tenders in countries such as The Bahamas, Barbados, Cayman, and Guyana, the company, she said is constantly taking steps to innovate and improve offerings for clients. At present heavy focus is being given to energy storage which she believes will be instrumental in making solar a 24/7 solution in the coming years.

“We believe 2025 is the year to incorporate batteries at a commercial scale to increase savings for our clients. We have strong relationships with the largest suppliers and so we expect to mobilise on an energy-storage project within the year,” Rainford said.

“The future is bright, literally. The improvements in efficiency and cost of production for solar and energy storage has made Caribbean and Latin American markets primed for renewable energy. Demand is soaring as businesses seek out savings and governments push for a more sustainable grid. With our scalable model, and invaluable partnerships, we are confident that we will have many successful projects in the coming years, benefiting our clients, shareholders and the region as a whole,” she further said of the outlook.

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Andrew Reicher

Advisory Board

Andrew Reicher serves on the investment committees of Berkeley Energy, Catalyst Principal Partners, and Energy Access Ventures Fund, and has angel investments in 18 early-stage energy access businesses in Africa. With over 30 years in private equity and 10+ years in investment banking, he has held key roles at CDC, Actis, Globeleq, and the Private Infrastructure Development Group. Andrew holds a BA in Economics from Cambridge University and an MA in Economics from the University of Pennsylvania.

The Hon. Douglas Orane, CD, JP, Hon. LLD

Advisory Board

Douglas Orane joined GraceKennedy Ltd in 1981 and served in senior leadership roles, including CEO from 1995 to 2011 and Chairman until 2013. He holds a degree in Mechanical Engineering from Glasgow University and an MBA from Harvard Business School. Douglas was named a Commander of the Order of Distinction (C.D.) by the Jamaican Government in 2002 and appointed to Jamaica’s Privy Council in 2009. He is known for his philanthropic efforts, especially in supporting inner-city residents, youth programs, and educational institutions.

Stephen B. Facey, CD

Advisory Board

Stephen Facey is the Chairman and CEO of PanJam Investment Limited, with over 35 years of experience in architecture, real estate development, and private equity investing. He holds a BA in Architecture from Rice University and an M. Arch from the University of Pennsylvania. Stephen is the Chairman of several organizations, including Jamaica Property Company Limited, and the New Kingston Civic Association, and serves on various boards. He has led significant projects, such as the Courtyard by Marriott in New Kingston and the redevelopment of the Oceana hotel. He also chairs the C.B. Facey Foundation and the Caribbean Policy Research Institute.

Ramon Pitter

Non-Executive Director

Ramon Pitter is an investor in blockchain and the future of finance, with over 20 years in investment management, investment banking, and M&A. He started his career on Wall Street with JPMorgan, Merrill Lynch, and BofA Merrill Lynch. Ramon has led business growth through acquisitions, joint ventures, and partnerships, and has developed board and business strategies. He holds an MBA from the Wharton School.

Mauricio Nicholls

Non-Executive Director

Mauricio Nicholls is the Chairman of the Soleco Board of Directors and CEO of Rubis Caribbean. He oversees energy projects across the Caribbean, having previously held leadership roles at Chevron Latin America. Mauricio has a proven track record in strategic planning, project management, operational efficiency, and renewable energy. He holds an MBA from the Wharton School and a Mechanical Engineering degree from the University of Los Andes.

Jean-Pierre Maurand

Non-Executive Director

Jean-Pierre Maurand is the New Energies Development Director at Rubis Energy, with a strong background in energy transition project development and financing. He has worked with Meridiam, Albioma, ContourGlobal, and Dalkia. Jean-Pierre studied Engineering, Materials, and Structures at ENSEM and emphasizes stakeholder management and team spirit in his pragmatic approach to projects.

Michel Malatino

Non-Executive Director

Michel Malatino is the CEO of Rubis Energy Jamaica, where he has driven significant infrastructure and service station investments. Previously, he held leadership roles at Chevron Latin America, and Total Energy, focusing on strategic planning, project management, business development, and renewable energy initiatives. Michel studied finance at ESC Marseille.

Frank Hart

Project Development Analyst

Frank Hart is a financial and project development analyst at Soleco Energy, with previous training under the project development team at Silicon Ranch, a leading U.S. utility-scale solar company.

He has experience in the Jamaican market, working in accounting and data analytics for companies in development and distribution. Frank holds a bachelor’s degree in finance with an energy specialization from Tulane University and is NABCEP Solar Associate certified.

Sheldon Wynter

Project Development Associate

Sheldon Wynter, with nine years in project engineering and management, is the Project Development Associate at Soleco Energy.

He previously worked at Total Jamaica Limited, completing multi-million-dollar projects, including Jamaica’s first solar-powered service station. Sheldon also worked at N.O. Whyte and Associates Ltd., where he contributed to award-winning projects. He holds a BEng in Construction Engineering from the University of Technology Jamaica (UTech).

Wafy Boubaker

Project Finance Specialist

Wafy Boubaker is a financial advisor at Soleco Energy, with six years of experience in M&A and project finance in the power and energy sector.

He worked in the M&A team at ContourGlobal and advised at Capricorn Capital Partners and IDCM in London. Wafy holds a master’s in economics from Sorbonne University and enjoys swimming, boxing, and video games.

Sam Rusbridge

Technical Specialist

Sam Rusbridge has over 15 years of experience in renewable energy, focusing on solar PV and energy storage.

As Head of Energy Storage at RINA Consulting, he oversaw over 2GW of energy yield analysis. He has managed technical due diligence for ~1GW of solar projects globally and advised on £500 million of rooftop PV projects.

Jaime Vidalot

Operations Manager

Jaime Vidalot, Operations Manager at Soleco Energy, has experience as a site construction manager for Grupotec Renewables and an O&M manager in the UK, Latin America, and the Caribbean. He holds a bachelor’s in mechanical engineering from Florida Universitaria (Polytechnic University).

Stephen West

Chief Financial Officer & Senior Advisor

Stephen West is a private equity fund specialist and Senior Advisor/CFO at Soleco Energy.

He also advises Africa Capital Alliance and Archipelago Ventures. Previously, he was MD at the UK’s Green Investment Bank and a founding partner at Actis Capital LLP. Stephen has extensive experience in emerging markets and has held various advisory and non-executive roles.

Soleco fires up renewable energy solutions for businesses across the Caribbean

Chief Executive Officer & Founder

Angella Rainford is the founder of Soleco and Rekamniar Frontier Ventures, co-developer of the largest solar plant in Jamaica (51 MWp).

She previously worked at Goldman Sachs in London and New York, and Sterling Stamos in investment management. Angella has advised Helios Investment Partners and served on various boards, including GK Capital Management and JN Money Services. She holds an MBA from Harvard Business School, an MPhil from the University of Cambridge, and a BA from Harvard College. Angella has extensive travel experience, is a motorcyclist, pianist, and pilot, and has climbed three of the seven summits.

Angella Rainford

Chief Executive Officer & Founder

Angella Rainford is the founder of Soleco and Rekamniar Frontier Ventures, co-developer of the largest solar plant in Jamaica (51 MWp).

She previously worked at Goldman Sachs in London and New York, and Sterling Stamos in investment management. Angella has advised Helios Investment Partners and served on various boards, including GK Capital Management and JN Money Services. She holds an MBA from Harvard Business School, an MPhil from the University of Cambridge, and a BA from Harvard College. Angella has extensive travel experience, is a motorcyclist, pianist, and pilot, and has climbed three of the seven summits.