Cecil Foster, Managing Director of the FosRich Group, has confirmed that the company's solar operations have been converted into a new entity, Middlesex Solar Energy, which will now operate as a stand-alone business.
Mr Foster says the new company will be responsible for financing and installing solar systems in Jamaica and across the Caribbean.
The solar segment generates about one billion Jamaican dollars in annual revenue and accounted for roughly 35 per cent of FosRich's $3.68 billion in revenue for 2024.
Solar operations contributed $1.36 billion to that total.
For the first nine months of last year, FosRich reported revenues of $2.42 billion, with solar accounting for $845 million.
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