Barita Investments says building out Jamaica’s infrastructure and energy sector will play a large role in its operations moving forward. 

Speaking on Taking Stock with Kalilah Reynolds, Executive Vice President of Investments at Barita, Ramon Small-Ferguson said developing more eco-friendly and sustainable energy sources is part of the company’s diversification strategy. 

“When you think about Jamaica as a developing country, a critical part of moving us from developing to developed would be moving our infrastructure forward and central to that is energy,” he said. 

“Our cost of energy in Jamaica is one of the factors that really limits us and limits the viability of certain sectors and certain endeavours that could be done in Jamaica,” he added.

He noted that the country’s heavy reliance on hydrocarbons for energy also negatively impacts everyday citizens when prices go up globally. He said it has become essential to mix the country’s energy offerings to alleviate the pressure on Jamaican pockets.

Small-Ferguson’s comments came the same day it was reported that Paul Simpson, CEO of Cornerstone Investments, the parent company of Barita, met with Jamaican billionaire Micheal Lee Chin.

According to the report by Nationwide News Network, Lee-Chin recently acquired a stake in German-based ITM Power. The company designs and manufactures a range of hydrogen energy solutions designed to enhance the use of renewable energy.

While Small-Ferguson did not confirm that a meeting took place, he said that Barita is looking to partner with the right people to help move Jamaica’s energy sector forward.

“It would require significant private capital and it will require a lot of collaboration with the right people. What we’re looking to do will take a lot of work and a lot of that work is being done,” he said.

Strategic real estate developments

The Vice-President said Barita has taken a similar strategic approach to its real estate developments.

According to its latest financial report, Barita has acquired over 1900 acres of land for development through its special purpose vehicle, MJR Real Estate Holdings.

“Our real estate investment strategy has really been guided on how we see Jamaica. We’ve really been focusing on acquisitions that we think will not only benefit the Jamaica of today but Jamaica of the future,” Small- Ferguson said.

Earlier this year, the company acquired 250 acres of Reggae Beach in St Mary, which is intended to be developed into a “multifaceted development with high-end resort, luxury villa and hospitality applications”. 

Small-Ferguson added that the company intends to develop these lands in an eco-friendly and sustainable manner.

“We’re looking at modernizing the look and feel of commercial developments here in Jamaica and we’re also looking to revitalise sections of the island that have really seen under-investment over the years,” he said.

He also alluded that some of the land will be used in the company’s push to build Jamaica’s renewable energy sector.

Despite its push for diversification and growth, Small-Ferguson said that Barita will always remain an investment bank at its core.

“Investment banking is squarely at our core,” he said.

WATCH THE INTERVIEW HERE