Tropical Battery Consolidates Solar Operations, Realigns Leadership to Drive Efficiency and Growth

  • In a company release on the Jamaica Stock Exchange (JSE), Tropical Battery (TROPICAL) has announced that it will consolidate its solar energy operations into a single business unit as part of a strategy to improve productivity and profitability.
  • The Company is set to consolidate its solar operations by merging Tropical Renewable Energy with KAYA Energy Group (KAYA), creating a unified solar platform aimed at accelerating growth, improving efficiency, and enhancing profitability by operating as one cohesive solar company.
  • This transition is part of the Company’s ongoing strategic organisational adjustments to enhance operational efficiency and leverage internal expertise for continued growth in energy storage and renewable solutions.
  • Facilitating this was the exit of Mr Oliver Hill from his seat as CEO of the Company’s majority-owned subsidiaries, Tropical Renewable Energy Limited, Tropical Mobility Limited, and Tropical Finance Limited, effective December 31, 2025. The responsibilities previously held by Mr Hill will be redistributed among the existing leadership team, primarily within KAYA.
  • Tropical acquired a 51% stake in KAYA, a leading renewable energy solution provider, in the Dominican Republic (DR) in 2023. The acquisition positions the company to capitalise on substantial growth opportunities, especially in the renewable energy and energy storage sectors, where there is increasing demand for sustainable solutions.
  • Overall, the consolidation of Tropical’s solar businesses indicates a strategic shift from expansion toward integration, with a stronger emphasis on execution, efficiency, and returns.
  • By housing its solar operations within a single structure, the company is expected to realise operational synergies and cost savings. Additionally, in Jamaica, the post-Hurricane Melissa environment has accelerated the adoption of solar energy solutions, potentially driving increased demand for Tropical’s solar offerings.
  • However, competition has intensified, with a growing number of smaller players entering the market to capitalise on this demand, which may pressure Tropical’s market share. Moreover, KAYA will face competition from established solar providers in the DR that can leverage broader service offerings and deeper technical expertise to gain a competitive edge.
  • TROPICAL’s stock price has decreased by 19.5% year-to-date, closing at $1.28 as of Monday, January 12, 2026. At this price, the stock is trading at a price-to-book (P/B) ratio of 2.03x, which is higher than the Main Market Energy, Industrials and Materials Sector average of 1.93x.

(Sources: JSE and NCBCM Research)