FosRich to enter transformer repair, solar markets in Guyana
Published:Sunday | October 8, 2023 | 12:05 AM
FosRich Company is heading to Guyana with its transformer repair and solar products businesses “in the near future”.
Managing Director Cecil Foster said the plans include participating in solar park developments.
FosRich is the regional distributor for Hauwei solar products.
“All that comes through the Caribbean will come through us. We will be in Guyana. We will be interfacing with the government to build solar farms. This is what we are doing to change the company,” he said during an appearance at the JSE Guyana Capital Markets Conference hosted by the Jamaica Stock Exchange and the Georgetown Chamber of Commerce from October 3-4.
FosRich Company Limited went public as a trader in electrical lighting products six years ago but has since diversified into PVC pipe manufacturing, solar equipment distribution, and transformer repair and manufacturing through subsidiary Blue Emerald.
In the transformer repair market, its main client is power utility Jamaica Public Service Company.
“The Caribbean has another 60,000 transformers awaiting repair,” he said of the market opportunity. “In Guyana, there are seven light and power companies, which also need the service,” he said.
“If we do not scale, we are going to die. The Caribbean is where we are headed,” Foster said.