NEW YORK--(BUSINESS WIRE)--BMR Energy, LLC ("BMR Energy") announced today that it has closed on the financing for its 36 MW wind generation project in Jamaica.
The $62.7 million financing package consists of a $42.7 million senior loan from The Overseas Private Investment Corporation (“OPIC”), a US$10 million senior loan from International Finance Corporation (“IFC”), and a US$10 million loan from the IFC-Canada Climate Change Program.
BMR Energy will use the proceeds of the financing, together with its investment of $26.9 million of equity, to construct a new wind farm with a generation capacity of 36.3 MW. The wind turbines will be provided by Vestas Wind Systems A/S (“Vestas”), a world leader in wind energy. Vestas will also lead the construction of the wind farm under a turnkey EPC contract. Construction will start in the first quarter of 2015 and is anticipated to be completed in early 2016.
The project will be located in the Parish of St. Elizabeth about 90 km west of Kingston, Jamaica.
Bruce Levy, president and principal of BMR Energy, said: "Our success today is due to the hard work and commitment of our development team, the staff of Jamaica Public Service Company (“JPS”), the Government of Jamaica and the lenders.”
The BMR Jamaica Wind project was selected from among 28 proposals submitted in response to a solicitation for renewable energy projects conducted by the Jamaican regulatory agency in 2013. Power from the project will be sold to JPS, under a 20-year power purchase agreement. Electricity from the project will be among the lowest cost sources of power available on the JPS system, which is supplied predominately from oil fueled power plants.
Kelly Tomblin president of JPS commented: “The BMR team has demonstrated how commitment, focus and planning can lead to an actual project getting built. They worked hard and would not let challenges deter them. That is the perseverance we need to move toward Jamaica’s energy Vision”
Levy added, “We look forward to completing construction and providing low-cost renewable power to Jamaica”.
About BMR Energy LLC
BMR Energy LLC began operating in 2014 as a venture between the three principals, Bruce Levy; Andrew Rovito; and Pip Decker, and American Capital Energy Infrastructure an affiliate of American Capital Ltd. BMR Energy is focused on the development of and/or investment in energy infrastructure projects in the Caribbean, Latin America and Mexico and has several additional projects underway.
About the Project
The BMR Jamaica Wind Project will consist of 11 Vestas model V112-3.3 MW wind turbines installed along a mountain ridge in the Parish of St. Elizabeth, Jamaica. St. Elizabeth is located along the southern coast of Jamaica and is primarily an agricultural center of the country. The land is under long term lease from the Jamaican National Land Agency. Power from the facility will be delivered to the JPS Transmission system through a newly constructed 18 km, 69 kV transmission line which will be constructed, owned and operated by JPS. The expected energy sales, >120,000 MWh per year, represents nearly 4% of JPS sales.
