BMR Energy has raised US$62.7 million to close the financing for a 36-megawatt wind generation in Jamaica.
The financing package consists of a $42.7 million senior loan from The Overseas Private Investment Corp., a US$10 million senior loan from International Finance Corp. 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 develop the project located in the Parish of St. Elizabeth, about 90 kilometres west of Kingston, Jamaica.
The wind turbines will be provided by Vestas Wind Systems, which will also lead the construction of the project. Construction will start in the first quarter of 2015 and is anticipated to be completed in early 2016.
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.
