Tue | Oct 16, 2018

Company secures $63m to finance wind energy project

Published:Monday | January 26, 2015 | 1:40 PM

An energy company seeking to add 36 megawatts of wind energy to Jamaica’s grid says it has secured three loans for the $63 million required to undertake the project.



BMR Energy, announced today that the $62.7-million financing package consists of a $42.7 million loan from a US government development finance entity, The Overseas Private Investment Corporation.



It says it secured two $10-million loans from the International Finance Corporation and Canadian Climate Change Programme of the International Finance Corporation.



In a statement this morning, BMR Energy said it will use the proceeds of the financing, together with its investment of $26.9 million of equity, to construct the new wind farm.



The company says construction will start in the first quarter of this year and is anticipated to be completed early next year.



The project will be located in St Elizabeth.



President and principal of BMR Energy, Bruce Levy, commended the Government, the Jamaica Public Service Company and lenders.



Power from the project will be sold to the Jamaica Public Service Company Limited, under a 20-year power purchase agreement.



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