BMR Energy has closed on the financing for its 36 MW wind generation project in Jamaica, located west of Kingston.
According to BMR Energy, the $62.7 million financing package consists of a $42.7 million senior loan from The Overseas Private Investment Corp., a $10 million senior loan from International Finance Corp. and a $10 million loan from the IFC-Canada Climate Change Program.
BMR Energy says it will use the proceeds of the financing, together with its investment of $26.9 million of equity, to construct a 36.3 MW wind farm powered by Vestas wind turbines. Additionally, the turbine provider will also lead the construction of the wind farm under a turnkey engineering, procurement and construction contract. Construction will start in the first quarter of this year, and with completion slated for 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 Jamaica Public Service (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, notes BMR Energy.