BMR gets USD 63m for 36-MW Jamaican wind scheme

Vestas turbine. Author: News Oresund. License: Creative Commons, Attribution 2.0 Generic.

Jan 26, 2015 (SeeNews) - BMR Jamaica Wind Ltd said Monday it has secured a USD-62.7-million (EUR 55.7m) financing package of three senior loans to back the construction of a 36.3-MW wind power plant in Jamaica.

The larger part of the financing, or USD 42.7 million, comes from the Overseas Private Investment Corp (OPIC) in the form of a senior loan. The remaining part of the package comprises two USD-10-million loans, provided by International Finance Corporation (IFC), part of the World Bank Group, and the IFC-Canada Climate Change Programme. The project owner, part of BMR Energy, will additionally invest USD 26.9 million of equity in the power park.

The wind farm will be located in the Parish of St Elizabeth. It will use turbines manufactured by Danish firm Vestas Wind Systems A/S (CPH:VWS), which will also serve as the engineering, procurement and construction (EPC) contractor for the plant.

Construction at the site is expected to kick off in the first quarter of 2015. Upon completion in early 2016, the facility will become the biggest private renewable project in Jamaica, IFC noted. It will sell its whole output to local utility Jamaica Public Service Co (JPS) under a 20-year power purchase agreement (PPA).

(USD 1.0 = EUR 0.888)

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