BMR Energy Announces Sale Of Operating Plants And Strategic Shift To Development

(MENAFN- PR Newswire)

NEW YORK, Jan. 13, 2025 /PRNewswire/ -- BMR energy LLC ("BMR") is pleased to announce the successful completion of its reorganization and divestiture plan. The company has finalized the sale of its British Virgin Islands affiliate and holdings in five operating renewable energy projects across Jamaica, the U.S. Virgin Islands, the Cayman Islands, and Guatemala to InterEnergy Group Limited ("InterEnergy").

This strategic transaction marks a significant milestone for BMR as it transitions back to its core focus: the development, financing, and implementation of renewable energy projects throughout the Caribbean and select areas of the U.S.

"With the reorganization and divestiture behind us, BMR Energy is well-positioned to accelerate its mission
of
delivering clean energy
solutions to key markets,"
said
Bruce Levy, President
of
BMR
Energy.
"We've also
identified
a
new group
of equity
investors to
support the successful execution of our future projects as they reach financing."

Strategic
Evolution

The
reorganization
and
divestiture
plan, initiated
in
late
2023,
aimed
to
provide liquidity
for investors while refocusing BMR's resources on renewable energy development.

In June 2024, BMR achieved a critical milestone with the sale of its Valle Escondido Solar Generating facility (6.4 MWp, Bagaces, Costa Rica) to local electric cooperative Coope Guanacaste.

The
most
recent
transaction
transfers
ownership
of
several
flagship
projects
to
InterEnergy, including:

• Jamaica Wind (36.3 MW, St. Elizabeth, Jamaica)
• Spanish Town Solar (5 MWp, St. Croix, U.S. Virgin Islands)
• Bodden Town Solar (6.5 MWp, Grand Cayman, Cayman Islands)
• Green Solar (7.0 MWp, Estanzuela, Guatemala)
• Donoe Solar (6.4 MWp, St. Thomas, U.S. Virgin Islands)

Each facility operates under long-term power purchase agreements (PPAs) with local utilities, ensuring stable energy provision in their respective regions.

These
projects
will
be
integrated
into
InterEnergy's
significant
portfolio
and
will
benefit from the resources of a larger operating organization.
InterEnergy
owns
and
operates more
than 2.4
GW of capacity across various subsidiaries in key countries such as the Dominican Republic, Panama, Jamaica, Chile, and Uruguay, while expanding its portfolio with three additional countries.

This
transaction
provides shareholders
with
a
full
return
on
their capital
investments
in
BMR since its inception in 2013, including Virgin Group, BMR's primary
shareholder
since 2016.

Renewed
Focus

Looking ahead, BMR plans to prioritize its development pipeline, which includes advanced- stage projects in the Cayman Islands, Jamaica, the Dominican Republic, and the U.S.

"Energy markets urgently need renewable solutions to reduce costs and combat climate change,"
said
Mr.
Levy.
"BMR is dedicated to advancing our pipeline and delivering impactful projects over the coming years."

About
BMR
Energy

Founded in 2013, BMR Energy has been a trailblazer in renewable energy development, financing,
and
operation across
the
Caribbean and
Central
America.
With
six
wind
and solar plants
across
five
countries,
BMR has
contributed
nearly
70
MW
of
clean energy
capacity
to the region.

SOURCE BMR Energy LLC

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