ACEI portfolio company signs key agreement

BMR Energy, the platform of ACEI, has signed a power purchase agreement with Jamaica Public Service.

BMR Energy, a platform company of American Capital Energy & Infrastructure (ACEI), has signed a 20-year power purchase agreement (PPA) with Jamaica Public Service Co., according to a statement.

The PPA with the electric utility is for the purchase of 100 percent of the output of the project, and is a key component of BMR’s 36-megawatt (MW) wind generation project in St. Elizabeth Parish, Jamaica, BMR said.

BMR Energy expects to begin construction of the project in the autumn of this year and achieve commercial operation in late 2015, it added.

BMR had previously signed a long-term lease for the land needed for the project with the National Land Agency of Jamaica and had received all environmental permits needed to construct and operate the project from the National Environment and Planning Agency of Jamaica, according to the statement.

With receipt of these key documents, BMR will work to rapidly finalise and close on its financing arrangements with the Overseas Private Investment Corporation and International Finance Corporation, the statement said.

ACEI invests in global energy infrastructure assets including power generation facilities, distribution and transmission networks, energy transportation assets, fuel production and services companies focused on the power and energy sectors. It is an affiliate of American Capital, which has $83 billion of total assets under management, according to its website.

BMR was founded in 2013 to focus on acquiring, developing, owning and operating power- and energy-related assets in the Caribbean and Central America.