Regional renewable energy outfit InterEnergy Group has acquired BMR Energy Limited, the British Virgin Islands-based subsidiary of the Virgin Group, along with its operating assets for a total investment of more than US$122 million.

The transaction will result in InterEnergy acquiring an overall combined capacity of 61.2 MW including 36.3 MW of installed wind capacity in Jamaica and 25 MW across four solar parks located in Guatemala, the US Virgin Islands, and the Cayman Islands,

With this acquisition, InterEnergy strengthens its renewable energy portfolio and expands its presence in new markets. It also positions the group to become a leader in clean energy investments in the Caribbean and Latin America.

“This expansion brings us a decisive step closer to achieving our decarbonisation goals, with sustainable solutions that combine renewable energy, cutting-edge storage technology, electric mobility and natural gas as the least polluting transition fuel,” Rolando González Bunster, chairman and CEO of InterEnergy Group, is quoted in a media release.

In Jamaica, InterEnergy will solidify its position in the renewable energy market with the addition of BMR Jamaica’s 36.3-MW capacity wind farm, located to south of Malvern in St. Elizabeth. It is composed of 11 Vestas V112 turbines, each with a 3.3 MW capacity, and has been operational since July 2016.

This asset complements the 250 MW of thermal energy that Interenergy already manages through its subsidiary Jamaica Energy Partners, marking a significant step in diversifying its energy matrix with renewable sources.

InterEnergy also acquired BMR’s solar projects: SIBO – Green Solar (7.0 MWp) in Zacapa, Guatemala; Spanish Town (5 MWp) in St Croix and Donoe (6.4 MWp) in St Thomas, US Virgin Islands; and Bodden Town (6.5 MWp) in the Cayman Islands.

Each project operates under long-term power purchase agreements (PPAs) with local electricity distributors, ensuring operational stability and efficiency.

As these projects are integrated into InterEnergy’s renewable and low-emission 2.4 GW portfolio, including operational and under-construction projects, the company will benefit from the resources of a larger organisation spread across various subsidiaries in key countries such as the Dominican Republic, Panama, Jamaica, Chile, and Uruguay, while expanding its portfolio with three additional countries.

One year in the making

Our Today has learnt that Dr Wayne McKenzie, country manager for InterEnergy Jamaica, spearheaded the deal. He revealed in an e-mailed response that the negotiations for the acquisition and transfer of BMR Energy’s assets took approximately a year for completion.

InterEnergy financed the acquisition through a combination of its cash resources and debt. By acquiring BMR Energy, InterEnery has also taken on the former Virgin Group subsidiary’s debt; however, McKenzie did not divulge the value of that debt.

In 2022, BMR Energy finalised a credit facility with CIBC FirstCaribbean and National Commercial Bank Jamaica for US$88 million.

For InterEnergy, these assets perfectly support our mandate and responsibility in decarbonisation, reflecting the vision of our chairman, Rolando Gonzalez Bunster, to provide clean energy to communities.”

— Dr Wayne McKenzie, CEO and president, InterEnergy Jamaica

Commenting on the acquisition, McKenzie noted, “These assets are crucial in the jurisdictions where they currently operate. Specifically, in Jamaica, they align with the country’s renewable energy goals. In the Cayman Islands and US Virgin Islands, they represent pioneering independent renewable power projects.

He added: “For InterEnergy, these assets perfectly support our mandate and responsibility in decarbonisation, reflecting the vision of our chairman, Rolando Gonzalez Bunster, to provide clean energy to communities.”

InterEnergy is on track to become the first company in the Caribbean and Latin America to achieve 100 per cent clean energy by 2032. Its projects include the largest wind farm in the English-speaking Caribbean, as well as the largest renewable IPP in the Cayman Islands and US Virgin Islands.

“These milestones demonstrate our long-term commitment to a sustainable future for generations to come,” McKenzie told Our Today.

InterEnergy in promoting a cleaner energy future in the region, has over the last 30 years established a strong presence in key markets like the Dominican Republic, Panama, Jamaica, Chile, and Uruguay, delivering reliable and renewable energy to millions.

Reorganisation for BMR Energy

For BMR Energy, the divestment of the Caribbean and Latin American assets form part of a reorganisation plan, initiated in late 2023, which sees the company refocusing on its core focus: the development, financing, and implementation of renewable energy projects throughout the Caribbean and select areas of the US. It aims to provide liquidity for investors while refocusing BMR’s resources on renewable energy development.

“With the reorganisation 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.”

In June 2024, BMR reached a sale agreement for its Escena Valle Escondido Solar Generating facility (6.4 MWp, Bagaces, Costa Rica) with local electric cooperative Coope Guanacaste.

According BMR, “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.”

Looking ahead, BMR plans to prioritise 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 Levy, adding: “BMR is dedicated to advancing our pipeline and delivering impactful projects over the coming years.”