BMR Energy Announces Sale of Operating Plants and Strategic Shift to Development

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.

www.bmrenergy.com

SOURCE BMR Energy LLC