Regional renewable energy outfit BMR Energy has secured a US$88-million credit facility from CIBC FirstCaribbean International Bank and National Commercial Bank Jamaica Limited (NCB).

BMR Energy will use the proceeds of the loan to refinance the outstanding debts of its wind and solar photovoltaic independent power producers (IPP) in Jamaica, Grand Cayman, and Guatemala, according to a statement from CIBC FirstCaribbean, the lead arranger for the transaction.

“We are pleased to announce the closing of a US$88-million credit facility to the BMR Energy group. BMR Energy is a developer and owner of renewable energy assets in the Caribbean and Central America and is a business segment of Sir Richard Branson’s Virgin Investments,” the bank outlined.

The statement did not provide the details of the debt payment for each IPP.

However, the renewable energy company’s website indicated that in 2015 it secured US$62.7 million in loans to finance the build-out of its wind farm in Potsdam, St Elizabeth, Jamaica. The loans were provided by the International Finance Corporation and US Overseas Private Investment Corporation.

BMR Energy acquired Guatemala Green Solar Project in October 2017 and the Bodden Town Solar Farm in the Cayman Islands in December 2018. The company also has solar energy operations in the US Virgin Islands and Cost Rica.