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Transactions - AUGUST 13, 2018

BMR Energy buys U.S. Virgin Islands solar plant

by Jody Barhanovich

BMR Energy, a developer, owner and operator of clean energy projects in the Caribbean and Latin America, has acquired a 4-megawatt, fixed ground-mount solar facility from NRG Energy in St. Croix that was damaged during Hurricane Maria in September 2017. The company will take over the power purchase agreement and restoration efforts of the St. Croix solar farm, which sustained significant damage during last year’s hurricane.

Hurricane Maria curbed renewable energy supply in the U.S. Virgin Islands (USVI). The St. Croix project has been running at less than 45 percent capacity for nearly a year. The reduced generation of damaged renewable energy facilities puts a strain on the utility’s supply planning and ability to meet its clean energy goals.

The rehabilitation of renewable energy projects is part of a larger movement among the private sector, heads of state, public agencies and international institutions to build a cleaner, more resilient energy future for the Caribbean.

“The Caribbean has an abundance of clean energy sources, and BMR is taking great strides towards helping create zero-carbon energy supplies for years to come,” said Richard Branson, founder at Virgin Group.

The USVI solar plant represents an entrance into a third market for BMR, which currently has projects operating in two other countries in the Caribbean and Latin America: Jamaica and Guatemala.

BMR is working closely with The Virgin Islands Water and Power Authority (V.I.WAPA), the local utility and power purchaser of the energy generated from the site, on its continued recovery from the effects of the 2017 hurricanes as a new hurricane season begins. A construction manager is already on-site repairing damage and replacing inverters at the St. Croix solar facility. BMR’s goals with the restoration process are to get the site restored for the most competitive price and as quickly as possible to accommodate V.I.WAPA’s planning needs. BMR is set to receive approval from the utility to purchase another hurricane-damaged USVI solar project in the coming weeks.

“For jurisdictions in the Caribbean looking to meet clean energy goals, building hurricane-resilient renewable energy infrastructure is crucial to long-term success,” said Lawrence Kupfer, executive director and CEO of V.I.WAPA. “We look to these resiliency-focused projects and our work with BMR Energy as a critical part in our goal to reach 60 percent fossil fuel reduction by 2025.”

When restored to its full capacity, the St. Croix solar facility will generate power for approximately 1,600 homes.

BMR Energy expects to restore the St. Croix solar facility to full capacity by October 2018.​

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