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ANNAPOLIS, Maryland, Sept. 29, 2014 /PRNewswire/ -- American Capital Energy & Infrastructure (ACEI) announced today that its platform company, BMR Energy, LLC (BMR Energy), has completed a key milestone in the development of its 36 MW wind generation project in St. Elizabeth Parish, Jamaica.
On September 18 at a ceremony in Kingston, Jamaica, BMR Energy executed the final power purchase agreement with the electric utility Jamaica Public Service Company Limited (JPS) for the purchase of 100% of the output of the project for 20 years. At the same ceremony BMR Energy was presented with its Electricity Supply License by Philip Paulwell the honorable Minister of Energy, Science, Technology and Mining of Jamaica.
BMR Energy had previously executed a long term lease for the land needed for the project with the National Land Agency (NLA) of Jamaica and had received all environmental permits needed to construct and operate the project from the National Environment and Planning Agency (NEPA) of Jamaica.
With receipt of these key documents, BMR Energy will work to rapidly finalize and close on its financing arrangements with the Overseas Private Investment Corporation (OPIC) and International Finance Corporation (IFC). BMR Energy expects to begin construction of the project in the fall of this year and achieve commercial operation in late 2015.
American Capital Energy & Infrastructure manages investments in global energy infrastructure assets, including power generation facilities, power distribution and transmission networks, energy transportation assets, fuel production opportunities and product and service companies focused on the power and energy sectors. ACEI is part of American Capital, Ltd.'s (Nasdaq: ACAS) ("American Capital") asset management affiliate, American Capital Asset Management, LLC. For further information, please refer to www.ACEI.com.
American Capital, Ltd. (Nasdaq: ACAS) is a publicly traded private equity firm and global asset manager. American Capital, both directly and through its asset management business, originates, underwrites and manages investments in middle market private equity, leveraged finance, real estate, energy and infrastructure and structured products. American Capital manages $19 billion of assets, including assets on its balance sheet and fee earning assets under management by affiliated managers, with $83 billion of total assets under management (including levered assets). Through an affiliate, American Capital manages publicly traded American Capital Agency Corp. (Nasdaq: AGNC), American Capital Mortgage Investment Corp. (Nasdaq: MTGE) and American Capital Senior Floating, Ltd. (Nasdaq: ACSF) with approximately $11 billion of total net book value. From its eight offices in the U.S. and Europe, American Capital and its affiliate, European Capital, will consider investment opportunities from $10 million to $750 million. For further information, please refer to www.AmericanCapital.com.
Headquartered in New York City, BMR Energy, LLC was founded in 2013 to focus on acquiring, developing, owning and operating power and energy related assets in the Caribbean and Central America. The BMR team brings more than 60 years of combined international energy infrastructure development and operational experience.
This press release contains forward-looking statements. The statements regarding expected results of American Capital Energy & Infrastructure and its affiliates are subject to various factors and uncertainties, including the uncertainties associated with the timing of transaction closings, changes in interest rates, availability of transactions, changes in regional, national or international economic conditions, or changes in the conditions of the industries in which American Capital Energy & Infrastructure has made investments.
Paul Hanrahan, Chief Executive Officer
Richard Santoroski, Managing Director
Tel.: +1 (443) 214-7070