American Capital Energy & Infrastructure, part of American Capital, has partnered with a veteran management team to create BMR Energy LLC (BMR), a new energy company focused on developing and investing in power and related energy infrastructure throughout Central America and the Caribbean.
Led by Bruce Levy as Chief Executive Officer, BMR's management team has over 60 years of collective experience in global energy project development, acquisition and operations. Mr. Levy has held key executive positions in the U.S. and international energy sectors for the past 30 years, most recently as President and CEO of International Power North America (now part of GDF SUEZ Energy International). Mr. Levy is joined by Andrew Rovito and Pip Decker. Mr. Rovito has extensive experience in global energy project development and finance and most recently co-founded Development Partners Group, a developer of fossil fuel independent power projects throughout the U.S. Mr. Decker has been involved in the renewable energy industry, focused on the development, construction and operation of wind and solar facilities throughout the U.S., and, prior to BMR, focused on project development for Brookfield Renewable Power.
Mr. Paul Hanrahan, CEO and co-founder of ACEI, said: "This partnership will enable ACEI to expand into the Caribbean and Central American region with the development of competitive and environmentally responsible power and related energy infrastructure to serve the region's growing energy needs."
BMR's first project is a 34 MW wind farm in Malvern, St. Elizabeth Parish, Jamaica. In September 2013, the Office of Utility Regulation in Jamaica selected BMR to build, own, and operate the wind project, which is expected to be operational in 2015. The company also has a mature project pipeline throughout the region.
Hanrahan added: "There is a tremendous opportunity for renewable and efficient fossil fueled generation and gas infrastructure to displace expensive oil-fired power plants in Jamaica, as well as throughout the Caribbean and Central American region. With most of Jamaica's electrical power produced by diesel and heavy fuel oil, Jamaica depends on relatively expensive petroleum imports to satisfy its national energy needs. Renewable power and other energy infrastructure can substantially reduce the cost of power while also improving the environment in Jamaica."
"Power from our Jamaica wind project should be among the lowest price available in the country," said Levy. We are pursuing similar opportunities for wind, solar and fossil fueled energy projects and expect that our technical and development expertise as well as our financial strength will offer new options to governments and energy users across the region. We look forward to being a part of this effort."
American Capital is a publicly traded private equity firm and global asset manager.
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