Virgin Group buying BMR

Virgin Group, the global conglomerate headed by entrepreneur Sir Richard Branson, is on the verge of taking control of BMR Energy, the renewable energy company that just completed establishment of a wind farm near Malvern in St. Elizabeth.

The imminent purchase was announced by Bruce Levy, President of BMR, and confirmed by Branson on Thursday morning.

They were speaking at the official opening of the US$89 million wind farm, which has a generating capacity of 36.3 megawatts.

Branson, explaining the rationale for the purchase, said he wanted to be part of a global push to have the world achieving carbon-neutral status by 2050. As part of that effort, he said his company decided to pursue a "Ten Island Challenge" in the Caribbean, to achieve this carbon-neutral goal in the region.

"We're delighted to to acquire BMR; we'll be out there to hustle and bustle governments all over the Caribbean and other countries to hurry up towards their pledge of carbon-neutrality by 2050," he said.

Making money from the venture was not the important consideration, he declared, explaining that it was more critical to "get the wind mills out there, get the solar out there, get the wave energy out there, and... create a green energy revolution that brings the cost of energy down for everybody and gets rid of the danger of coal and oil and the dirtry producing energies that we produce today."

Levy, speaking with RJR News after the opening ceremony, explained that a major investor in BMR had been seeking to divest its interest in the company, in pursuit of a different business strategy, when Virgin made an offer.

"I don't think I could have selected a better buyer than the Virgin Group because they're interested in the Caribbean, they're interested in renewables, and they just want to do more," he said.

Expansion

Mr. Levy announced as well that BMR is also planning to establish a second wind farm and a solar farm elsewhere in Jamaica. 

Those initiatives are awaiting Government of Jamaica approvals.