NEW YORK--(BUSINESS WIRE)--BMR Energy, a developer, owner, and operator of clean energy projects in the Caribbean and Latin America, announced today it has started construction on its newest solar photovoltaic project, the Valle Escondido solar facility located in the municipality of Bagaces, province of Guanacaste, Costa Rica. The Virgin Group company will own and operate the long-planned project to provide up to 5 MW to the Costa Rican Electricity Institute (ICE) under a 20-year Power Purchase Agreement.
BMR assumed control of the Valle Escondido project in late April of 2021. Within days of acquiring the development project, BMR had initiated site activities. The new solar farm will be one of the largest solar generators in Costa Rica and the largest serving ICE. Costa Rica’s energy supply is nearly 98% renewable. Until now, however, solar energy provided only a small portion of that energy.
“We are very excited to be operating in Costa Rica, a country that utilizes its vast natural resources to demonstrate the capabilities of a fully renewable energy supply. We are also very proud to work alongside a highly reputable utility like ICE in making this project a reality. We believe that our experience constructing and operating renewable energy projects in the region is key to the growth of Costa Rica’s and ICE’s supply of clean energy” said Bruce Levy, CEO of BMR Energy. “By adding our project to ICE’s diverse renewable energy portfolio and bringing solar energy to the people of Costa Rica, we’re continuing our legacy of building resilient, renewable energy infrastructure in the Caribbean and Latin America.”
BMR was able to employ a team of local Costa Rican citizens to complete the transaction and start construction work on the project, minimizing the need for travel and avoiding potential COVID-19 related complications. The local team includes engineers, project managers, construction contractors and attorneys, all well versed in solar technologies and project execution. The Valle Escondido solar plant is scheduled to come online in the second half of 2021.
About BMR Energy
BMR Energy, a Virgin Group investment, is a developer, owner, and operator of clean energy projects in the Caribbean and Latin America. BMR Energy’s solution-minded team brings its industry expertise to efficiently executing projects that deliver affordable, sustainable energy generation. For more information, visit www.bmrenergy.com.
About Virgin Group
Virgin is a leading international investment group and one of the world's most recognized and respected brands. Conceived in 1970 by Sir Richard Branson, the Virgin Group has gone on to grow successful businesses in sectors including mobile telephony, travel & transportation, financial services, leisure & entertainment, and health & wellness.
About ICE Group
The Costa Rican Electricity Institute commenced operations on April 8, 1949, with the goal of establishing renewable energy resources for the electrification of Costa Rica. Since its founding, ICE’s electricity service coverage in Costa Rica has increased from 14% to 99.4%. ICE’s electrical generation mix consists mainly of hydro, geothermal, wind, solar, and biomass energy. ICE also focuses on the development of smart grids and electric mobility in Costa Rica.
