Harneys has advised Virgin on its majority acquisition of BMR Energy, a renewable energy group active throughout the Caribbean and Latin America, from NASDAQ-listed private equity firm American Capital.
The acquisition is part of a drive towards clean energy by the Virgin Group, which is owned by Sir Richard Branson. Recent BMR Energy projects include a wind farm in Jamaica made up of eleven 3.3 MW wind turbines, which is set to significantly reduce Jamaica's reliance on fossil fuels.
The transaction involved a pre-acquisition reorganisation, acquisition, and post-acquisition reorganisation, followed by additional equity funding. The transaction also required the implementation of various joint venture / private equity-style arrangements between management shareholders and Virgin as incoming majority shareholder.
Harneys Partner Rachel Graham and Senior Associate Fergal McLoughlin advised on matters of BVI law, alongside Skadden Arps Slate Meagher & Flom, Chadbourne & Parke LLP, Gibson Dunn and Andrews Kurth (UK) LLP.