Harneys advises Virgin on acquisition of renewable energy group

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 advised on matters of BVI law, alongside Skadden Arps Slate Meagher & Flom, Chadbourne & Parke LLP, Gibson Dunn and Andrews Kurth (UK) LLP.