Basic Energy Finances Jamaica Deal with Stock, Debt

Basic Energy Group’s acquisition of Jamaica Energy Partners (JEP), owner of two power barges in Jamaica, for $92.5m from Conduit was financed using equity and debt, according to the buyer. The debt was provided by Citi and BNP Paribas advised the seller, while Basic used no advisor. In addition, Basic Energy assumed JEP’s debt with the IFC. JEP has been funded since inception with long-term financing from the IFC. It operates under a long-term contract with Jamaica Public Service, the privately-held utility. Basic Energy is a power company with activities in the Caribbean and Latin America. It recently took a controlling stake in Pedregal Power in Panama and is developing a number of renewable energy projects, including a wind farm in the Caribbean.