WMS Holdings Limited has doubled down in its attempt to get the attention of Bahamas Power and Light (BPL) and the government, in general, releasing a full-page advertisement in yesterday’s paper that features an open letter to the chairman of the power company, Dr. Donovan Moxey, and releasing a statement yesterday on the release of the letter.
The statement explained that the letter invited Moxey and his board to reconsider several proposals the company put forward offering debt-free financing and state-of-the-art fuel solutions for BPL.
“Having had no response from BPL and the government of The Bahamas since previous letters and numerous communications, we write to you yet again with the same excellent proposal, one which can assist tremendously in overcoming all of the recent and persistent issues that have plagued BPL both now and through many previous years,” WMS said in its letter.
“WMS and BPL both want what is best for The Bahamas; our reliable and affordable energy solutions provide a pathway to achieving just that.”
Guardian Business was unable to reach Moxey for comment up to press time yesterday.
As this paper reported earlier this year, WMS has partnered with US affiliates offering 100 percent funding to carry out the modernization of New Providence’s power system, as well as the rest of The Bahamas, at the lowest fuel price.
WMS is proposing an alternative fuel technology different from LNG that comes along with the funding to complete the project in its entirety.
The company says its natural gas liquid (NGL) fuel technology will decrease fuel charges and consumer rates, and is a better solution to BPL’s money woes than the proposed rate reduction bond that will see consumers’ prices increase.
“The offer provides 100 percent funding along with any other additional funding required under terms and conditions to be agreed,” WMS said in a statement in March.
“The offer also includes the proliferation of a modern total energy solution through the world’s most advanced fuel and energy-saving solutions for The Bahamas.
“This 100 percent Bahamian-owned company represents American and European multinational corporations who finance and supply the delivery of energy-efficient technology and natural gas liquids for utility plants, private businesses, government facilities, hotels, transportation, homes and more.
“WMS and its affiliates are also offering to assist the government of The Bahamas and BPL with its electrical transmission, advanced metering and power generation challenges.”
According to WMS, fuel savings could be as high as 60 percent, with pricing of the gas locked in for 20 years.
WMS noted in its statement that its offer to BPL requires no upfront capital, no additional debt, no increased BPL rates and no increased taxes from the government.
WMS’s proposals come as BPL’s negotiations with Shell continue to drag on, even past the expiration of the memorandum of understanding between the companies.
Shell was expected to build the LNG regasification facility as well as new power generation at the Clifton power station if it and BPL had closed a deal last year.
Prime Minister Dr. Hubert Minnis and Deputy Prime Minister and Minister of Public Works Desmond Bannister are also copied on the open letter.
In its statement yesterday, WMS continued to contend that its proposal would deliver economic recovery, GDP growth, export opportunities, and jobs.
The post Company again offers debt-free financing solution to BPL in public letter appeared first on The Nassau Guardian.
source https://thenassauguardian.com/company-again-offers-debt-free-financing-solution-to-bpl-in-public-letter/
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