Update
Driven by a mutual desire to progress given the benefits of the GEP, Williams Caribbean Capital (“WCC”) and Barbados Light and Power Company (“BLPC”) have successfully concluded negotiations of the essential power purchase agreement (“PPA”).
The signing of the agreed PPA was dependent on BLPC finalizing negotiations of their overall operating license with the Government of Barbados (“GoB”),
The final PPA will be submitted to the Minister of Energy and submission to the FTC.
The Government of Barbados, BLPC and the IDB have all expressed support for the GEP. The IDB has agreed an Advisory Services Client Beneficiary Agreement to assist with the funding and review of the PPA, Fuel Study, Financial Model, Technical Study and Environmental Impact Assessment.
A rate for the power generated is set by the Fair Trading Commission which also caps the returns that any private operator can realise by adjusting the rate.
A Fuel Study has been concluded. Multiple biomass suppliers in the US and Caribbean are potential biomass fuel suppliers to the GEP under contract, with the requirement to have 80% indigenous biomass within 7 years
Permits to develop two 32,000 sq ft buildings for biomass storage have been approved by the Town & Country Planning Department (TCPD).
Planning and other regulatory approval processes are contingent on the Technical Study and Environmental Impact Assessment (EIA) which has commenced, which is being led by Stantec Engineering.
Ongioing visits to similar plants in Europe and the US continue to assist with deciding on a design/development and operating partner/s. One such potential plant is Indaver 19 MW plant in Ireland.