The government is moving forward with its plans to acquire the Grand Bahama Power Company. On Wednesday, Minister for Grand Bahama, the Hon. Ginger Moxey tabled two resolutions in the House Of Assembly related to the proposal.
During her presentation Moxey explained, “the first resolution seeks the approval of this honourable house for the government to guarantee a borrowing of $200 million by Grand Bahama Energy Company Ltd. through a consortium of banks led by Standard Chartered Bank for the acquisition of all the ordinary voting shares of the Grand Bahama Power Company. The second resolution seeks the approval of this house for the government to guarantee a borrowing of $80 million from Royal Bank Bahamas Ltd. to assist with capital expenditure and working capital.”
The Grand Bahama minister also informed Parliamentarians of the need for the purchase stating that the cost of electricity has been a strain on Grand Bahamians. She said, “families across the island have had to meet electricity bills that place steady strain on household finances. Small businesses have had to absorb costs that weaken their ability to hire, expand and compete. Investors studying Grand Bahama have had to weigh a power structure that has too often worked against the very growth the island needs.”
Moxey said Grand Bahama deserves a government that electricity rates on the island has been a matter of fairness as much as economics.
Debate on the resolutions is expected to begin this week in the House Of Assembly.
