Business

WMS hits out at BIA for ‘no reply’ slight

WMS Holdings Limited, a company seeking to provide debt-free financing to Bahamas Power and Light (BPL), said it sent letters and a project proposal to the Bahamas Investment Authority (BIA) and never heard back from them.

WMS and its affiliates say they are committed to providing debt-free financing to BPL by offering $547 million in funding to cover the woes BPL hopes to cure with its rate reduction bond (RRB), with $12 million to spare.

The company purchased an ad in The Tribune outlining a proposal letter and document it said it sent to the BIA.

The company said it is prepared to republish the letters in The Nassau Guardian tomorrow.

WMS released an accompanying statement outlining what it sees as a slight by the BIA, despite the authority’s policy to follow up with a determination 60 days following the submission of a completed project proposal.

Guardian Business was able to view the WMS proposal.

“Nearly a year and seven months later, WMS has not received a single response from the BIA…,” WMS said.

“The application and investment proposal to the BIA and the government of The Bahamas seeks approval for its foreign direct investment partner to invest upwards of US $3.2 billion to support proposed nationwide initiatives and developments for BPL and other project opportunities in The Bahamas.

“WMS has been developing and working on the very substantive project for more than five years.

“The offer boasts 100 percent funding along with any additional funding required under terms and conditions to be agreed. 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.

“WMS represents American and European multinational corporations who finance and supply the delivery of energy-efficient technology and natural gas liquids (NGLs and CGLs) for utility plants, private businesses, government facilities, hotels, transportation, homes, and more.”

This paper reached out to the BIA for a response, but received none before going to print.

WMS has pledged to work with whoever wins in the general election on Thursday. 

“WMS’s affiliates will fund the engineering, procurement, construction (EPC), design, and commissioning of multipurpose best fuel ports, along with all relevant BPL site and equipment upgrades and retrofitting,” the statement said.

“The proposal also provides access to priority US natural gas and propane, with contracted fixed pricing for 20 years or more, as the predominant source of power generation. This energy solution would deliver significant reductions of up to 60 percent in fuel costs and carbon emissions.”

WMS contends that given the commitments in its proposals, the company “deserves to be addressed and responded to”.

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Chester Robards

Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian. Education: Florida International University, BS in Journalism

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