Got TIPS or BREAKING NEWS? Please call 545-3572; ads call 440-6666                               Sittings from House of Assembly are carried live on 90.9 FM the Caribbean superstation or follow live online: www.cbnvirginislands.com

BVI Electricity Corporation seeking $35M Loan for expansion!

According to a motion to be moved by the Minister for Communications and Works Honourable Mark H. Vanterpool at the upcoming February 12, 2015 Sitting of the House of Assembly (HoA), the BVI Electricity Corporation (BVIEC) is seeking a loan of $35 Million US to expand its Development Programme. Photo: VINO/File
The BVI Electricity Corporation, under General Manager Leroy A. E. Abraham (left), is a statutory body under the Ministry of Communications and Works of which Honourable Mark H. Vanterpool is Minister. Photo: VINO/File
The BVI Electricity Corporation, under General Manager Leroy A. E. Abraham (left), is a statutory body under the Ministry of Communications and Works of which Honourable Mark H. Vanterpool is Minister. Photo: VINO/File
ROAD TOWN, Tortola, VI- The BVI Electricity Corporation (BVIEC) is seeking a loan of $35 Million US to expand its Development Programme.

This is according to a motion to be moved by the Minister for Communications and Works Honourable Mark H. Vanterpool at the upcoming February 12, 2015 Sitting of the House of Assembly (HoA).

No bank was named to supply the loan; however, it will be backed by the Government of the Virgin Islands, who is the only shareholder of the Corporation.

No details of how loan will be used

Reading from the Order Paper for the Third Sitting of the Fourth Session of the Second HoA released to the media a few moments ago, no details have been provided as to what the Phase V Development Programme expansion entails, who will be doing the work or a breakdown of how the $35 Million loan request will be used.

It also remains unclear, if the project will go out to public tender. The National Democratic Party has been accused by the main Opposition Virgin Islands Party of ignoring the public tender process and consistently violating both the Financial Management Act and the Protocol they signed with the United Kingdom government for Effective Financial Management.

Must come to HoA for loans

The BVI Electricity Corporation is a statutory body under the Ministry of Communications and Works.

Under section 18(1) of the BVIEC Ordinance (Cap. 277), it is stated that the BVIEC shall be empowered to borrow money, charge its assets, undertakings and revenues with repayment of any money borrowed together with interest thereon and may issue debentures, bonds or other securities to secure the repayment of money borrowed together with interest thereon subject to the approval of the House of Assembly, hence why the need to bring the request to the HoA.

BVIEC in the news-NDP Lies

The BVI Electricity Corporation was in the news recently when in response to the charge made by senior VIP member Honourable Andrew A Fahie (R1) of NDP being the most corrupt government in the Virgin Islands, it (NDP) responded by falsely accusing the Premier in waiting, Honourable Julian Fraser RA (R3), of sending $3 Million from the BVI Electricity Corporation overseas for an engine.

However, it turned out to be another NDP lie as the money was sent, according to the VIP Boss Hon Fraser, by Premier Dr Smith’s own son who was the acting General Manager of the Corporation at the time of the transaction. 

15 Responses to “BVI Electricity Corporation seeking $35M Loan for expansion!”

  • the builder (09/02/2015, 14:14) Like (5) Dislike (2) Reply
    Mr. Governor keep an eye on this loan please. what I am here from electricity people. hmmmm. Maybe you should go to the power station and talk to the common man the regular station operators. its tax payers money, get a receipt for every penny.
    • BVIEC (09/02/2015, 18:25) Like (9) Dislike (2) Reply
      The loan will be used for phase 5 to buy generators from Wartsila, a company from Finland.
      The tender process was completed last year in May and was won by Wartsila. There was a public tender opening process.

      Please don't use the EC in the silly season campaigns.
  • good work (09/02/2015, 14:44) Like (8) Dislike (4) Reply
    I love the last part of this article call them out on their lies vino
  • farmer brown (09/02/2015, 15:20) Like (4) Dislike (3) Reply
    oh me belly the Premeir own son...vip ayo ant easy
    • BVIEC (10/02/2015, 14:57) Like (1) Dislike (0) Reply
      It was the man from the 3rd who said how the money for the generators was to be spent - buy from biwater. So dont blame henry.
  • ann (09/02/2015, 16:27) Like (3) Dislike (0) Reply
    Natures Little Secrets they can't say which bank the loan is from and the usage
  • ABC (09/02/2015, 16:35) Like (8) Dislike (2) Reply
    Want to bet that those generators will be coming from China?
    • one eye (09/02/2015, 20:21) Like (3) Dislike (0) Reply
      Do not do it ronnie they gooing have serious mantainence issues
  • voter (09/02/2015, 20:33) Like (3) Dislike (1) Reply
    the ignorance of the NDP will leave generations unbord in debt
  • newsreader (10/02/2015, 07:18) Like (1) Dislike (0) Reply
    Wartsila is a very reliable and famous builder. They do the engines for many of the cruise ships.
  • Finances (10/02/2015, 09:03) Like (1) Dislike (0) Reply
    What are the terms of the loan (interest rates, life)? What will it be secured by? If we are investing in more power generating capacity, what is the service life of the new equipment? What are the anticipated unit costs (KWh) for the consumer? What exactly is this money going to spent on?
    On another note, should not BVIEC consider buying futures for fuel now that oil prices are cheaper, not that the lower prices of oil are reflected in my bill.
  • bvi (10/02/2015, 09:03) Like (1) Dislike (0) Reply
    Tired of these leaders in the BVI they leading us to the dark and in more debt!!!!
  • local man (10/02/2015, 09:17) Like (2) Dislike (0) Reply
    how about using that money to buy equipment that actually works so the power doesn't go every week and our bill can come down
  • Watching on... (10/02/2015, 09:18) Like (1) Dislike (0) Reply
    We keep pouring money into these generators...but what about solar energy? We need to push an alternative energy source..
  • :/ (11/02/2015, 11:11) Like (0) Dislike (0) Reply
    General Manager trying hard to get that loan because he knows exactly what he trying to gain...smdh, he ain easy not one bit. The board already turn him down now he trying to get the gov to agree. A lot of foolishness going on within that company & he sitting back on them. Why is it that you can see how wicked & evil some ppl are but others can't not until it too late. Only who on the inside seeing & knowing


Create a comment


Create a comment

Disclaimer: Virgin Islands News Online (VINO) welcomes your thoughts, feedback, views, bloggs and opinions. However, by posting a blogg you are agreeing to post comments or bloggs that are relevant to the topic, and that are not defamatory, liable, obscene, racist, abusive, sexist, anti-Semitic, threatening, hateful or an invasion of privacy. Violators may be excluded permanently from making contributions. Please view our declaimer above this article. We thank you in advance for complying with VINO's policy.

Weather


Follow Us On

Disclaimer: All comments posted on Virgin Islands News Online (VINO) are the sole views and opinions of the commentators and or bloggers and do not in anyway represent the views and opinions of the Board of Directors, Management and Staff of Virgin Islands News Online and its parent company.