NASSAU, BAHAMAS — Bahamas Power & Light (BPL) chairman Dr Donovan Moxey said closing out the rate reduction bond (RRB) before year-end is still “very much” on the power provider’s agenda.
Moxey pointed to ongoing negotiations over a power purchase agreement with Shell North America in a recent interview.
“We are making progress on the power purchase agreement. We are still negotiating with them,” he said.
While referencing the RRB, Moxey said: “We are still working on that as well. That is is still very much on our agenda and we are still actively working to get that bond closed. That’s our goal. Our goal is to get that closed before the end of the year. Obviously, with anything such as this, we are always mindful of market conditions but we are working to get it closed out before the end of this year.”
The Utilities Regulation and Competition Authority (URCA) has approved Shell’s application for an Independent Power Provider (IPP) license.