NASSAU, BAHAMAS — A Bahamian consulting company and its US affiliate said their alternative fuel technology and funding proposal to Bahamas Power and Light (BPL) could deliver reductions in fuel costs upwards of 40 to 60 percent.
WMS Holdings Limited (WMS) said in a statement that it has proposed a superior alternative fuel technology and funding offer, in a comprehensive meeting presentation to the BPL board on February 18.
The company noted: “The offer provides 100 percent funding along with any other 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, headed by Wilfred Marvin Smith, represents American and European multinational corporations that finance and supply energy-efficient technology and natural gas liquids (NGL or CGL) for utility plants, private businesses, government facilities, hotels, transportation, homes and more.
The company and its affiliates are also offering to assist the government of The Bahamas and BPL with electrical transmission, advanced metering and power generation challenges.
According to WMS, its key affiliate company is a limited liability company, a privately-owned American company that provides a service to supply gas and LPGs for utility plants, industry, private businesses, transportation, the shipping industry, government facilities and homes, as well as related activities that augment the use of natural gas and LPGs while reducing costs and carbon emissions.
“Construction of a first-of-its-kind 228 MW CGL multipurpose energy port and power plant has been contracted for Colombia, South America, with construction beginning in two to three weeks. WMS has earmarked The Bahamas to be the first installation in the Caribbean,” the company noted.
According to its proposal to BPL, the company and its affiliates are “desirous and interested in providing support assistance to help The Bahamas achieve the lowest possible price in fuel cost and reliable power generation, while reducing its environmental impact”.
The proposal boasts the usage of priority US natural gas and propane, with contracted fixed pricing for 20 years as the predominant source of power generation, delivering significant reductions in fuel costs upwards of 40 percent to 60 percent and reductions in carbon emissions of up to 60 percent.
The offering would also provide access to funding for BPL customers and the private sector. It also proposes thousands of new direct and indirect jobs for Bahamians.
According to WMS, the offer would require no upfront capital, no additional debt, no increased BPL rates and no increased taxes from the government.
“This is unlike any other offer for The Bahamas, as it does not require the citizens of The Bahamas or its government to approve additional debt funding to finance and build new plant facilities,” it noted.
When contacted by Eyewitness News yesterday, BPL officials declined to comment on the WMS proposal.