NASSAU, BAHAMAS — The Export-Import Bank of the United States’ (EXIM) Board of Directors has approved a nearly $99.6 million financing deal for FOCOL Holdings Limited, aimed at strengthening energy production in The Bahamas.
“This transaction meets two key priorities for EXIM—strengthening the energy supply chain and supporting good-paying American jobs,” said Acting President and Chairman James Cruse. “Combined, the financing of the pipelines and generators ensures reliable energy production and access, while also shifting the energy supply chain away from the People’s Republic of China.”
Chargé d’Affaires to The Bahamas Kimberly Furnish added: “This is another example of the strong partnership between the United States and The Bahamas. We are thrilled that with EXIM support, The Bahamas will be receiving state-of-the-art U.S.-made turbines to bring fast and reliable power to New Providence.”
The financing will enable The Bahamas to procure two pipelines—one for diesel and one for natural gas—as well as two TM 2500 Gen 8 aeroderivative gas turbines. The pipelines will be supplied by North Carolina-based Pike Electric LLC, while the turbines will be supplied by General Electric (GEV) Vernova, based in Massachusetts.
The transaction is expected to support approximately 400 American jobs in North Carolina and Ohio.
This development comes after FOCOL Chairman Sir Franklyn Wilson signaled last November that the company was pursuing major international partnerships due to the limitations of local bank lending capacity. Speaking at the Invest Fest forum, Sir Franklyn noted, “There are limits to what any bank in The Bahamas can do… This has forced FOCOL to broaden its international relationships in terms of where it borrows money.”
He added, “FOCOL is currently in serious discussions with some of the largest banks in the world, and we expect soon to make an announcement involving a major U.S. government-related bank”—a prediction that has now materialized with this latest EXIM transaction.
