September 13, 2021
Well over a year ago on Tuesday, Feb. 25, 2020, WMS Holdings Limited (WMS) and its U.S. affiliates submitted a proposal and application to the Bahamas Investment Authority (BIA) as per the advice of the former Minister of Finance and current Acting Financial Secretary.
Nearly a year and seven months later, WMS has not received a single response from the BIA, despite published policy which states that, “A determination is communicated within 60 days following the submission of a completed Project Proposal.” In an advertisement published today in the Tribune, and to be published on September 15 in the Nassau Guardian, WMS displays the exact chain of communications that unfolded, showing actual evidence of the alleged mistreatment to date.
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% 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. WMS and its affiliates are also offering to assist the Government of The Bahamas and BPL with their electrical transmission, advanced metering, and power generation challenges.
The proposed project initiative will be Bahamian-led and managed by WMS. The offer requires no upfront capital, no additional debt, no increased BPL rates, and no increased taxes from the government. It is unlike any other offer for The Bahamas, as it does not require citizens nor the government to approve additional debt funding to finance and build new plant facilities.
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 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% in fuel costs and carbon emissions.
An offer of this magnitude would be a game changer for The Bahamas in terms of business expenses, the cost of living, reliability, fixed rates, and access to environmentally cleaner fuel supplies, export opportunities, and power generation. WMS and its affiliate’s proposal to the Government of Bahamas and the BIA is the unmatched solution for the entire country, and for many others around the world. With this in mind, the proposal deserves to be addressed and responded to.