business@tribunemedia.net
FRIDAY, FEBRUARY 7, 2025
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Solar provider recoiled over 50% Bahamian ownership t "SHVFE AJNQPTTJCMF GPS GPSFJHO JOWFTUPST UP CJE t $PNQBOZ UIBU IBMUFE N (PW U DMBJN XJUIESFX t $BU *TMBOE PGGFS ABQQSPWFE JO "QSJM SFKFDUFE +VMZ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A US firm, which abruptly abandoned a $1m legal claim against the Government, said the mandate to relinquish 50 percent ownership to Bahamians made it “impossible for foreign investors” to bid on a solar tender. Jessica Quintana, an attorney representing Florida-based Burke Energy, told the Ministry of Energy and Transport’s permanent secretary in an August 16, 2024, letter that it was unfair to expect overseas bidders to give up 50 percent ownership after they had obtained all the financing necessary to construct the renewable energy plant. Responding to the Government’s invitation to enter a competitive bidding process to provide solar energy on Cat Island, where rival offers would be entertained, she told Donella Bodie: “Upon reviewing the RFP, it is evident that the terms are impossible for a foreign investor to comply with, including the requirement to relinquish 50 percent ownership of the plant after providing 100 percent of the financing for its construction.” Mandating significant Bahamian ownership in solar and other renewable energy projects was a key feature of the requests for proposal (RFP) issued by the Government in late 2023 and early 2024 for utility-scale generation on both New Providence and the Family Islands. The Government asked bidders to “consider” how majority Bahamian equity ownership of their solar energy projects can be achieved within three years. The tender document also stipulated that a “minimum”
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Solar provider eyes up to $100m raise By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
t "CBDP &MFVUIFSB XJOOFS UP UBQ NBSLFUT JO .BSDI A SOLAR power provider is targeting next month to raise between $75m to $100m t "JNJOH UP PGGFS FRVJUZ BT from Bahamian investors to XFMM BT EFCU mOBODJOH finance its projects on Abaco and Eleuthera. Anthony Ferguson, CFAL’s t $SVJTF QPXFS QSPWJEFS principal, told Tribune Business that EA Energy will UBSHFUT N CZ TVNNFS likely seek both equity ownership and debt capital from the local capital markets as it moves to execute on the renewable energy contract awards unveiled by the Government last summer. Asserting that the solar generation plants to be developed by EA Energy are “fairly substantial” in terms of their capacity, he signalled that the precise timing of any offering will likely depend on receiving the go-ahead from the Securities Commission as well as when the details will be finalised. CFAL will be performing the role of
financial advisor and placement agent. “We’re probably going to come out in March with the raising of capital for Eleuthera and Abaco; solar power generation and LNG (liquefied natural gas),” Mr Ferguson told this newspaper while naming EA Energy as the company that is seeking financing. Once the offering details are finalised, the CFAL chief said itself and EA Energy will approach the Securities Commission, the capital markets
regulator, “to get everything squared away” and obtain any approvals required. “We’re looking to go to market some time in March,” Mr Ferguson reiterated. “Another group got Exuma, another group got MICAL, another group got Andros. Confirming that EA Energy will be seeking a combination of debt and equity capital to fulfill its financing needs, he added that while the details are still being firmed up the solar provider will likely attempt to raise “between
ANTHONY FERGUSON $75m and $100m”. While not giving specifics on the technical aspects of both projects, Mr Ferguson said the solar generation plants for Abaco and Eleuthera will be “fairly substantial”. Mr Ferguson did not identify who EA Energy or its principals are but Jobeth Coleby-Davis, minister of transport and energy, in revealing who had been selected as preferred bidders on the various New Providence and Family Island renewable energy bids named Verdant as the winner for Abaco. And the same company, along with Consus, was selected as the preferred solar generation provider for Eleuthera. Capital markets observers have suggested that there will be significant activity in 2025
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Island Luck co-founder unveils 1,000 job Cable Beach resort By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net AN ISLAND Luck cofounder yesterday moved one step closer to realising his Cable Beach resort ambitions by signing a Heads of Agreement for a $300m project billed as creating up to 1,000 permanent jobs. Adrian Fox, and his Fox Group of Companies, confirmed plans to develop the former Cable Beach Manor apartments immediately to the west of Sandals Royal Bahamian into a mixed-use
ADRIAN FOX resort complex plus transform part of nearby Balmoral Island into “a recreational paradise” featuring a 100-slip
marina, 23 land and overwater cottages, helipad and seaplane docking facilities. Adrianna Fox, Mr Fox’s daughter, said the project has been two years in the making. However, Mr Fox had revealed to Tribune Business in October 2021 his desire to transform the former Cable Beach Manor site into a $100m European-style boutique resort that would create 300 full-time jobs - a number that seems to have significantly increased. Prime Minister Phillip Davis KC, speaking at the two parties’ Heads of Agreement
signing, said the Voir Beach project will feature “worldclass amenities”. While he said estimated around 500 Bahamians would benefit from employment during the construction phase, Ms Fox said more than 1,000 will be hired for this aspect, while between 700 and 1,000 permanent jobs will be provided after completion. “It calls for two 14-storey mixed-use buildings which will blend residential and hotel spaces with world class amenities,” Mr Davis said. “Guests and residents will
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Fox’s resort project leasing ex-dolphin encounters site By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ISLAND Luck’s cofounder is leasing the site of the former failed Blackbeard’s Cay dolphin encounter for part of the $300m Cable Beach resort development he unveiled yesterday. Adrian Fox, principal of the Fox Group of Companies, confirmed he has secured a 21-year lease from the Government for a portion of Balmoral Island which is situated off New Providence’s north coast immediately opposite Sandals Royal Bahamian.
It will also lie offshore in close proximity to the other part of Mr Fox’s mixed-use resort and residential project at the former Cable Beach Manor site. “The island is a lease from the Government for 21 years. And we haven’t decided exactly what phase we’re going to start with first, and that could be about a $30m to $40m investment over there,” Mr Fox said during the Heads of Agreement signing with the Davis administration. His group is aiming to break ground on Balmoral Island within four months
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Publicity biggest lift-off from SpaceX’s landing By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A SENIOR Family Island hotelier yesterday said TV coverage and associated publicity will likely be “the biggest” lift-off from The Bahamas hosting the landing of a SpaceX rocket booster on February 17. Emanuel “Manny” Alexiou, the Bahamas Out Island Promotion Board chairman, told Tribune Business it was critical that any publicity show The Bahamas “in a positive light” as he suggested the
event was unlikely to prove a massive draw for foreign visitors and produce a significant boost in hotel occupancies. But, given that SpaceX is owned by the world’s wealthiest man, Elon Musk, who is also heading Donald Trump’s Department of Government Efficiency (DOGE), as well as seemingly being one of the US president’s top confidants and advisers, he added that there were potentially significant diplomatic
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