Government

WAPA's Vitol Propane Acquisition Moves Forward with Payment Deadline Extension and HUD Documentation Acceptance

Governor Albert Bryan has announced a major advancement in the V.I. Water and Power Authority's efforts to acquire the Vitol propane terminal facilities, according to a recent release from Gov't House. A critical step in this process was the extension of WAPA's second payment of $100 million for the proposed $145 million buyout of Vitol Inc. LPG Infrastructure, now set for April 15, 2024. The governor confirmed this extension on Friday, highlighting it as a key moment in WAPA's financial planning and acquisition strategy. This move is significant for the authority's endeavor to take over the Vitol propane terminals. Further progress was made with WAPA's successful submission and acceptance of the necessary documentation for its grant application with the U.S. Department of Housing and Urban Development (HUD). Accepted on December 1, 2023, this application facilitates the use of $145 million in Community Development Block Grant mitigation (CDBG-MIT) funds, essential for acquiring the...