PFA Renegotiates Financing to Pay Vendors, Advances $333.7 Million Territory-Wide Power Plant Replacement

The V.I. Public Finance Authority and its subsidiary agencies used their final board meetings of 2025 to address a range of financial and infrastructure matters, including a renegotiated FirstBank credit arrangement aimed at freeing cash for outstanding vendor payments, approval of a $333.7 million project to replace both of the territory’s power plants, and the completion of other year-end business across multiple entities. The Matching Fund Special Purpose Securitization Corporation, whose bonds are backed by the territory's rum cover-over revenues, reimbursed the PFA $18,683 in expenses incurred by the parent agency on behalf of its subsidiary.  Next on the list was the V.I. Transportation Infrastructure Corporation, the entity behind the issuance of the GARVEE bonds that fund land and marine transportation projects. VITIC will transfer $221,058.15 back to the PFA in expenses.  The Public Finance Authority itself convened its board members together next, whisking through several ...