The governing board of the Virgin Islands Water and Power Authority approved several items on Thursday which the utility said will help it continue to recover from the effects of the 2017 hurricanes. The actions came during the board’s regularly scheduled monthly meeting.
The board approved:
The consent to the assignment of NRG’s solar facility on St. Croix to BMR Energy. BMR is prepared to purchase the facility and, through the existing power-purchase agreement, will continue to operate the solar farm and provide solar power to WAPA at the previously negotiated rate.
A memorandum of understanding between WAPA and the V.I. Public Finance Authority. The agreement will allow the authority to review and approve invoices for services provided to WAPA through the PFA’s agreements with two of its FEMA-funded consultants, Witt O’Brien, LLP and Ernst & Young, Puerto Rico, LLC. The approval of the invoices will enable the PFA to be reimbursed by FEMA for the services provided.
A temporary extension to lines of credit and overdraft facilities with First Bank. The lines of credit provide funding for WAPA to acquire capital assets of electrical and water production, distribution system and related facilities while the working capital lines of credit provide funding for operational and maintenance expenditures.
The extension allows WAPA to continue to tap the credit lines while it negotiates a longer duration for the lines of credit with the bank.
An extension to an existing contract with Risked Revenue Energy Associates for an additional $180,000, during the period July 2018-June 2019. WAPA has a hedging program managed by the company and the Authority intends to continue hedging a portion of its fuel purchases through at least 2019.
A change order to an existing consignment contract to cover outstanding invoices for materials during hurricane restoration. The new contract total with Electric Supply Inc. is in the amount of $5.6 million. The approval also extends the existing contract for 90 days while a new consignment materials contract is negotiated.
Members in attendance included Chairwoman Elizabeth Armstrong, Vice Chairman Noel Loftus, Commissioner Devin Carrington, Gerald T. Groner, Esq., Cheryl Boynes-Jackson, and Hubert Turnbull. Board secretary Juanita Young, Commissioner Nelson Petty and Director Marvin Pickering were excused.