The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The company at the centre of the Renward Wells' Letter of Intent (LOI) controversy yesterday said it was "ready and willing" to forge ahead with its waste-to-energy solution, estimating it would take $7-$8 million to turn New Providence's "dumpsite into a landfill".

Jean-Paul (JP) Michielsen, Stellar Waste-To-Energy's chief executive, said the company has been talking to government officials on a "continuous basis" over its waste-to-energy proposal.

He added that the problems which have long plagued the New Providence landfill, and the relatively high cost of electricity, could all be addressed if the Government had approved the project. Further, Mr Michielsen said the project, whose costs were pegged at $650 million four years ago, would now cost $450-$400 million given advances in technology.

"The plant cost at the time was around $650 million but, because of the technology evolving and being widely used, that cost has gone down significantly and is now in the region of $400-$450 million," he emphasised.

Mr Michielsen estimated that the plant's construction would create 2,000 construction jobs, and 400 full-time jobs when complete.

Stellar was thrust into the spotlight three years ago by the controversy that erupted over the signing of its now-expired LOI by the former Ministry of Works parliamentary secretary, Renward Wells, now Minister of Agriculture and Marine Resources in the Minnis administration.

Mr Wells, an engineer by profession, admitted in Parliament that he had signed the LOI with Stellar Energy in order to allow the company "to carry out studies" free of charge to present to Cabinet.

Stellar later alleged that the LOI was leaked as part of "a conspiracy" against it, with "clear intent at the Government level to sabotage the project".

Mr Michielsen yesterday said Stellar has investors ready to underwrite its projects financing, and reiterated the company's commitment. "We have been talking to government officials on a continuous basis from the previous administration to the current administration," he added.

Speaking to the challenges at the landfill, Mr Michielsen said: "This is not going to be solved overnight. This is a very complex matter. I think that the medium-term needs can be addressed in six months to a year.

"To get some serious energy out of there would take two-and-a-half to three years because it would take two years to build the plant. You would be lowering the cost of energy because everything sitting there today is is fuel.

"Our estimation to get the first phase done, which means securing and making sure that there is a transition from simply a dumpsite to a real landfill, will probably be in the region of $7-$8 million."