The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

Sir Franklyn Wilson yesterday “categorically” denied that FOCOL Holdings was involved with any bid to provide improved electricity generation for Bahamas Power & Light (BPL).

Sir Franklyn, who chairs the BISX-listed company, also told Tribune Business it had not partnered with New Fortress Energy, which has liquefied natural gas (LNG) interests in Florida and Jamaica, on such a proposal to the Government (see other article on Page 1B).

“We deny that categorically,” he told Tribune Business. “We’ve seen that around on social media. We have no partnership with Fortress. We have no agreement to take over BEC. That is no more than political mischief.”

Tribune Business had been contacted by energy industry sources over the weekend, who expressed concern that FOCOL had partnered with Fortress in a deal that would initially see them take over management of BPL’s generation assets, and ultimately lead to the construction of a new power plant and generation units powered by LNG.

This newspaper confirmed that Fortress and other energy industry players had been invited by Prime Minister Perry Christie’s office to submit offers on providing BPL with new generation capacity, in a process that did not involve the utility or its manager, PowerSecure, but Sir Franklyn said he and FOCOL had no knowledge of this.

He accused “a former Opposition candidate”, whom he did not name, of being the source of the speculation surrounding FOCOL, and added: “They call it silly season for a reason.

“I want to make it clear that FOCOL has made no attempt to take over BEC, and we have no agreement with Fortress. I want to be as candid and blunt as I can, because I want to put that to rest. It’s not in the cards.”

FOCOL Holdings has long been interested in getting into the power generation market, having teamed in 2012 with Emera, Grand Bahama Power Company’s majority shareholder, and Wartsila to propose a 100 Mega Watt (MW) power plant to the Government.

The consortium ultimately elected not to enter the 2013 Request for Proposal (RFP) for energy sector reform that was won by PowerSecure, instead choosing to remain outside the process as an independent power producer (IPP).

FOCOL’s interest in the sector has seemingly never waned, though, with Anthony Robinson, its chief executive, cryptically telling the company’s recent annual general meeting (AGM) that it “may even” enter power generation.

Explaining FOCOL’s intentions, Sir Franklyn said yesterday: “We’re a publicly traded company. We are always looking for possibilities for growth and expansion, and we do have some exciting things our shareholders can look forward to.

“Once this silly season is over, we said at the AGM that our intent is in expanding into other areas, but not in the context of what is currently out there in social media” over FOCOL and Fortress.

Sir Franklyn continued: “We are a company that will respond to any opportunity to do something in the national interest, and where we can expand.

“After this season is over, whoever is the Government, and has an interest in doing something in the energy sector, we would have a tremendous interest in talking to and doing something with them.”

Meanwhile, Paul Maynard, the Bahamas Electrical Workers Union’s (BEWU) president, told Tribune Business that his members had received one-off lump sum payments as high as $1,500 on Friday, but these were not related to any potential BPL deal.

Mr Maynard said the payments were based on the union’s industrial agreement, and said: “It was related to what I negotiated in 2014.

“After my negotiations, I put in a stipulation that if any other Corporation’s union got more than me, I would get what was due to me by May 2017.

“The Water & Sewerage Corporation union got a lump sum equal to one increment, and that’s what I got as well. It was a negotiating position. I was the first one out, and if Water & Sewerage got more than me, I’d get the extra. There’s nothing extraordinary about that.”

Mr Maynard and another source also confirmed that the Albany developers, headed by Lyford Cay billionaire, Joe Lewis, and his Tavistock Group, had offered to provide and arrange financing for BPL to be equipped with new generation units.

“I know there were talks with Albany with a view to getting these new engines,” the union president told Tribune Business. “I don’t know how far those talks had got.”