The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The group at the centre of the Renward Wells Letter of Intent (LOI) controversy yesterday said its opening of a London office did not mean it was “running away from the Bahamas”, but instead seeking to pursue other global opportunities.

Jean-Paul ( JP) Michielsen, the Stellar Energy group’s chief operating officer, told Tribune Business that it was either bidding on or negotiating some 10 renewable energy projects in locations such as Africa, the US, Europe and Asia.

And, as it sought to “diversify”, Stellar decided to open a UK subsidiary, Stellar Energy International, to facilitate its involvement in international waste-to-energy and other renewable projects.

“Not at all. Just the contrary,” Mr Michielsen replied, when asked by Tribune Business whether the London office, based in Mayfair, meant the group was now seeking to exit the Bahamas.

“But, like any business, we need to make money. We’re not putting our eggs in one basket. It’s not a question of running away from the Bahamas. We’re diversifying our portfolio.”

Mr Michielsen added that Stellar had not given up on its ambitions in the Bahamas, despite being thrown off course by a combination of the LOI controversy and three-year wait for the necessary government approvals.

The group has been seeking to construct, own and operate a $600-$650 million waste-to-energy plant at the New Providence landfill, which would then supply Bahamas Power & Light (BPL) with energy.

However, the project has effectively been met with silence from the Christie administration since the LOI matter arose.

“Even with the three-year wait here in the Bahamas, Stellar is well on the way to becoming a leader in the development and financing of these projects,” Mr Michielsen told Tribune Business.

“We’re still hopeful here. I’m not sure it’s going to happen under this administration. It’s already been three years; let’s see where this goes.

“We’re here to stay. Our company offices and myself are here in the Bahamas. I would love to see us become a leader in the region, but it’s three years down the road. We’re still trying to get something done.”

Mr Michielsen declined to go into details on the projects Stellar was currently assessing, due to the fact they were either in the Request for Proposal (RFP) or negotiation stage.

He added, though, that they ranged in value from $25 million to $200 million, and employed a variety of technologies - not just the plasma-based system that Stellar had planned to employ in the Bahamas.

Mr Michielsen said the demand for Stellar’s services was increasing, as countries sought to tackle problems involving waste disposal, landfills and the release of gases and other substances into the environment.

Projects in Lesotho, Zimbabwe and the Philippines were among those being targeted by the company, along with several in the US. Stellar added that it had also signed partnership deals in locations such as Turkey, China, France and the UK.