St Kitts and Nevis steps up plans for waste-to-energy plant
The Government of St Kitts and Nevis has taken steps to commence the development of its long-awaited, state-of-the-art waste-to-energy gasification power generation plant.
Through the Solid Waste Management Corporation (SWMC), the country recently engaged the services of St Lucia-based Export Development Business Services Inc (EDBS), as the firm to be responsible for conceptualising, project structuring, and arranging financing for the innovative, technology-driven project.
Gasification, which is a process that involves the conversion of biomass and solid and liquid waste material into a gas, allows for power to be extracted from the combustion of this gas, providing a source of renewable energy. The waste-to-energy gasification power generation plant is, therefore, expected to help in stabilising the cost of electricity for residents as it also eliminates further environmental damage at the national landfill. The project will also open new opportunities for citizens of the country as more jobs are created.
Chairman of the SWMC Ivan Hanley, on signing the engagement documents, said that the commissioning of the legacy projects aligns well with his organisation’s mandate of meeting the challenges of a growing waste management problem in St Kitts and Nevis.
“We are in the problem-solving, and solutions business, and more than ever, we must face these challenges head-on; a project such as this is a cornerstone of innovation right here on our shores,” he said.
Anthony Da Silva, director at EDBS, commenting on the partnership, said that his team was looking forward to working across an extensive global network to find the best structuring and funding model for the project.
“Over the last three decades, I have worked throughout the Caribbean region committed to conceptualising, structuring, and attracting investment for multimillion-dollar, public-private sector projects, including the provision of advisory and consultancy services to projects in several islands including Barbados and St Kitts & Nevis,” he stated.
EDBS, which over the years has been using its partnership network and contacts to successfully raise capital for projects across the Caribbean, said it will seek to advance this project in the coming weeks and months via a network of specialists. This, it expects to do through expert consultation and strategic assessments in an effort to find the best partners for the revenue project.
Bermuda-based Coralisle Group Limited (CG) has acquired a 100 per cent stake in Massy United Insurance of Barbados which now operates within the group as CG United Insurance (CG United).
Coralisle states that the acquisition “significantly expands its presence across the Caribbean,” adding 14 new markets where CG United operates including Anguilla, Antigua & Barbuda, Montserrat, Dominica, St Lucia, St Vincent, Saint Maarten, Grenada, Trinidad & Tobago, Guyana, Curacao, Aruba, Jamaica, and Belize.
CG United Insurance Limited serves corporate and residential clients in 20 territories across the English and Dutch Caribbean. Primary product lines include property, motor, accident, engineering and marine insurance.
In a release this week, Coralisle said CG United brand will be rolled out incrementally in these territories as regulatory requirements are duly satisfied.
It was noted that Coralisle Group and CG United have complementary operations in The Bahamas, Turks & Caicos, British Virgin Islands, Barbados, and the Cayman Islands, with minimal overlap in their product offerings.
Coralisle Group Chairman Dr Grant Gibbons said that the acquisition of CG United is a ‘game changer’ for the group, as it ‘aligns perfectly with our strategic objective to grow responsibly toward becoming the insurer of choice in the Caribbean.
He stated that the transaction “strengthens and expands our presence in the region, positioning us in new and existing markets to deliver a full range of insurance solutions, including comprehensive regional coverage.”
CG Chief Executive Officer Naz Farrow said the acquisition was driven by its potential to generate new business and the commercial, cultural and organisational synergies of the two insurance groups.
“We are two well-established companies whose experience, skills and product lines are well matched to meet customer needs in all circumstances. We will work to advance the existing strengths and values United has built over decades,” he stated.
Farrow said the acquisition will permit the introduction, over time, of CG health, life and pension solutions to the markets where CG United operates, “building on its strengths in property and casualty insurance.”
Noting that work was being done to ensure the transition for CG United customers was seamless, he said, “This means working closely with their agents and brokers in multiple markets, supporting their service commitments and ultimately providing clients with access to new and enhanced products at competitive pricing.”
Randy Graham, CG United’s chief executive officer, said the CG United deal “positions us to grow the business by expanding our commitment to customer needs, from property and casualty insurance to life and health insurance.”