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German Firm to Help BEC with Renewable Energy Plans

The German engineering firm, Fichtner, has been awarded a half-million-dollar contract to advise the government on the energy sector, which will include an audit of the Bahamas Electricity Corporation and advice on the implementation of renewable energy.


In June, the government guaranteed a $211 million rescue loan for BEC. As of May, the utility had nearly $99 million in receivables and $130 million in payables. Earlier, the government had signed two technical cooperation agreements with the Inter-American Development bank aimed at strengthening the energy sector and integrating renewable energy projects into the electricity grid.


Fichtner will conduct a technical, financial, managerial, and operational review of BEC, including the establishment of key performance indicators. It will also develop a strategic expansion and financing plan emphasizing the inclusion of alternative energy technologies. The regulatory framework will also be reviewed with a view to opening the sector to independent power producers.


These projects are expected to take 10 to 12 months to complete with interim reports being generated to allow action where required. Fichtner has a worldwide network of branches, project offices and associated companies in over 50 countries.


In addition to development banks, commercial banks, private investors and industrial enterprises, Fichtner’s clients principally include public institutions such as ministries, local government agencies and research institutes.


Source: http://www.bahamasecoforum.com/



Category/ies:Bahamas News.
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