By RASHAD ROLLE 

Tribune News Editor 

rrolle@tribunemedia.net

Prime Minister Philip "Brave" Davis denied that trouble is brewing between the government and partners involved in transforming Bahamas Power and Light, saying “there were no challenges” though “one or two issues” have been addressed.

His comment came almost two weeks after Anthony Ferguson, a BPL board member, denied that Pike Electrical, which is supplying the manpower, materials and expertise to upgrade BPL’s transmission and distribution network, had temporarily paused its work as it waits for agreements to be concluded.

“Everything is still a go,” Mr Davis told reporters yesterday, adding that officials are working to ensure all sides follow the transition agreement.

“There’s just been some questions raised, but that is now resolved,” he said.

Mr Davis said the government has signed off on everything related to Pike’s involvement, with outstanding issues related to the transition. He said he expects the transition to finish in the coming months.

The Davis administration is transferring New Providence’s energy grid to Bahamas Grid Company, a special purpose vehicle 60 percent majority-owned by undisclosed private investors.

The government has finalised a 25-year agreement with Pike Corporation, via its Bahamian subsidiary Island Grid Solutions, to oversee the upgrade and management of Bahamas Power and Light’s (BPL) transmission and distribution network.

As part of a joint venture, the government will hold a 40 percent stake in a special purpose vehicle (SPV) named Bahamas Grid Company, with Island Grid Solutions retaining the remaining 60 percent.

BPL will contribute its New Providence transmission and distribution assets, valued at $100m, to the SPV in return for a 40 percent ownership stake. Meanwhile, Island Grid Solutions, acting as the T&D manager, will raise $130m from private investors to fund the project, securing the remaining 60 percent share in the SPV.