U.S. VIRGIN ISLANDS – The Virgin Islands Water and Power Authority’s (“WAPA” or “Authority”) Governing Board met today and approved a 120-day time extension for the transfer, settlement and release of propane infrastructure and associated assets from Vitol. The amended closing date for the agreement has been set for December 12, 2023, from the previous August 14, 2023. This extension will allow parties to the agreement to continue to work through the various workstreams required to close the transaction. All other terms and conditions remain the same as in the original transfer, settlement, and release agreement.
The vote on the motion for the extension yielded 3/1 results, with Chairman Kyle Fleming, Secretary Juanita Young, and Board Member Cheryl Jackson voting yes, and Board Member Hubert Turnbull voting no.
"We look forward to a seamless transition of assets to the Authority," stated Andrew Smith, CEO/Executive Director at the Authority. "Upon completion of the agreement, WAPA will have materially improved the energy security of the Virgin Islands. In addition to many other benefits, purchasing the Propane Supply Infrastructure will provide fuel redundancy for WAPA so that it can operate on either propane or diesel mitigating the risk associated with fuel supply interruption, and the available fuel storage capacity will double, allowing WAPA to operate for approximately two months without fuel resupply if necessary.”
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