Making this announcement in the House of Assembly yesterday, Minister of Finance Chris Sinckler said the plant would be based in Vaucluse, St. Thomas.
“A major international energy company out of Canada is proposing and will invest in Barbados a minimum of US$240 million with the potential to rise to US$340 million and it portends massive spin-offs for this local economy. Indeed, coming at a time when the country has seen a softening of its foreign direct investment inflows for the last two years it is a much welcome investment of foreign exchange into the Barbadian economy over the next three years,” he revealed.
Guernsey-based Cahill Energy finances, builds, owns and operates utility-scale Waste to Energy plants in key markets.
In a press release, Clare Cowan, CEO of Cahill Energy, commented: “Cahill Energy began exploring Waste to Energy in 2011 and our attention was directed towards the Caribbean by 7th Heaven Properties. While we recognise the country faces some short-term challenges due to the impact of the global economic downturn, we believe the fundamentals are strong. We are therefore confident that this investment represents a phenomenal business opportunity for our investors and offers even greater benefits to the people of Barbados.”
Meanwhile, Dr. Denis S. Lowe, Minister of Environment was reported as saying: “Cahill Energy offers us a real solution to becoming energy independent, while at the same time reducing our massive oil import bill. Cahill Energy has brought a Waste to Energy option to the Government of Barbados that is far superior to any other we have examined. We believe that our country will be changed forever as a result.” (JMB)