The $180 million wind farm project at Lamberts in St Lucy will be launched on November 18.
Minister of Foreign Affairs and Foreign Trade Kerrie Symmonds made the announcement in the House of Assembly yesterday, while piloting the Barbados National Energy Company (Transferring and Vesting of Assets) Bill, 2022. He said the project, designed as part of the island’s initiative to provide renewable energy, has been scaled up to produce about 60 megawatts of power instead of the 30 megawatts originally conceptualised.
Symmonds said he had been advised that the power purchase agreement for Lamberts had been completed.
The Senior Minister also informed the House that the Ministry of Finance will soon be bringing legislation to create and regulate a Unit Trust, which will be open to investors of all types, providing an opportunity for Barbadians to invest in the renewable energy sector.
The Bill provides for the transfer of the assets and liabilities of the National Petroleum Corporation (NPC) to the Barbados National Energy Co Ltd and repeals the
National Petroleum Corporation Act, Cap. 280. Government, at the commencement of the legislation, will hold 100 per cent of the issued share capital and may divest itself of all or part of it.
Symmonds gave the assurance that from the time the new legislation goes into effect, staff of the NPC will be employed on the same terms and conditions they now enjoy.
“Clause 6 of the Bill speaks directly to the question of employees of the NPC becoming employees of the new company. They are employed on terms which are no less favourable than those on which they were employed prior to the commencement of the Act.
“So when once this legislation becomes law, when the employees become employees of the Barbados National Energy Company, the terms and conditions of employment remain as they are and there is no disadvantage to be attributed to them.”
(GC)
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