News
Getting to Clean Energy takes more than money says FortisTCI Finance Director
By Dana Malcolm
Staff Writer
#TurksandCaicos, June 19, 2023 – The Turks and Caicos has a booming economy and electricity costs are a significant burden for residents, so why isn’t the clean energy transition happening faster ?
Shernelle Capron, Director of Financial Services and Supply Chain Management at Fortis TCI explained some of the behind the scenes metrics that affect the move
Speaking at the Turks and Caicos Energy Forum Capron said that the process to financing the massive transition was a balancing act with both pitfalls and benefits specific to the TCI.
“These clean energy projects require a significant investment, but alongside that it is important for us to balance the needs of our stakeholders and maintain the integrity of the existing grids.”
She revealed that this year most of the company’s budget was being funneled toward sustaining the grids (28
percent) and new clean energy projects (50 percent) but money wasn’t as easy to get as it may seem.
“Just looking at these numbers it’s a lot of cash flow that goes on behind the scenes. It’s not just automatic and a lot of our capital projects are mostly financed by debt.”
To get those loans Fortis must abide by the metrics set by their creditors, which are also affected by geo-political issues around the globe like the Russia/Ukraine invasion, supply chain issues and more.
“It’s actually a big issue that the electricity company is dealing with— one of the things that we are finding is that there are daily price hikes in these critical materials and supplies that are needed to run the operations as well as the renewable energy projects. As we go through this transition, I know we talked about the cost of renewable energy, but [also important] is even the availability of these critical supplies.”
Exploring how financial institutions locally and internationally could boost green financing she suggested more customized financing options that are geared to lowering the cost of this renewable energy transition. The key to fixing the issue and agreeing on solutions that benefit companies and residents was partnership, she stressed.
The utility company cannot be expected to do this on our own when we need to come to the table because the decisions we make are going to affect the entire Turks and Caicos Islands. You can’t look at this in isolation or be selfish about it. it has to be done with partnership”
Echoing statements by Washington Misick, TCI Premier, she said the lack of a specific regulatory framework is the biggest barrier to the clean energy transition locally. The government has promised that establishing a regulatory system is a priority of the Administration.
Providenciales, Turks and Caicos Islands – May 14th, 2024 – The Turks and Caicos Islands Government and Molo Hotel Group reached a pivotal juncture on Monday, May 13th, 2024, with the ceremonial signing of a development agreement at the Premier’s Office on Providenciales. The agreement, which received official Cabinet approval on March 13th, 2024, signifies a steadfast commitment to advancing the economic landscape of the Turks and Caicos Islands.
Molo Hotel Group is a family-owned business, renowned for its distinguished portfolio of high-quality hotels worldwide. The
development initiative encompasses the construction of three distinct IHG branded hotels: InterContinental Turks and Caicos, Kimpton Turks and Caicos and Hotel Indigo Turks and Caicos. Scheduled for completion by 2027, each resort boasts a distinctive design from luxury to laidback sophistication spanning across the shores of Grace Bay Beach.
Kimpton Turks and Caicos – an epitome of luxury lifestyle living, will feature 192 guest rooms including three outdoor pools, a luxury spa and a fitness center. Additionally, seven dining options ranging from a beachfront restaurant to a rooftop bar.
Adjacent to the Kimpton, InterContinental Turks and Caicos will offer 59 classic luxury suites with panoramic ocean views. Mirroring its counterpart, this resort will offer an array of dining options and upscale facilities.
Steps away from the Intercontinental and Kimpton resorts, Hotel Indigo Turks and Caicos will embrace a sense of community and contemporary elegance, offering 56 bedrooms. The resort will feature an onsite restaurant, lobby bar, outdoor pool, and fitness room.
Beyond the realm of hospitality, this development agreement underscores the government’s commitment to fostering economic growth and enhancing employment opportunities in the Turks and Caicos Islands. Molo is partnering with the Turks and Caicos Islands Community College (TCICC) to actively promote hospitality as a career choice and support in developing training programs, career fairs, seminars, workshops, and events to raise awareness about hospitality careers. Molo has committed to provide employment and apprentice opportunities to TCICC students and provide mentoring and practical on property training to students.
The signing event was graced by Hon. Charles Washington Missick, Premier of the Turks and Caicos Islands, Hon. Jamell Robinson, Deputy Premier, Hon. Kyle Knowles, Minister of Public Safety and Utilities, Hon. Rachel Taylor, Minister of Education, Youth, Sports and Culture, Łukasz and Marcin Slominski, Owners of Molo, Ross Morrow, Managing Director Molo, Arik Kono, Vice President Upscale Development for IHG, Dr. Candice Williams, President and CEO of the Turks and Caicos Islands Community College, Angela Musgrove, InvestTCI CEO, Dr. Barbara Ambrister, Chairperson of the Turks and Caicos Islands Community College, Dr. Delores Stapleton- Harris, Vice President of Academic, Vocational and Student Affairs for the Turks and Caicos Islands Community College, Mr. Kevin Baxter, Dean of Technical Vocational Education Training (TVET) and Sheryl McLaughlin, InvestTCI Investment Services Executive.
Commenting on the development agreement, Premier, Hon. Misick, stated “The Memorandum of Understanding (MOU) signing of
IHG/Molo Hotels is a significant step towards a sustainable future for hospitality in the Turks and Caicos Islands. Three hotels, Kimpton, Intercontinental, and Hotel Indigo, will be introduced, enhancing our tourism product and creating employment opportunities.”
He further added, “Partnerships with the Turks and Caicos Islands Community College and Turks and Caicos Islands Sports Commission are underway, demonstrating the Government’s commitment to developing human capital and elevating tourism offerings. This project will bring economic growth, embrace local talent, and enrich our economy.”
Additionally, Mrs. Angela Musgrove, CEO of Invest Turks and Caicos Islands, emphasized “This collaboration confirms our commitment to fostering economic growth and prosperity within our country. We have worked closely with Molo Hotel Group, and we are confident that this transformative project will further position the Turks and Caicos Islands as a premier destination for travel and investment. Much to our delight, it will also provide opportunities for engagement with our Community College and small business community.”
The Government of the Turks and Caicos Islands, operating through its primary Investment Promotion
Agency, Invest Turks and Caicos Islands, remains committed to attracting and facilitating Foreign Direct Investments to the country by providing a comprehensive suite of services. Through strategic initiatives and targeted promotion, the agency catalyzes sustainable development, driving innovation and small business opportunities across various sectors of the economy.
#TurksandCaicos, May 13, 2024 – Detectives of the Serious Crime Unit of the Royal Turks and Caicos Islands Police Force have
charged a man who allegedly stole a vehicle.
The accused, DANVANTE BRISCO, 30, of Kew Town, Providenciales, was charged with:
- One Count: Robbery
- One Count: Taking Motor Vehicle Without Authority
- One Count: Using Offensive Weapon to cause fear
Mr. BRISCO appeared in court today (May 13 ) and was granted bail of $7500.00 with one surety.
The matter was adjourned to July 05 for a Sufficiency Hearing.
#TurksandCaicos, May 13, 2024 – A 20-year-old Dock Yard male appeared in court today (May 13th) charged with a series of firearm-related offences.
The accused, JAMES SIMON, was denied bail and remanded into custody pending a Sufficiency Hearing scheduled for July 05th, 2024.
Mr. SIMON faces the following charges:
- One Count: Robbery;
- One Count: Gang Membership
- One Count: Possession of a Firearm for the Benefit of a Gang
- One Count: Possession of Ammunition for the Benefit of a Gang.
The charges against Mr. Simon followed investigations by officers of the Royal Turks and Caicos Islands Police Force into a robbery at the parking lot of a Casino where three males robbed a victim.
Additionally, Mr. Simon is charged with the following offences, having been arrested on May 02nd, 2024, along South Dock Road.
- One Count: Possession of a Firearm
- One Count: Possession of Ammunition
- One Count: Unlawful Entry
Officers also charged a teenage minor who was in the company of Mr. Simon on May 02nd with One Count of UNLAWFUL ENTRY.
The accused, seventeen and from Kew Town, Providenciales, pleaded guilty and will be sentenced on May 20th.
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