Major savings on subsidy costs expected for BVIEC with Anegada Renewable Energy Project

Once completed, the Anegada Hybrid Renewable Energy Project is expected to allow the BVI Electricity Corporation to save considerably on the subsidies it currently provides to the far-flung sister island.

This was revealed by Premier Andrew Fahie during a meeting with BVIEC’s General Manager Leroy Abraham, Minister for Natural Resources Vincent Wheatley, and 29 potential bidders who travelled to the territory for a site visit for the renewable energy project.

“As we all know, Anegada is not connected to the main electricity grid which supplies the remainder of the BVI. And because of this, the cost to produce energy on Anegada is significantly greater. But all the residents pay the same rates as everyone else in the territory,” the Premier stated.

“BVIEC has been subsidising this difference from the inception of providing service on that sister island. And this project will assist in reducing significantly the quantum of that subsidy,” Fahie further explained.

Apart from saving the power company money, the project will contribute to government’s goal of having the territory consist of 60 percent renewable energy by 2030.

It will also ensure Anegada is 80 percent renewable by 2021.

“It is time for transformation of this territory encompassing its economic, social, environmental, physical and climate-resilient issues. In the face of climate change, this initiative, once completed, will help the people of Anegada to navigate the complexities and uncertainties ahead,” the Premier added.

The project initially sparked interest from more than 135 companies from across the globe.

Of that number, 29 companies proceeded to the next stage which will see them bid for the opportunity to install both solar photovoltaic (PV) technology and battery energy storage system on more than four acres of property on Anegada.

The project is expected to be completed by December 2020 the earliest.