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Charlotte Amalie
Tuesday, August 9, 2022
HomeBusinessSt. Croix businessWAPA Board Extends Lines of Credit for FirstBank and Banco Popular

WAPA Board Extends Lines of Credit for FirstBank and Banco Popular

V.I. Water and Power Authority

At an emergency meeting on Monday, the governing board of the Virgin Islands Water and Power Authority (WAPA) approved extensions of the maturity dates of WAPA’s letters of credit for the electrical and water systems with FirstBank and Banco Popular. The letters of credit are set to expire on Oct. 31, 2019. The board action extends the FirstBank line of credit to July 31, 2020, and the Banco Popular credit line to April 30, 2020.

Board members also approved a time-only contract extension between WAPA and Sulzer Turbo Services to facilitate completion of a maintenance overhaul on generating Unit 23, and to certify final performance testing. The extension to Dec. 31, 2019, allows representatives of the company to be on site for the final performance testing of the unit.

Sulzer Turbo Services has been the contractor of record for the overhaul of the largest capacity generator in WAPA’s fleet. Once the unit’s performance is certified, the 39-megawatt generator will be available to the Randolph Harley Power Plant as a standby unit.

Board members in attendance included: Vice Chairman Noel Loftus, Secretary Juanita Young, Directors Kyle Fleming, Joel Lee and Cheryl Boynes Jackson; Board Chairman Anthony D. Thomas, Elizabeth Armstrong and Hubert Turnbull were excused.

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V.I. Water and Power Authority
At an emergency meeting on Monday, the governing board of the Virgin Islands Water and Power Authority (WAPA) approved extensions of the maturity dates of WAPA’s letters of credit for the electrical and water systems with FirstBank and Banco Popular. The letters of credit are set to expire on Oct. 31, 2019. The board action extends the FirstBank line of credit to July 31, 2020, and the Banco Popular credit line to April 30, 2020. Board members also approved a time-only contract extension between WAPA and Sulzer Turbo Services to facilitate completion of a maintenance overhaul on generating Unit 23, and to certify final performance testing. The extension to Dec. 31, 2019, allows representatives of the company to be on site for the final performance testing of the unit. Sulzer Turbo Services has been the contractor of record for the overhaul of the largest capacity generator in WAPA’s fleet. Once the unit’s performance is certified, the 39-megawatt generator will be available to the Randolph Harley Power Plant as a standby unit. Board members in attendance included: Vice Chairman Noel Loftus, Secretary Juanita Young, Directors Kyle Fleming, Joel Lee and Cheryl Boynes Jackson; Board Chairman Anthony D. Thomas, Elizabeth Armstrong and Hubert Turnbull were excused.