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Investment fund set to buy out airport solar farm

Green energy: the large installation of solar panels on land near the airport known as The Finger (File photograph)

A solar farm set up at the airport could be bought by the Bermuda Infrastructure Fund (BIF) for $9.1 million later this month, MPs heard on Friday.

Curtis Dickinson, the Minister of Finance, told the House of Assembly the BIF, set up by the international business sector, had raised about $88 million in capital commitments – including a $3 million equity commitment from the Government.

He added a total of $26.1 million had been “invested, committed to invest or targeted to invest” in three different projects, including the buy-out of the solar farm.

Mr Dickinson said: “The fund has signed a letter of intent to acquire the project for $9.1 million and is expeditiously working towards definitive documents and commissioning of the project.

“The deal is expected to close in June 2021.”

He added that the developer, Saturn Power, had signed an agreement with Belco to sell the electricity produced at the site for 20 years.

The solar farm, an array of 24,000 panels on a disused runway, was hoped to be up and running by the end of last year.

Mr Dickinson added Rugged Rentals, an electrical vehicle start-up, and Horizon Communications, a wireless service provider start-up, had also secured investments from the BIF.

Rugged Rentals was lent $866,000 out of a $1.5 million commitment and Horizon Communication was given $5.5 million of an $11 million commitment.

Mr Dickinson added that Horizon would receive the rest of the funds after the company got a spectrum licence.

The BIF was created three years ago to help finance major projects and has attracted investment from a variety of sources, including international companies and the Government.

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Published June 07, 2021 at 7:59 am (Updated June 07, 2021 at 8:53 am)

Investment fund set to buy out airport solar farm

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