West Indies Power looses appeal on termination of lease in Nevis
Developer West Indies Power has lost its court battle against the termination of its geothermal contract in Nevis in the Caribbean making the way free for a new group planning to develop the project.
Yesterday, local news reported that West Indies Power has lost court battle against the termination of its geothermal contract in Nevis in the Caribbean.
“West Indies Power (Nevis) Limited was claiming its contract with the Nevis Island Administration was still valid and appealed an earlier court ruling, which relieved the NIA of the contract. The previous Nevis Reformation Party-led Island Administration had claimed WIPN was not financially able to complete the project and sought to be relieved of any contractual arrangement with the company.
The new CCM led Administration applied to strike out the appeal of WIPN on the basis that WIPN had taken no steps in nearly a year to pursue the matter. Monday, the Court struck out the Appeal. “That ruling has significant implications…becasue hat it now means, what I’ve described as a Damocles Sword, that uncertainty has now been removed, and that of course was a real concern because where there’s uncertainty investment naturally becomes shy,” Deputy Premier Mark Brantley said Tuesday, speaking on WINN FM’s Voices programme.
Mr. Brantley said the NIA has sought expert advice on the respective areas pertaining to geothermal development as it moved forward with developing geothermal energy in Nevis. “If within six months this new developer cannot demonstrate that they reached financial close, that is that they are in a position to proceed in terms of financing of this project, then we have the right to terminate. I think that hitherto, those concerns had been ignored,” the Deputy Premier said. “
Source: West Indies News Network Website