The U.S. Department of Housing and Urban Development has approved the final $45 million in Community Development Block Grant Mitigation funding as part of a grant agreement between the Virgin Islands Water and Power Authority, the Virgin Islands Housing Finance Authority and HUD, Gov. Albert Bryan Jr. announced.
This funding will repay a line of credit from the Virgin Islands government that was used as a good faith payment to secure the acquisition agreement between WAPA and Vitol facilitating the purchase of two critical propane terminals at the Randolph Harley and Estate Richmond power plants, according to the press release.
This strategic move significantly advances the territory’s energy security and sustainability. The completion of this acquisition ensures a more stable and cost-efficient energy future for the Virgin Islands while also meeting environmental standards, the press release stated.
“This approval from HUD is not just a win for our administration’s energy agenda but a monumental step toward securing a reliable and economically viable energy source for Virgin Islanders. Acquiring these propane terminals is crucial for our energy independence and resilience,” Bryan said.
“We thank HUD for their continued support and confidence in our projects,” Bryan added. “This funding is pivotal, allowing us to finalize a key component of our plan to enhance the territory’s infrastructure and economic stability.”
