Friends, good morning.
It is a day when we choose progress with clear eyes and steady hands.
Today is a meaningful day for our country.
The work before us is serious, but the purpose behind it is simple – Bahamian families want an energy system they can count on.
They want relief from high bills, fewer outages, and a future where modern infrastructure supports their ambitions instead of limiting them.
For too long, the national conversation around energy has been shaped by disappointment.
People have grown tired of promises without action, upgrades without lasting improvement, and fixes that never seem to reach the heart of the problem.
Our administration made a commitment to break that cycle.
We set out to rebuild trust through practical steps that improve daily life. And we began by acknowledging a truth many leaders avoided:
You cannot modernize an energy system by patching its weakest parts. You must redesign its foundation.
That commitment brings us here today, standing with the Inter-American Development Bank to sign an agreement that represents one of the most significant steps forward in our energy reform agenda.
This partnership reflects confidence in our national direction and confidence in the Bahamian people.
It reflects our shared belief that we can build a modern, reliable, and resilient energy system through careful planning, strong institutions, and smart investment.
This moment, yes, is about infrastructure – but it is also about fairness.
It is about stability.
And it is about giving every household and every business the chance to thrive in an economy where energy supports growth rather than standing in the way of it.
For the first time in our history, the Government of The Bahamas has designated Bahamas Power and Light as the direct borrower for a major international loan.
The Government stands behind this investment with a sovereign guarantee.
This marks a new level of confidence in BPL’s direction, its governance, and its ability to carry out complex modernization efforts.
This loan has a value of ninety million dollars and forms part of a wider plan to strengthen energy security, reduce long-term costs, and prepare our grid for renewable energy on a national scale.
The program is structured around three major components that address the issues most important to Bahamian families and businesses.
The first and largest component, valued at eighty one point nine million dollars, focuses on digitalization and system modernization.
For years, customers have called for faster outage response, clearer billing information, and more reliable service.
These concerns are now being addressed through tools that bring our energy system into the modern era.
New digital meters will allow customers to track their energy usage with greater clarity and accuracy.
This helps families manage their monthly costs and gives BPL real-time data to detect problems before they become widespread. SCADA systems will be expanded across New Providence and the Family Islands, offering real-time visibility of operations. This is essential for an archipelago, where each island has unique needs and challenges.
An Outage Management System will allow BPL to pinpoint issues faster and restore power with far greater efficiency.
A full Geographic Information System will guide long-term planning and support more strategic maintenance.
Control rooms will be modernized to meet international standards, giving our technicians the tools needed to react quickly and keep the grid stable.
This loan also allows BPL to purchase critical transmission equipment that supports the safe and reliable integration of renewable energy.
Across several islands, solar and hybrid microgrid projects are moving forward with private sector partners. To bring these projects onto the grid in a safe and stable way, we need modern transmission systems.
This investment makes that possible.
The second part of the program, valued at three point seven million dollars, focuses on strengthening BPL’s institutional capacity.
Technology can only take us so far without strong systems behind it.
This component supports better planning, stronger financial management, improved risk oversight, and advanced data analytics.
It provides for staff development, training opportunities, and enhanced governance.
It also funds pre-feasibility studies to prepare for future programs so that decisions can be made with the best available information.
The third part of the program, at four point four million dollars, supports the administration and oversight of the loan.
This includes project coordination, monitoring, evaluation, and compliance with international standards.
With the IDB as a partner, every requirement is carefully tracked, and every investment is transparent.
Let me speak directly about what this means for the people of The Bahamas.
First, it means better service. Faster detection of outages. Faster restoration. Clearer information. Modern technology that improves the customer experience from the ground up. It means a grid that is less vulnerable to failures and more resilient during storms.
Second, it means better control over energy costs. As renewable energy grows, our dependence on imported fuel will decrease. This is essential to protect our economy from global price swings and to give families relief from high bills.
Third, it strengthens our competitiveness as a country. A reliable energy system is a basic requirement for investment. Whether it is tourism, manufacturing, digital services, or local entrepreneurship, no sector can grow without stable and affordable power.
This modernization program sends a clear message to the international community – The Bahamas is preparing for sustainable growth supported by modern infrastructure.
Fourth, it positions BPL to operate with greater professionalism and clarity. This loan reflects confidence in the progress being made at the utility, and it reinforces our belief that BPL can and will meet the responsibilities required in this new era of energy.
Finally, this loan lays the groundwork for the future.
It prepares us for the expansion of renewable energy across our islands.
It creates the conditions for hybrid microgrids, LNG integration, and utility-scale solar.
It strengthens national resilience at a time when climate pressures demand smarter and more adaptive systems.
Our administration has always said that energy reform is one of the most important responsibilities of this generation.
We cannot build a fairer or more secure future without addressing this sector directly.
The steps we take today will shape the lives of Bahamians for decades.
They will influence our cost of living, our economic strength, our environmental footprint, and our national stability.
To the IDB, thank you for believing in our direction and for supporting a transformation that has been long overdue.
To the board, management, and staff of BPL, thank you for your commitment to the work ahead.
This program demands discipline, coordination, and a clear focus on the public interest. I know that you understand the responsibility you carry and the trust placed in you by the Bahamian people.
To all who contributed to the design and preparation of this modernization program, your work matters.
You have strengthened the foundation of our energy future and helped create a pathway that benefits every island and every home.
This loan is not the end of the journey. It is a major step forward.
The Bahamas is moving with purpose.
We are building systems that support a stronger economy, better opportunities, and a brighter future for our people.
Thank you, and let us continue this important work together.