Good day to members of the media and the listening public. Thank you for your attendance and for watching this Press Conference.
Many will know that the Bermuda Government, led by the Ministry of Home Affairs, continues to encourage the adoption of solar technologies and energy efficiency.
The announcement today by Saturn Power Inc. that Bermuda's first Utility-Scale Solar power facility has officially begun producing energy is exciting news.
Following an intense, transparent, and inclusive selection process, in June 2018, Saturn Solar Bermuda 1 Ltd. was awarded the contract to build a 6-megawatt Solar Photovoltaic Plant. And now, almost three and a half years later, Bermuda has reached the historic milestone of having its first utility-scale solar power facility on "The Finger", located at the L.F. Wade International Airport.
The Government and the people of Bermuda congratulate Saturn Solar Bermuda 1 Ltd. and the many Bermudians involved for bringing this project to fruition.
I must also commend Liberty Group Ltd. (BELCO) for its role in facilitating the adoption of additional renewable energy as part of Bermuda's electricity generation. Recently, Liberty publicly reiterated its commitment to renewable energy and sustainability. I am sure we all agree this is good news. We are one step further to achieving Bermuda's goal of having a clean, safe, affordable renewable energy future."
At maximum solar production, the facility will provide up to 13% of the Islands energy needs to meet peak demand and is a testament to the work by the Government, dating back to 2008, to advance the country's transition toward greater use of renewable energy. Bermuda's sustainability and renewable energy strategy continue to make us a regional leader in this space.
In cooperation with the Regulatory Authority of Bermuda, This Government will continue laying the groundwork for additional investment in Bermuda to facilitate innovation and renewable energy technology developers testing their products in Bermuda.
To that end, and in line with Bermuda's Economic Recovery Plan, the energy regulatory sandbox being created will encourage new renewable energy technology developers to test their products on the island, giving Bermudians access to new technology. We are also working to partner with local and international companies to set up a Green Energy Fund to provide capital to deploy solar installations through the island. The purpose here is to expand access for those residents who can least afford the upfront investment in renewables.
New regulations will also address the fuel surcharge cost for electricity and better regulate the storage and distribution of fuel. Ultimately, these initiatives will reduce the cost of electricity for Bermuda's residents and businesses.
Thank you.