Bryan said line of credit would fund $45 million payment toward WAPA debt to Vitol

Gov. Albert Bryan Jr. said on April 4, 2023, that his administration had brokered an agreement between the Virgin Islands Water and Power Authority and Vitol and planned to use part of a proposed $150 million line of credit to pay down WAPA’s debt to the propane supplier.

Speaking on WTJX-FM’s "Analyze This," Bryan said $45 million would be paid to Vitol within 45 days under the arrangement, though he said specific terms of the agreement remained confidential.

Bryan had called the 35th Legislature into special session to consider the line of credit proposal. The session was scheduled for 10 a.m. on April 5, 2023.

According to Bryan, the borrowing also would be used to meet local matching requirements for federal recovery projects and to support normal operations of the Virgin Islands government. He said federal expenditures from the line of credit would be reimbursable through federal recovery funds.

Bryan also said the payment would allow additional connections to WAPA’s propane system.

Official source: https://www.vi.gov/governor-bryan-details-agreement-to-settle-wapa-debt-to-vitol/