Montanna Holdings Ltd, the developers of an expansive project on Rum Cay has finalized a purchase agreement for three wind turbines that will provide power to the entire island, according to a press statement that was released.
The announcement was made this week.
Montanna actually sealed the million dollar deal through its Bahamian joint venture partner called Octagon Resources Ltd. The turbines will be purchased from V.A.W.T. Industries which is a subsidiary of Gold Rock Creek Holdings, officials reported.
The wind turbines are an integral element of Montanna’a project for Rum Cay.
The development team proposes a five-star hotel, 250-room complex with an American-style casino, marina, clubhouse, swimming pools, tennis courts, health spa, restaurant and bar, boutique shops, residential villas and cottages for sale on a time-share basis, a dive/sport shop and six retail outlets at a total capital investment of $90 million.
The project is being developed in three phases – to be completed in December 2011 – to allow maximum flexibility in products to meet market demands.
The first phase is intended to develop the core property infrastructure including the marina, small (60-room) resort, administration buildings and the bulk of the commercial and residential development. The remaining phases will be comprised of the construction of the rest of the proposed development.
The sale of the turbines was estimated at $1.5 million with officials projecting that they would be delivered in the 3rd Quarter 2006. This sale is said to be V.A.W.T’s first sale into the Caribbean area, with anticipation of more sales contracts to follow.
Gold Rock Holdings, Inc. consist of eight subsidiaries whose products and services focus on the areas of renewable energy solutions in the form of wind and water; water infrastructure, purification and desalination; buildings of low cost, third world housing and infrastructure utilizing cementitious composite materials; and forestry resources.
Montana Holdings had been seeking 126.26 acres of land on the island prior to the start of its proposal, to develop 870 acres into the $90 million leisure resort development.
Approximately 75 jobs were expected to be created for Bahamians during the construction phase, and an estimated 300 jobs in the hospitality industry in management, operation and maintenance of the resort.
The government continues to tout the virtue of pursuing various investments that could help to anchor the economies of individual Family Islands, Rum Cay included.
In fact, the Minister of Financial Services and Investments Allyson Maynard Gibson reported recently that $12 billion had been approved in total investments and the projected value of projects underway was $4.6 billion.
In the last report she made on the investment environment, Minister Gibson said there were $20.4 million in capital investments to date including contracts awarded for Rum Cay, Mayaguana and Crooked Island.
Over a million dollars had flowed to Bahamian entrepreneurs on those islands and almost 80 jobs had been created, she said.
By: Tameka Lundy, The Bahama Journal
