Investors Eying Grenada’s Energy Sector

Prime-Minister-and-InvestorsPosted on 27 Jan 2015, on

A group of heavyweight American investors is in Grenada exploring opportunities in several key sectors including energy.

The group includes Wesley Edens, Founder and Co-Chairman of the Board of Directors of Fortress Investment Group and Robert Agbede, President and CEO of Chester LNG.

Prime Minister and InvestorsEdens is also the owner of the NBA team, Milwaukee Bucks, and his company is a US$62 billion alternative asset management company with head quarters in New York and offices around the world.

The group of investors held talks with Prime Minister Dr Keith Mitchell on Tuesday and reported positive signals from the Grenadian leader.

Edens, who visited the island a year ago, says his company wants to invest in liquefied natural gas. He says Grenada is ripe for foreign investment.

“We are looking at the power business. The ports business. The island seems like it’s really prime for foreign investment and we are very welcomed here. So we feel very fortunate to be here,” said Eden, whose delegation also met with Communications and Works Minister Gregory Bowen.

“We have been looking at the Caribbean generally because we think there is a big opportunity on the power side to bring liquefied natural gas in the region. Cut power cost and Grenada is one of the places that showed up on the map so here we are”.

Agbede, whose company Chester LNG has been around for more than a 100 years, says he is ready to begin operations on the island within the year. He says his company sees many opportunities in Grenada.

“We see a lot of opportunities here. The glass is half full here. We can be of assistance to take this country from where it is to the next level. We see very enterprising, very willing, very friendly people who are willing to open the doors for us so that we can assist you, work with you jointly, in developing the island,” said Agbede.

“We are looking at several interests, especially on the energy sector, which could be very eminent. We have worked all over the Caribbean so we understand  what it takes to work in an environment such as this, so we are looking to be here in the next six months”.

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