Guam - Former CNMI Attorney General Edward T. Buckingham signed off on a 25-year power purchase agreement with a private company granted “exclusive right to develop a diesel-generated electric power plant” on Saipan for a total “guaranteed price” of $190 million a day before his controversial exit from the CNMI. The Saipan Tribune reports that Gov. Benigno R. Fitial, who left Saipan Tuesday for a three-week off-island trip, also signed off on the 41-page agreement with Saipan Development LLC, a private company organized in Delaware.
Under the agreement, the Commonwealth Utilities Corp. will pay Saipan Development LLC some $636,000 a month—equivalent to $7.6 million a year—for 25 years in exchange for building, operating, and owning a power plant to be developed on Saipan.
dunno if it is the high up yanks,or some locals with a bit of 'initiative'
KEN Price at posting:
2.6¢ Sentiment: None Disclosure: Held
