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The future of New Providence’s $130 million electricity transmission and distribution (T&D) overhaul has been thrown into uncertainty after the project’s lead management firm, Island Grid, formally exited its contract two years into what was originally planned as a 25-year partnership. The sudden departure has prompted Opposition Leader Michael Pintard to call on the Davis administration to deliver immediate clarity and full transparency to the Bahamian public over the project’s trajectory.

Island Grid, an infrastructure firm founded by principal Eric Pike to pursue utility projects across small island nations, confirmed its withdrawal from the management agreement with Bahamas Grid Company (BGC) — the special purpose vehicle created to own and upgrade New Providence’s energy grid — took effect yesterday. Alongside the firm’s exit, Pike and fellow Island Grid executive Mei Shibata stepped down from their BGC board positions. Anthony Ferguson, chief executive of Bahamas-based investment firm CFAL, has been named BGC’s new chairman, replacing Pike.

BGC is structured as a public-private partnership, with Bahamas Power & Light (BPL) holding a 40% minority stake and a consortium of private investors controlling the remaining 60% stake. The firm announced the appointment of two new Bahamian senior leaders alongside the leadership transition: Dareo McKenzie, a 30-year energy sector veteran with stints at GE Vernova and Consolidated Edison of New York, as chief executive, and Gladys Fernander, a former Commonwealth Bank CFO and certified public accountant with 20-plus years of regulated finance experience, as chief financial officer.

In a statement responding to media inquiries, the Bahamian government sought to reassure the public that Island Grid’s exit would not disrupt ongoing infrastructure work. “The management agreement has come to an end. The investment is ongoing and continues to progress as planned,” said Latrae Rahming, communications director for Prime Minister Philip Davis. “The company is now Bahamian-led, and we have full faith and confidence in its leadership, capacity and ability to deliver on its commitments.”

Ferguson echoed that sentiment in BGC’s official release, framing the transition as a milestone shift to a fully independent, all-Bahamian-led operating model. “Together, Dareo and Gladys bring the operational and financial leadership required to grow a resilient, high-performing utility,” Ferguson said. “Just as importantly, this transition reflects the strength and capability of Bahamian leadership at every level of the organisation. On behalf of the Board, I want to thank Eric, Mei and the entire Island Grid Solutions team for their leadership and expertise in building Bahamas Grid Company into a fully operational utility and strengthening New Providence’s transmission and distribution system. We now move forward as a fully Bahamian-led organisation, focused on delivering long-term performance for our country.”

Pike also released a brief statement praising the project’s progress to date. “We are honoured to have had the opportunity to set up Bahamas Grid Company and conduct the biggest grid upgrade project for New Providence over the past two years,” he said. “I would like to recognise the dedicated employees of Island Grid, Pike and Bahamas Grid Company, whose hard work and commitment were instrumental to this achievement, and extend our best wishes for Bahamas Grid Company’ continued success.”

However, the sudden exit of Island Grid, which was contracted to manage the project for an initial 25-year term with an option to extend for an additional 10 years, has left dozens of unanswered questions that remained unaddressed as of press time. Multiple industry observers and political leaders have raised pointed concerns over the implications of the exit for the project, for energy consumers, and for the government’s broader clean energy goals.

Tribune Business had reported unconfirmed rumors of growing tensions and potential withdrawal for several weeks prior to yesterday’s announcement. Officials emphasized that Island Grid’s exit is unconnected to last month’s fatal shooting of a Pike Electrical employee, for which a senior Bahamian police superintendent has been charged. Roughly 40 Pike workers left the Bahamas immediately after the shooting to attend the deceased worker’s funeral and support his family, but roughly the same number are expected to return to complete existing contract obligations, meaning Pike Electrical’s on-the-ground work may continue despite Island Grid’s exit. There has been unconfirmed speculation that TPG and La Caisse, the private equity consortium that acquired a majority stake in Pike Electrical in November 2025, may step into Island Grid’s role, but no confirmation of that arrangement has been made public.

For decades, Pike Electrical — a family-founded firm established in 1945 — has supplied the labor, equipment, technical expertise, and training for the $130m upgrade that has been underway for two years. Original project documents confirm that BGC was structured to rely heavily on Island Grid’s technical and operational capacity: the 2024 Heads of Agreement between the government, BGC, and Island Grid granted Island Grid exclusive rights to develop and manage the entire project, and tasked the firm with assembling a team of global and local experts to oversee all implementation. Financial documents for the project’s $30m equity raise and $111m debt financing show Island Grid was contracted to earn $4.359m in annual management fees for the first five years of the project, with fees sliding gradually as T&D revenues grew.

One anonymous financial industry insider questioned the logic of Island Grid’s early exit, noting that the entire project was built around a decades-long investment horizon. “To get a return on investment, you aren’t taking over the entire grid for a short period of time. Your investment horizon is decades. They cannot claim this is all done and planned. This wasn’t for the short-term,” the source said. The insider added that BGC will be unlikely to replicate the preferential pricing and supply chain access Island Grid secured through its ties to the Pike network, particularly for large grid equipment that requires months-long lead times. “They [BGC] cannot replicate the Pike partnership. They do not have the reach and expertise, and level of people to pull from,” the source said. The insider also argued that Island Grid’s exit undermines BGC’s core purpose as a special purpose vehicle, noting that the entity already adds an extra layer of costs for taxpayers and energy consumers that could be eliminated by folding BGC’s functions back into BPL.

The exit also raises concerns for BGC’s investors, who were sold $111m in bonds based on offering materials that promised long-term Island Grid involvement. Bondholders are owed regular interest payments and the eventual return of their principal, and the unplanned transition has created new uncertainty over their returns.

Opposition Leader Pintard emphasized that the government’s entire energy strategy, including plans to bring 172 megawatts of new utility-scale solar power online via independent power producers (IPPs), hinges on the successful completion of the T&D grid overhaul. Without a fully upgraded grid, IPPs cannot safely connect and deliver their power to New Providence’s 100,000-plus BPL customers, which include both households and businesses.

“Much of what the Government has forecast depends on the grid,” Pintard told Tribune Business. “If we are talking about solar deals being signed on New Providence, has the grid upgrade work been completed to the extent it can receive power from IPPs? If the T&D system has not been dealt with, how does that impact all the IPPs relying on a stable grid that has the capacity to receive power from them? Everything hinges on this. It’s a fundamental issue.”

Pintard called on Prime Minister Davis and Energy Minister Jobeth Coleby-Davis to immediately open the process to public scrutiny, noting that Coleby-Davis claimed shortly after the shooting that the project remained on track, a statement that is contradicted by Island Grid’s exit. “Their overall strategic plan relies substantially on what happens with the transmission and distribution system,” Pintard said. “The Government has an obligation to clarify for the public whether or not the grid agreement they put in place, which was supposed to fix deteriorating T&D infrastructure, whether or not they have completed that. If they have not completed that, at what stage are they at in this process, and under what circumstances have Pike and the others transitioned from previous positions they held, and where does that leave Bahamas Grid and the grid contract the Government entered into with them?”

Pintard added that he had spoken with a senior BPL union leader who confirmed widespread uncertainty among the utility’s 123 T&D staff, the vast majority of whom already opposed plans to transfer or second them to BGC.

Island Grid’s exit also comes as BGC had previously stated it planned to complete the initial $130m upgrade by late April 2026, reporting that outage frequency had dropped 45% and outage duration had fallen 35% in 2025 compared to 2024. It remains unclear whether the new leadership will be able to hit that completion target.

The original Heads of Agreement also includes provisions that require parties to negotiate a buyout if the management agreement is terminated early, including granting the Bahamian government a right of first refusal to acquire 100% of BGC’s shares if a termination occurs. As of press time, no requests for comment from Pike, Ferguson, or Coleby-Davis had been returned.

Multiple political candidates from the Bahamas’ ruling Progressive Liberal Party (PLP) have pushed back against growing scrutiny over sharp jumps in their declared net worth this week, offering a range of explanations tied to personal finance, business gains, and life events even as several others declined to address questions about their wealth increases.

The debate over candidate financial disclosures emerged after new filings revealed substantial growth in the net assets of dozens of PLP candidates since the last disclosure round in 2021, with some seeing their total net worth multiply by as much as three or five times over the three-year period.

Leslia Miller-Brice, the PLP’s candidate for the Seabreeze constituency, told reporters her current $8.7 million net worth – up from $3.1 million in 2021 – reflects jointly held assets with her husband, accumulated through the couple’s shared private business ventures. Her disclosure filings show the vast majority of her assets are tied up in residential and commercial real estate and market securities, with no reported outstanding liabilities, $81,000 in savings, and $187,000 held in a checking account.

Keith Bell, the party’s candidate for Carmichael, saw his net worth jump from just over $1 million in 2021 to $3.9 million in the latest filing. Bell attributed the sharp gain to proceeds from a life insurance policy held by his late wife, who passed away recently, as well as natural appreciation in the value of long-held family real estate holdings. He noted that his experience underscores the critical role of long-term financial planning and life insurance in protecting family financial stability during unplanned life events.

For Kirk Cornish, the PLP’s North Abaco candidate, net worth grew from just under $145,000 in 2021 to more than $819,000 this year. Cornish forcefully rejected any insinuations that his wealth increase was obtained through improper or unethical means tied to his public office, explaining that the 2021 disclosure reflected an artificially low net worth after he was forced to draw down his savings when placed on unpaid leave by the Water and Sewerage Corporation board that year.

Since his election to Parliament, Cornish said, he retired from the Water and Sewerage Corporation and received his full retirement payout, which he saved in full. He added that he has continued to save a portion of his parliamentary salary and has built up additional value through personal real estate investments. “I worked for that,” Cornish said. “I didn’t steal it. It didn’t come about suddenly. I earned that.”

Other candidates saw equally large jumps that have not been explained publicly. Clay Sweeting, candidate for Central and South Eleuthera, saw his net worth rise from $1.5 million in 2021 to $4.5 million, but declined to comment on the gain when reached by reporters. Two other PLP candidates, Leon Lundy of Central and South Andros and Leonardo Lightbourne of North Andros, also reported double-digit percentage increases in their net worth but had not responded to requests for comment as of press time.

Deputy Prime Minister Chester Cooper recorded the largest overall increase among PLP candidates, with his net worth doubling from $14.8 million in 2021 to $28 million in the latest filing. Cooper also declined to comment on the growth of his assets. Dozens of other sitting PLP officials and candidates, including Myles Laroda, Pia Glover-Rolle, Glenys Hanna-Martin, McKell Bonaby, Wayne Munroe, and Jobeth Coleby-Davis, also reported higher net worth in their latest disclosures.

The sudden, unexplained jumps in candidate wealth have prompted renewed calls for stronger regulation and oversight of public official financial disclosures from governance advocacy groups. Matt Aubry, executive director of the Organisation for Responsible Governance, said the current disclosure framework fails to deliver the transparency that Bahamian voters deserve, and candidates running for public office must be held accountable for their financial interests to prevent conflicts of interest and misuse of public contracts and funds.

Aubry explained that advocacy groups have long pushed for revisions to the existing public disclosure law to expand public oversight, mandate regular, detailed reporting, and add clear context to asset declarations. The current law, he argued, relies on an overly opaque process for collecting information, with minimal public access to full details, no requirement to reconcile changes in net worth over time, and no meaningful penalties for non-compliance or inaccurate reporting.

Without clear, verifiable information about candidates’ financial interests, Aubry warned, the public risks losing trust in elected institutions and civic engagement in the democratic process will erode over time.

A recently published round of mandatory financial disclosure filings for Bahamian politicians has sparked heated political friction, with Opposition Leader Michael Pintard calling out a striking surge in Deputy Prime Minister Chester Cooper’s declared net worth and pressing the prime minister to review the assets of senior ruling party officials.

According to the newly released documents, Cooper’s reported personal net worth now sits at $28 million — a nearly 90 percent jump from his 2021 declaration of $14.8 million, and a more than threefold increase from the $7.9 million he reported in 2017. Pintard highlighted this dramatic growth in comments to reporters on Wednesday, arguing that the size of the increase, when paired with what he calls inconsistent disclosure practices among the ruling Progressive Liberal Party (PLP), demands internal scrutiny from the country’s top executive.

“One cabinet minister saw his net worth double in a single term? That’s an extraordinary gain,” Pintard told reporters. “I truly believe that if a government chooses to, it can investigate these disclosure filings. I would recommend the prime minister take a closer look at a few of his colleagues. If someone can double their wealth in one term, they should have been the minister of finance!”

Pintard also drew a direct contrast between the opposition Free National Movement (FNM) and the ruling PLP, claiming FNM members have always fulfilled their annual disclosure requirements on time, submitting complete details of the prior year’s assets and liabilities without delay. He accused the PLP of operating under a persistent “pattern of darkness” when it comes to financial transparency for its elected officials.

Notably, Pintard’s critique included a false claim that no PLP parliamentarian had ever submitted their required disclosures. Local newspaper The Tribune, which first reported on the disclosure filings, has previously confirmed that multiple members of Prime Minister Philip Davis’ administration have submitted the required financial documents in past years.

A political firestorm has erupted in The Bahamas after a former cabinet minister exposed apparent violations of longstanding political neutrality rules by senior public servants, throwing the integrity of the upcoming electoral process into question. Darren Henfield, who previously led the Ministry of Foreign Affairs, is raising urgent concerns after photos circulated last week showing two of the country’s top public officials wearing branded gear from the ruling Progressive Liberal Party (PLP).

At the center of the controversy is Melvin Seymour, the permanent secretary at the Ministry of Foreign Affairs—the most senior non-partisan civil servant in the department. Consul General to Toronto Clayton Fernander, a former police commissioner, also appeared in photos in a PLP-branded shirt. When contacted by reporters this week, Seymour declined to address questions about his public display of partisan affiliation. Current Foreign Affairs Minister Fred Mitchell also declined to comment on the record about the allegations.

Henfield’s concern extends far beyond the public display of party apparel, rooted in the critical role foreign service officers play in managing the country’s overseas voting process. Ahead of upcoming elections, the government has stationed foreign affairs staff in overseas missions to oversee ballot security and ensure all balloting procedures are carried out fairly. If the most senior leader of the department is openly aligned with the ruling party, Henfield argues, that creates an unacceptable appearance of bias that erodes public confidence in the integrity of overseas voting.

“That’s a very grave concern for me,” Henfield told reporters. “I read some memorandum recently that said that officials will be put in place in overseas offices to ensure that the voting is done properly, but with the permanent secretary wearing PLP paraphernalia, we don’t know what that means.”

The former minister added that the main opposition Free National Movement cannot trust the electoral process if public officials tasked with its oversight are openly displaying partisan loyalty. He went further to allege that members of the Royal Bahamas Defence Force have also been spotted campaigning alongside National Security Minister Wayne Munroe while wearing his campaign merchandise, though he had not shared supporting evidence by the time of this report.

Under Bahamian regulations, all senior public servants are bound by strict rules that limit partisan political activity to protect the neutrality of the civil service. General Order 94 categorizes senior foreign affairs and other public officers as members of the “Politically Restricted Group”, which bars them from canvassing voters or distributing political materials on behalf of any party or candidate. While the rules do allow public servants to hold private membership in a political party, they require all public officers to maintain a strict code of reserve when it comes to public political expression, noting that open partisan displays can undermine the public expectation of impartial service.

Henfield, who recalled his own experience discreetly engaging in political activity earlier in his public service career, said the open violation of these norms by senior leaders signals a worrying shift for the country. “I used to tie my hair down in one scarf, and go incognito and participate in the rallies,” he said. “It is forbidden. But to see a PS, a permanent secretary in the government, wearing political paraphernalia openly, is disturbing. What have we come to in this country? Permanent secretaries in the government wearing PLP paraphernalia? That’s unacceptable.”