PHILIPSBURG:--- Member of Parliament Sarah A. Wescot-Williams (DP) has written to Minister of Finance Marinka J. Gumbs, asking the Ministry to investigate whether the Algemeen Pensioenfonds Sint Maarten (APS) could help make rooftop solar energy affordable for Sint Maarten households, and under what conditions.
The letter follows APS's recent strong results. The fund reported a coverage ratio of 116.23%, assets exceeding Cg 1 billion, and a pension increase for the third consecutive year.
"I congratulate APS on these results. They are good news for every pensioner and every civil servant paying into the fund," said MP Wescot-Williams. "When our pension fund is this strong, it is fair to ask whether that strength can also be deployed to invest more locally; to assist in the local economy and promote energy resilience.
“I reiterate immediately that the pension payments come first. Any role for APS must protect the people whose retirement that money represents, and it must respect the fund's independence. I also think that the first target group should be those who pay into the fund.”
In her letter, the MP asks the Ministry to work with the APS Board and, where appropriate, the Central Bank of Curaçao and Sint Maarten (CBCS). She requests that they report to Parliament on:
- whether APS's mandate permits it to participate in residential solar financing, including through its existing local-investment arrangement with the Sint Maarten Investment Company (SMIC);
- the feasibility of a revolving loan facility for rooftop solar for public sector employees, including repayment by salary deduction, and the impact of NV GEBE's interconnection and billing policies on household savings;
- whether residential renewable energy could be a prudent part of APS's diversified investment portfolio;
- alternative financing for vulnerable households, such as government guarantees or partnerships with banks, so that this risk is not placed on APS; and
- convening APS, NV GEBE, commercial banks, and other stakeholders to work toward a coordinated national energy financing framework.
"Energy costs touch every household and every business on this island," the MP added. "Solar is part of the answer. The question is how we can finance it responsibly. “