VIDEO: CNMI Report – “Shipyard, Power Plant Are Best Possible Deals,” Says Developer

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Saipan – Saipan Development LLC adviser Kenneth Mahmood said that the planned multi-million dollar shipyard facility and new 50-megawatt power plant in Lower Base is the best deal possible for the CNMI, and hopes that the people of the islands can get behind these projects to spur economic growth.

In a report from the Saipan Tribune Mahmood said it’s not true that the power plant is bad for Saipan. He said the power plant itself is $70 million but because of financing, the cost becomes $190.8 million in 25 years, but Mahmood said it may not reach that amount.

Delaware-based Saipan Development LLC bagged a sole-source, $190.8-million diesel power purchase deal that the governor and former attorney general Edward Buckingham signed off on.

SDLLC plans to set up a shipyard facility in Lower Base that will encompass the current location of the Commonwealth Utilities Corp. Part of the shipyard project is the development of a 50-megawatt power plant that Mahmood said would provide at least 10 percent engine efficiency and cheaper power.