MP Wescot-Williams Wants APS Role in Affordable Rooftop Solar Financing Examined

GREAT BAY--Member of Parliament Sarah A. Wescot-Williams (DP) has called on Minister of Finance Marinka J. Gumbs to investigate whether the Algemeen Pensioenfonds Sint Maarten (APS) could play a role in making rooftop solar energy more affordable for households, particularly public sector employees, while ensuring that pension funds remain protected.

In a letter to the Minister, Wescot-Williams proposed examining the feasibility of a national energy financing framework that could involve APS, NV GEBE, commercial banks and other stakeholders. The initiative would explore ways to help households invest in renewable energy without compromising the pension fund's financial stability or independence.

The MP's request follows recently reported financial results from APS, which recorded 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 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."

However, the MP emphasized that any potential investment arrangement must prioritize the financial security of pensioners and contributors.

"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."

Wescot-Williams has asked the Ministry of Finance to consult with the APS Board and, where appropriate, the Central Bank of Curaçao and St. Maarten (CBCS), to determine whether the pension fund's mandate allows participation in residential solar financing. This would include examining opportunities through APS's existing local investment arrangements with the St. Maarten Investment Company (SMIC).

One proposal is the possible establishment of a revolving loan facility that would allow public sector employees to finance rooftop solar installations through affordable repayment arrangements, potentially using salary deductions. Such a facility could make solar energy more accessible to employees who might otherwise struggle to cover the upfront installation costs.

The MP also wants government to examine how GEBE's existing interconnection and billing policies would affect the financial benefits households could receive from installing solar panels. These arrangements would be important in determining whether the proposed financing model could deliver meaningful savings on electricity costs.

Additionally, Wescot-Williams has requested an assessment of whether residential renewable energy investments could form a prudent part of APS's diversified investment portfolio, taking into account the fund's responsibilities to pensioners and contributors.

For vulnerable households that may not qualify for conventional financing, the MP suggested exploring separate arrangements, including government guarantees or partnerships with commercial banks, rather than placing additional financial risks on APS.

She has also proposed bringing APS, GEBE, commercial banks and other relevant institutions together to develop a coordinated national energy financing framework, aimed at making renewable energy investments more accessible while protecting the interests of participating institutions and consumers.

The Minister has been asked to report the findings to Parliament, including the legal, financial and practical considerations surrounding the proposals.

"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."

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