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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.

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In addition to the guaranteed price, CUC also agreed to pay Saipan Development LLC an operations and maintenance fee of 0.02 cents per plant-produced kWh per month as well as pay a production fee of .015 cents per plant-produced kWh to cover the costs of lubricant oils consumables and spare parts.

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