The Electricity Regulatory Authority has selected DECCO
Ltd., a subsidiary of Dart Management Ltd., to develop and operate 36 MegaWatts
of power generation capacity on Grand Cayman.
The decision, which was formally announced on Monday, will
mean that for the first time on Grand Cayman, Caribbean Utilities Company will
have competition in the generation of electricity for resale.
In a press release issued Monday afternoon, DECCO Ltd. acknowledged
its bid in response to a request for proposal issued on 23 March, 2012, had
been selected in the first phase of a two-phase process.
“We now move into the second phase – negotiating with CUC to
realise a power purchase agreement.”
The bid submitted by DECCO reflected a partnership between
it and Finland-based Wärtsilä, a global power plant firm.
“Wärtsilä is one of the leading global providers of flexible
power plants for utilities, [independent power producers], municipalities and
industry, operating throughout the Caribbean, Latin America, Asia Pacific,
Europe and Africa,” DECCO’s press release stated. “The power plants are
designed for efficient, economical and environmentally sound power production
coupled with uncompromising reliability.”
CUC also issued a press release on the development on
Monday, with President and CEO Richard Hew confirming that CUC, in accordance
with the terms of its Transmission and Distribution Licence, would now enter
into negotiations leading to a long-term power purchase agreement with DECCO
“We look forward to reviewing the winning bid and entering
into discussions with DECCO Ltd. leading to a power purchase agreement,” Mr.
Hew said. “CUC remains committed to
offering a safe, reliable and efficient service at least cost to our