The Dart group announced an agreement to purchase Cayman Brac Power and Light Company Wednesday morning in a deal which will make it the sole power provider on the Sister Islands.
Subject to approval from regulators, Dart will acquire the assets and electricity generation, transmission and distribution licences of the power company, located at Stake Bay.
The price of the sale has not been revealed. Dart said in a statement that it would keep the existing management and staff in place and provide training as part of a transition to renewable energy.
The two parties hailed the agreement as a ‘new chapter’ for power generation in the Sister Islands, saying it would facilitate investment in new technology and equipment.
Negotiations have been ongoing between Dart and the utility company for at least six months. The pending sale has been an open secret in the Sister Islands. Shareholders voted to accept Dart’s offer at a meeting Tuesday and the agreement was signed Wednesday morning.
Mark VanDevelde, CEO of Dart Enterprises, said the company would be investing heavily in renewable technology for the Sister Islands.
“We are committed to Cayman and its sustainable future and by working together we can make an impact to mitigate climate change; we currently produce around 3% of the country’s power through our solar capabilities and this new venture offers a significant opportunity for us to increase that output and decrease the islands’ dependence on fossil fuels and reduce carbon emissions,” he said in a statement.
“We’re looking forward to building on the success of Brac Power and Light over time and exploring the opportunity to develop renewable energy capabilities in the Sister Islands in the future.”
Moses Kirkconnell, director of the Cayman Brac Power and Light Company, said the company had been seeking investment.
“The shareholders of Brac Power and Light have shared the ambition for some time to grow the plant’s capabilities,” he said, “and keep pace with the energy revolution, which ultimately will benefit our customers.
“Dart’s acquisition of the assets of Brac Power and Light will provide much needed investment in the current infrastructure and, we hope, lead to a more sustainable future for the Sister Islands.”
The utility company approached Dart as part of an ongoing strategy to find a successor to innovate and invest in the existing infrastructure and sustainable future of the Sister Islands, a joint press release stated.
According to the release, existing day-to-day operations of the power plants on Cayman Brac and Little Cayman will continue under the leadership of general manager Jonathan Tibbetts, and all employees are expected to transition to the new company, receiving training opportunities in new technologies as they are adopted.
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