A potential new Cayman Islands power company is advertising for local partners in a company that aims to invest up to $180 million on the islands over the next five years.
The company will be involved in the “engineering, procurement and construction services for utility-scale solar plus storage plants”, the advertisement states.
It will also be concerned with, “hurricane and emergency preparedness” and “brownfield power station work” on Grand Cayman.
The ad is a precursor to an application for a Local Companies (Control) License – an operating permission granted through the Department of Commerce and Investment for companies that don’t have majority Caymanian ownership.
The ad states, “Initial investment in the project will be in the region of $180,000,000 for the next 5 years. Additional capital maybe required to fund ongoing business requirements.”
Any potential Cayman partner has until the end of September to register interest with law firm Maples and Calder and demonstrate that they have the funds to be a viable local partner.
No other details about the company or its plans are listed in the advert. A spokesman for Maples said it could not comment.
A spokesperson for DCI said advertisements for Caymanian participation are required prior to the submission of an application for an LCCL permit and as such it has no information on the company or the application at this point.
Any company wishing to construct utility scale solar farms would ultimately need to win a bid for the work through OfReg.
The regulator is currently out to tender on a 23MW solar and battery project and is expected to organise further bid opportunities in the coming years as Cayman accelerates its switch to renewable energy.
There is currently only one solar farm in Cayman – the 5MW Bodden Town installation (pictured above) currently operated by BMR Energy.
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