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The Electricity Regulatory Authority of the Cayman Islands Approves 5MW Solar Project
The Electricity Regulatory Authority of the Cayman Islands Approves 5MW Solar Project ...
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n\n\n\nThe Electricity Regulatory Authority of the Cayman Islands Approves 5MW Solar Project\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nThe Electricity Regulatory Authority of the Cayman Islands Approves 5MW Solar Project\nCanada NewsWire\nGRAND CAYMAN, Cayman Islands, Oct. 30, 2015\n\n\n\nCARIBBEAN UTILITIES COMPANY, LTD. CLASS A ORDINARY SHARES ARE LISTED FOR TRADING IN UNITED STATES FUNDS ON THE TORONTO STOCK EXCHANGE.\n\n\n\nGRAND CAYMAN, Cayman Islands, Oct. 30, 2015 /CNW/ - Caribbean Utilities Company, Ltd. (TSX: CUP.U) (\"CUC\" or \"the Company\") and the Electricity Regulatory Authority of the Cayman Islands (ERA) announced today that following a comprehensive review, the ERA has approved a Power Purchase Agreement (PPA) proposed by CUC for a 5 megawatt (MW) plant to be built by Entropy Cayman Solar Limited in the district of Bodden Town. \n\nThe 5 MW Solar project will provide energy to power approximately 800 homes with clean renewable solar energy and will significantly reduce emissions into the atmosphere through the avoidance of diesel fuel consumption. The PPA will also provide renewable energy at a competitive initial price of CI 14.28 cents (US 17.00 cents) per kilowatt hour (kWh).\n\nIn August 2011, CUC issued an invitation to interested parties to submit an Expression of Interest and Preliminary Proposal for the financing, construction, ownership and operation of renewable energy generation facilities. CUC evaluated the proposals on both technical and financial merits in order to achieve the overall renewable generating capacity objective without compromising the reliability and stability of its electricity system. International Electric Power LLC (IEP) was selected after conducting the evaluation process but subsequently transferred all rights for this project to an affiliate of Entropy Cayman Solar Limited. \n\nPresident and CEO of CUC, Richard Hew, said, \"We are very pleased that we have reached this stage of the project. This has been a prolonged but necessary process to ensure that we secured the right partner who could meet our goal to brin...