(CMR) Negotiations between the Cayman Islands Government and Dart to reach financial close for ReGen, Cayman’s Energy and Recycling Centre, are nearing completion, and financial close for the project is now expected before 31 July.
Premier and Minister of Sustainability & Climate Resiliency, Hon. G. Wayne Panton, said financial close is in sight.
“We are at a critical stage in contract negotiations. Both the Government and the Dart-led consortium are working hard to finalize the last few details remaining to secure financial close. Recognizing that these remaining details will not be wrapped up and the necessary approvals obtained by the 31 May date announced last year, both parties have agreed to push the long stop date to 31 July,” he said.
“The length of the project negotiations reflects both the complexity of the project and the project team’s desire to ensure ReGen is done right. This project includes the construction of infrastructure we expect to deliver decades of sustainable waste management to the people of the Cayman Islands. We know how urgent our solid waste management challenges are and that we have limited capacity on the current site. We are taking our obligation to address these challenges in a fiscally responsible, timely and sustainable way very seriously,” he added.
There have been several pushbacks since a close date was set for 2022. There have also been several arguments that the project will cost the Government too much, with former Deputy Premier Chris Saunders listing it as a point of disagreement between him and the Premier.
Last month the Government said financial modeling for the project was updated at the beginning of 2023 and that final costs are still being negotiated. Two key figures associated with the project are the contract cost awarded to the Dart-led consortium and the total projected cost of all the components that make up the entire system over the 25-year contract term.
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