(CMR) Dart announced today that it has entered into an agreement with The Cayman Brac Power and Light Company located in Stake Bay Cayman Brac to acquire its assets and its electricity generation and transmission and distribution licenses, pending the Utility Competition and Regulation Office (OfReg) approval.
This confirmation of the acquisition comes over a year after CMR sources said this was in the making in January 2021.
The acquisition marks a new chapter for power generation on the Sister Islands and its community, facilitating investment in new technology and equipment at the plants and reducing the risk in the event of natural disasters and disruption to fuel supply.
Brac Power and Light approached Dart in line with their ongoing strategy to find a successor to innovate and invest in the existing infrastructure and sustainable future of the Sister Islands. Existing day-to-day operations of the power plants will continue under the leadership of General Manager Jonathan Tibbetts. All employees are expected to transition to the new company, receiving training opportunities in new technologies as they are adopted.
“The shareholders of Brac Power and Light have shared the ambition for some time to grow the plant's capabilities and keep pace with the energy revolution, which ultimately will benefit our customers. Dart's acquisition of Brac Power and Light assets will provide much-needed investment in the current infrastructure, and we hope, lead to a more sustainable future for the Sister Islands, ” shared Moses Kirkconnell, Director of The Brac Power and Light Company.
Already one of the largest producers of solar energy in Grand Cayman, Dart said it is committed to sustainable growth in the Cayman Islands. It will do this with guidance from the United Nation's Sustainability Development Goals and supporting the Cayman Islands' National Energy policy target to reach 70% renewable energy by 2037 and to reduce per capita emissions from 12.3 to 4.8 by 2030.
“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,” Mark VanDevelde, CEO of Dart Enterprises, said.
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,” he added.
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