(CNS): Dart Enterprises has finally acquired Cayman Brac Power and Light Company, pending approval from the Utility Regulation and Competition Office (OfReg). The sale of the company that supplies electricity to both Sister Islands to Cayman’s largest investor and landowner has been on the cards for some 18 months.

According to a press release about the acquisition, Dart is planning to explore “the opportunity to develop renewable energy capabilities in the Sister Islands” after buying the CBP&L. No details of how much Dart paid for the small power company have been revealed.

The company will continue under the leadership of General Manager Jonathan Tibbetts. Staff members are expected to transition to the new company and will be trained in new technologies as they are adopted, Dart officials said.

The release said that CBP&L had approached Dart to find a successor to “innovate and invest in the existing infrastructure and sustainable future of the Sister Islands”.

Moses Kirkconnell MP (CBW), the managing director of the power company, said the shareholders of CBP&L wanted to grow the plant’s capabilities 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,” he said.

Dart said the sale would see investment in new technology and equipment at the plant, reducing the risk of disruption to fuel supply in the event of natural disasters. Saying it was one of “the largest producers of solar energy in Grand Cayman”, Dart said it was committed to sustainable growth in the Cayman Islands and supported the goal of the National Energy policy target to reach 70% renewable energy by 2037, and to reduce per capita emissions.

“We are committed to Cayman and its sustainable future and by working together we can
make an impact to mitigate climate change,” said Mark VanDevelde, the CEO of Dart Enterprises. He added that only 3% of the Cayman Islands’ power is produced through solar capabilities. “This new venture offers a significant opportunity… to increase that output and decrease the Islands’ dependence on fossil fuels and reduce carbon emissions,” he said.