Greenfield Development of Solar Power
In Grand Cayman, all grid-connected power is produced by diesel generators with delivered costs to consumers exceeding $0.40 USD per kWh. In order to reduce the cost of electricity and utilize the island’s renewable resources, the Caribbean Utilities Company (CUC) solicited proposals to develop 13 MWAC of renewable generation. In response to an RFP issued in November 2012, IEP was selected to develop 5 MW of the 13 MW. Consumers would save over $0.16 USD per kWh as a result of the project. The final design called for the installation of a 5.75MWDC ground-mounted, photovoltaic system on constructed 20 acres of land, hardened to withstand hurricane forces common to the Caribbean. IEP later sold this project to a large renewable fund manager, with other solar projects in its portfolio.