The Utility Regulation and Competition Office (URCO or the “Office”) is pleased to announce the
launch of a Request for Proposal (RFP), for the largest-ever utility-scale solar energy and battery
storage project in the Cayman Islands. This milestone follows a successful Request for Qualifications
process, in which six companies were identified as qualified to submit proposals to deliver 22.5
megawatts (MW) of dispatchable renewable energy capacity. When operational, the solar and battery
project will dispatch 350% more power than the capacity of the existing 5 MW Bodden Town solar
farm.

URCO’s Chairman, Mr. Samuel “Sammy” Jackson, stated: “In light of recent commentary, I wish
to clarify that URCO remains unwavering in its commitment to advancing renewable energy in the
Cayman Islands. Assertions to the contrary misrepresent both our position and the significant work
already undertaken to support a sustainable energy future. The launch of this utility-scale solar and
battery storage RFP – the largest in the country’s history – stands as clear evidence of our intent and
action.

As the independent regulator, our obligation is to the public interest. We will not be dissuaded by
detractors. Instead, we will continue to act with transparency, objectivity, and in accordance with our
statutory remit – delivering practical, competitive and forward-looking solutions that serve the long-
term interests of consumers and the country.”

The project marks a historic step forward in reducing reliance on fossil fuels and improving the
sustainability, affordability, and reliability of electricity supply in the Cayman Islands. With the
integration of battery storage technology, this initiative ensures that renewable energy can be stored
and dispatched on demand – enhancing grid stability and delivering cleaner power during peak hours.

Utility-scale Dispatchable Photovoltaic (or Solar Photovoltaic systems integrated with battery storage)
create advanced energy farms capable of storing surplus electricity generated during the daylight
hours. This stored energy can then be dispatched during peak demand or when no solar generation
is available, ensuring a consistent supply for a defined period of time. The availability and duration of
this dispatchable power depend on the battery’s storage capacity, which is tailored to meet specific
load demands over time.

For this solicitation, the solar capacity must be sufficient to generate surplus energy to charge
batteries, enabling the dispatch of 22.5 MW of electrical power. According to the Grand Cayman
System Demand Forecast Report submitted by CUC in June 2025, the anticipated average for low,
medium and high summer peak loads is projected to be 139.8 MW in the coming years.

The 22.5 MW Dispatchable Photovoltaic generation system is expected to generate electricity to offset
16% of this peak load capacity.

According to URCO’s CEO, Mr. Sonji Myles: “This initiative is a major milestone in our ongoing
efforts to transition the Cayman Islands toward a more resilient and sustainable energy future. In
addition to significantly expanding renewable energy capacity, this project reinforces our commitment
to affordability, transparency and energy independence. It reflects a clear commitment to lowering
fuel-related costs for consumers while also helping the country meet its long-term climate goals.”

URCO remains committed to an open, competitive and transparent procurement process. This stage -the issuance of the RFP – will ensure that pricing, technology, and system integration solutions are
fairly assessed to deliver best value for consumers and the public interest.

URCO’s Head of Energy Markets and Sustainability, Mr. Dwayne Tucker, stated: “A successful
transition to greater renewable energy adoption hinges on strong collaboration between regulators,
industry leaders and key stakeholders. By actively engaging with qualified bidders and integrating
industry insights, the Office is ensuring a fair and transparent selection process. This approach
supports deploying reliable, dispatchable photovoltaic energy, benefiting consumers and the
environment.”

Key Points

• Largest Renewable Energy Project in Cayman Islands History
  This RFP will procure 22.5 MW of dispatchable solar farm with battery storage –
  dispatching more power than triple the capacity of the current 5 MW Bodden Town solar
  farm.
• Includes Energy Storage to Improve Reliability
  The addition of battery storage will help manage intermittent supply, supporting grid reliability
  and future energy security.
• Demonstrates URCO’s Commitment to Sustainability
  Despite recent media commentary, URCO has been and is actively advancing practical and
  ambitious clean energy solutions in line with national goals for decarbonisation and
  resilience.
• Creates Real Opportunities for Investment and Competition
  The project opens the door to international and local bidders, ensuring a competitive process
  that brings innovation, transparency, and fair value to consumers.
• Direct Consumer Benefits
  The RFP supports a pathway to greater energy affordability, price stability, and increased
  energy independence for the Cayman Islands over time.
• Supports National and Regional Climate Goals
  This initiative aligns with the National Energy Policy and regional targets for renewable
  energy adoption, with the added benefit of reducing fossil fuel dependence and carbon
  emissions.
• Backed by Transparent Regulatory Process
  The launch of this RFP is the product of extensive technical analysis and industry
  engagement, and is subject to open public procurement rules under URCO’s statutory
  oversight.

ENDS

URCO’s CEO Mr Sonji Myles

URCO’s Head of Energy Markets and Sustainability, Mr. Dwayne Tucker

URCO’s Chairman of the Board of Directors, Mr. J. Samuel Jackson