What is Grand Cayman's first commercial solar project?

Grand Cayman's first commercial solar project, a 5 MW Solar Farm, was completed and commissioned in 2017. It is connected to the Company's Bodden Town Substation and provides energy to power approximately 800 homes with clean renewable solar energy.

What are the benefits of solar power in the Cayman Islands?

Supplies sufficient power to Caribbean Utilities Company, Ltd. to serve 1,800 homes in the Cayman Islands. Reduces greenhouse gas emissions by 7,900 tons of CO2 per year. Serves as the country’s only utility-scale solar project, providing renewable energy to the grid’s peak load of 110 MW.

How can the Cayman Islands build climate resilience?

With a target of 70 percent renewable energy by 2037, the Cayman Islands is seeking to build climate resilience by purchasing clean energy for its electricity supply. The country established its first utility-scale solar project in 2017 through a power purchase agreement with renewable energy generated from the Bodden Town Solar Farm.

Is Cayman the perfect place to harness solar energy?

Significant improvements are being made in the solar energy industry every year and Cayman is the perfect location to harness the power of the sun. Solar energy can be harvested in two ways: solar photovoltaic (PV), which converts sunlight into electricity and solar thermal, which heats water.

Are solar panels duty-free in Cayman?

However, renewable energy equipment, such as solar panels, are in fact duty-free for residential homeowners. Although Cayman enjoys over 300 days of sunshine, you will need to consider an alternative source of power should there be no sun. One such option is the Tesla Powerwall battery.

Are there investment opportunities in the Cayman Islands?

The Cayman Islands offer numerous investment opportunities. CIMA regulates over 9,000 mutual funds, and thousands of hedge funds manage more than one trillion U.S. dollars in assets. Additionally, there are 740 captive insurance companies on the islands with $88 billion in assets, primarily from North America.