News

The Cayman Islands Government and Dart continue to make steady progress on negotiations to reach financial close for ReGen, Cayman’s Energy and Recycling Centre. Financial close for the project is now expected by 30 September.

Premier and Minister of Sustainability & Climate Resiliency, Hon. G. Wayne Panton said the public-private partnership team recently agreed the new deadline for achieving financial close and a new project longstop date of 30 November 2023.

“I am pleased to confirm that the negotiations between the Government and the Dart-led consortium are progressing steadily. As I have explained before, the project agreement signed in 2021 contained dozens of conditions that still needed to be negotiated and agreed. Since that time, the joint project team has reduced the outstanding items down to a small number of items remaining to be addressed by the new financial close deadline. We are on a solid footing to conclude negotiations and move from the procurement phase of the project to the implementation and construction phase,” he said. “I want to reiterate that the length of the project negotiations reflects both the complexity of the project and the project team’s desire to ensure this deal represents value for money for the people of the Cayman Islands. We know ‘doing nothing’ is not an option but we also know that, for ReGen to truly be the future of sustainable waste management in the Cayman Islands, it needs to be affordable now and in the long-term. These facilities represent a significant investment in the future well-being of our country and, as with all major project decisions, we are taking our fiscal responsibility seriously.”

Dart Executive Director Cameron Graham said: ““The Dart Consortium has continued to work diligently in partnership with the Government across all areas of the ReGen Project Agreement (PA) to ensure the Government has the information required to achieve financial close by 30 September. This unique project requires continual communication with project partners, contractors and inter-government agencies to ensure its successful development and it is reassuring that all parties have remained aligned throughout the protracted negotiation process. With a clear pathway to financial close, we are excited to execute the PA and transition to the detailed design, construction and ultimately operation of ReGen that remains critically important infrastructure to the sustainable development of the Cayman Islands.”

As negotiations move towards financial close, Dart is making progress on the Environmental Impact Assessment (EIA) for the project and the public consultation for the draft Environmental Statement is scheduled to launch this month with public meetings scheduled for 28, 29 and 30 August in Grand Cayman. For details, please visit www.regen.ky.

The draft Environmental Statement will be available on the ReGen and Department of Environment websites from 18 August, and hard copies of the document will be hosted in community spaces across all three islands from 18 August for public viewing.