CARIBBEAN UTILITIES COMPANY,
LTD. CLASS A ORDINARY SHARES ARE LISTED FOR TRADING IN UNITED STATES FUNDS ON THE TORONTO STOCK
EXCHANGE.
GRAND CAYMAN, Cayman Islands, Dec. 8,
2014 /CNW/ - Caribbean Utilities Company, Ltd. (TSX:
CUP.U) ("CUC" or "the Company") announced today that it has
entered into a design-build contract agreement for the generation
expansion project with the consortium of Burmeister & Wain
Scandinavian Contractor A/S ("BWSC") of Denmark and MAN Diesel & Turbo SE ("MAN")
of Germany. The agreement covers the purchase and turnkey
installation of two 18.5 megaWatt (MW) V48/60 medium-speed diesel
generating units, one 2.7 MW steam turbine, and associated
auxiliary equipment. This contract is valued at approximately
US$ 55 million; the total project
cost is estimated at US$85 million to
complete. The generating units will be housed in a new purpose
built power house at the Company's North Sound Plant and will be
commissioned in June 2016.
Mr. Richard Hew, CUC President
and Chief Executive Officer commented "The addition of this
capacity enables us to continue to serve our customers
reliably." He added, "Our continued relationship with BWSC
and MAN will facilitate the timely, efficient expansion and the
longer term benefits of standardization of parts and service which
allow us to minimize cost and maximize service reliability to our
customers".
MAN and BWSC have been strategic partners of CUC since 1998 and
have designed and installed 68 MW of diesel generating units on a
turnkey basis for the Company prior to this project.
CUC provides electricity to Grand
Cayman, Cayman Islands,
under a non-exclusive Electricity Generation Licence expiring in
2039 and an exclusive Electricity Transmission and Distribution
Licence expiring in 2028. Further information is available at
www.cuc-cayman.com.
Caribbean Utilities Company, Ltd. ("CUC" or "the Company"),
on occasion, includes forward-looking statements in its media
releases, Canadian securities regulatory authorities filings,
shareholder reports and other communications. Forward-looking
statements include statements that are predictive in nature, depend
upon future events or conditions, or include words such as
"expects", "anticipates", "plan", "believes", "estimates",
"intends", "targets", "projects", "forecasts", "schedule", or
negative versions thereof and other similar expressions, or future
or conditional verbs such as "may", "will", "should", "would" and
"could". Forward-looking statements are based on underlying
assumptions and management's beliefs, estimates and opinions, and
are subject to certain risks and uncertainties surrounding future
expectations generally that may cause actual results to vary from
plans, targets and estimates. Such risks and uncertainties include
but are not limited to operational, general economic, market and
business conditions, regulatory developments and weather
conditions. CUC cautions readers that actual results may vary
significantly from those expected should certain risks or
uncertainties materialize or should underlying assumptions prove
incorrect. Forward-looking statements are provided for the
purpose of providing information about management's current
expectations and plans relating to the future. Readers are
cautioned that such information may not be appropriate for other
purposes. The Company disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise except as
required by law.
SOURCE Caribbean Utilities Company, Ltd.