Caribbean Utilities Company, Ltd. reports results of Generation Bid- won by Dart

Caribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Toronto Stock Exchange.

Grand Cayman, Cayman Islands- Caribbean Utilities Company, Ltd. (TSX: CUP.U)

The Electricity Regulatory Authority (“ERA”) has advised Caribbean Utilities Company, Ltd. (“CUC”) that DECCO Ltd., a subsidiary of Dart Management Ltd., has been selected to develop and operate two additional 18 MegaWatt (“MW”) units of power generation capacity on Grand Cayman. The first of the two units will be required for 2014 and the second unit will be required as late as 2017, with the timing dependent on growth in demand for electricity.

In accordance with the process outlined in CUC’s Transmission and Distribution Licence, CUC will now enter into negotiations leading to a long-term power purchase agreement with DECCO Ltd.

President and CEO of CUC Mr. Richard Hew stated, “We look forward to reviewing the winning bid and entering into discussions with DECCO Ltd. leading to a power purchase agreement. CUC remains committed to offering a safe, reliable and efficient service at least cost to our customers.”

From DECCO

Electricity Regulatory Authority (ERA) selects DECCO to negotiate Power Purchase Agreement with CUC for proposed additional capacity and power generation.

Monday, 11 February 2013 – Grand Cayman, Cayman Islands

“We were advised today by the Electricity Regulatory Authority (ERA) that our bid has been selected in the first phase of a two phase process in the proposed expansion of Firm Power Generating Capacity For Grand Cayman (request for proposal (RFP) issued on March 23, 2012 and Addendum #5 of January 30th 2013 refers). Our response to the RFP submitted by DECCO reflects a partnership between DECCO and global power plant firm, Wärtsilä. We now move into the second phase – negotiating with CUC to realize a power purchase agreement in accordance with CUC’s Licence.

Wärtsilä is one of the leading global providers of flexible power plants for utilities, IPPs, municipalities and industry, operating throughout the Caribbean, Latin America, Asia Pacific, Europe and Africa. The power plants are designed for efficient, economical and environmentally sound power production coupled with uncompromising reliability. Wärtsilä power plants comply with various national and local environmental requirements as well as with the World Bank Guidelines for Thermal Power Plants.

POWER PLANTS BY WÄRTSILÄ

– Almost 4000 power plants

– Nearly 8300 gensets

– More than 39 GW in operation

The proposed site is in industrial park, subject to planning approval and permitting process which will be carried out during the negotiation period. The project will consist of reciprocating diesel engines manufactured by Wartsila of Finland, burning Ultra Low Sulfur Diesel. DECCO will provide the land and financing, Wartsila will provide the expertise and equipment.