PROJECTS

Utility-Scale Solar PV Transaction Advisory, Bermuda

The problem

Bermuda wanted to shift away from expensive, imported fossil fuels toward renewable energy through private investment. The government had a potential site for a large-scale, renewable energy project, but needed help designing and running a competitive tender that was transparent and offered the best value for money.

How we helped

Castalia helped prepare, design, and run Bermuda’s first competitive tender for renewable power, a 6MW solar PV project. We confirmed the feasibility of the identified site and conducted a technical and environmental assessment to ensure the project was viable, feasible, and environmentally sustainable. We then designed the project’s tender strategy and commercial structure, drafted the bidding documents, and supported the government during the competitive process.

Impact

The transaction was completed, with Saturn Power finalizing agreements with Government and a PPA with BELCO for 10 US cents per kWh in June 2018. The Government agreed to grant a license to Saturn Power in April 2020. This project received an award for “Best Utility Scale Project” during the Caribbean Energy Conference Forum (CREF) in 2022. The award recognizes the leaders and projects in the Caribbean energy sector who make a lasting impact on the development of resilient and renewable energy systems.