BERMUDA Law and Practice Contributed by: Erik Gotfredsen, Jemima Fearnside and Larina Kenny, Wakefield Quin Limited
8.8 Environmental, Health and Safety Laws No environmental, health and safety or community consultation laws apply in relation to international project finance transactions carried out outside of Bermuda. For project financing initiatives within Bermuda, the Regulatory Authority of Bermuda is typically involved as it regulates all communication networks, subma- rine cables and the electronic sectors in Bermuda. The Bermuda government’s Department of Environ- ment and Natural Resources has a broad mandate to protect Bermuda’s environment and responsibly man- age its natural resources. For employees in Bermuda, the Department of Health ensures that all employers operating in Bermuda comply with the Occupational Health and Safety Act 1992.
tions, and no taxes payable in Bermuda for Bermuda exempted companies, partnerships or limited liability companies and, as a result, the main issues that need to be considered when structuring a project financ- ing transaction will likely arise from jurisdictions other than Bermuda. 8.6 Common Financing Sources and Typical Structures Project financings involving Bermuda entities are typi- cally international project finance transactions, with financing sources dictated by reference to market sector, geographical location and regulatory factors outside Bermuda. 8.7 Natural Resources Bermuda has limited natural resources of its own, though a 19-acre commercial solar energy generating plant developed by Saturn Energy started to provide domestic energy supplies in 2021. Further, Bermuda has partnered with Seabased, a blue power compa- ny, using technology originally developed at Uppsala University in Sweden, to harness ocean waves for renewable, consistent power at utility scale. Regula- tory approvals for the site are progressing, and with a 40 MW capacity, the site will be the world’s first utility- scale commercial ocean wave power park, providing roughly 10% of Bermuda’s energy needs. Bermuda has committed to 85% renewable energy by 2035. To achieve this, Bermuda has committed to 21 MW of solar, 60 MW of wind and 100% electric public trans- port by 2030.
47 CHAMBERS.COM
Powered by FlippingBook