Consolidated Water Wins Project to Design, Build and Operate $20 Million Desalination Plant in Cayman Islands

Consolidated Water Co. Ltd.

GEORGE TOWN, Cayman Islands, May 10, 2022 (GLOBE NEWSWIRE) — Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a leading developer and operator of advanced water supply and treatment plants, has signed a definitive agreement with the Cayman Islands Water Authority for its plant project seawater reverse osmosis plant in George Town, Grand Cayman.

Consolidated Water will design, build and commission the plant over the next approximately 18 months and then sell the facility to the Authority. The company will then ensure the operation and maintenance of the plant and the production of water for 10 years after its commissioning. The plant will produce up to 2.64 million gallons of drinking water per day using two independent reverse osmosis trains.

The company expects revenue generated over the approximate 11.5-year term of the contract to total approximately $20 million, based on January 2022 values. The majority of revenue is expected to be generated from construction and sale of the plant in the first 18 months. Construction costs are subject to inflation adjustment on January 1, 2023, with operating costs adjusted annually for inflation over the term of the commitment.

When the plant is completed as planned in the fourth quarter of 2023, it will be the ninth seawater reverse osmosis desalination plant Consolidated Water has built on Grand Cayman. The seven plants currently operated by Consolidated Water produce the majority of drinking water for Grand Cayman, home to approximately 95% of the country’s population.

“This major victory is the result of our many years of experience designing, building and operating some of the most energy-efficient seawater desalination plants in the world,” said Rick McTaggart, CEO of Consolidated. Water. “Since 1973, our cost-effective water solutions have supported the growth and development of Grand Cayman by providing safe and affordable drinking water to residents and visitors.”

In November 2021, the Cayman Islands lifted some travel restrictions for travelers vaccinated against COVID-19. This allowed tourists to enter the Cayman Islands for the first time since March 2020. Then in March this year several major airlines resumed flights to the island and cruise ships with thousands of passengers were met at the port.

About Consolidated Water Co. Ltd.
Consolidated Water Co. Ltd. develops and operates advanced water supply and treatment plants and water distribution systems. The Company operates water production facilities in the Cayman Islands, the Bahamas and the British Virgin Islands and operates water treatment facilities in the United States. The company also manufactures and services a wide range of products and provides design, engineering, management, operations and other services applicable to the production, supply and treatment of commercial and municipal water, as well as the treatment of industrial water and wastewater. For more information, visit www.cwco.com.

Caution Regarding Forward-Looking Statements
This press release contains statements that may constitute “forward-looking” statements, generally containing the words “believe”, “estimate”, “project”, “intend”, “expect”, “should”. , “will” or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to (i) continued market acceptance of the Company’s products and services; (ii) changes in its relationship with the governments of the jurisdictions in which it operates; (iii) the outcome of its negotiations with the Cayman government regarding a new retail license agreement; (iv) the collection of its overdue accounts receivable in the Bahamas; (v) the potential negative impact of the COVID-19 virus on the Company’s business; and (vi) various other risks, as detailed in the company’s periodic reports filed with the Securities and Exchange Commission (“SEC”). For further information on the risks and uncertainties associated with the Company’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the filings. by the company with the SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting the Company Secretary at the office Company Executive or on the “Investors – SEC Filings” page of the Company’s website at http://ir.cwco.com/docs. Except as otherwise required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Company Contact:
David W. Sasnett
Executive Vice President and Chief Financial Officer
Tel (954) 509-8200
[email protected]

Investor Relations
Ron Both or Justin Lumley
CMA Investor Relations
Tel (949) 432-7566
Contact us by email

Media Contact:
Tim Randall
CMA Media Relations
Tel (949) 432-7572
Contact us by email

Leon E. Hill