Contracts worth more than $300 million to redevelop a rundown wharf in St George’s are to be financed by their developers.

But the Bermuda Land Development Company declined to be specific on whether the deals would be funded through a public-private partnership like the controversial contract to redevelop the island’s airport.

A BLDC spokeswoman said the RFQ was seeking “developers and investors to finance the development whereby BLDC leases the land to investors/developers who will finance the project themselves”.

Government wants the area developed to provide a power plant and cargo port.

Each project will cost more than $150 million to build.

The power plant is expected to generate at least 20 megawatts of power — a fraction of the island’s capacity last year of 160 megawatts.

The news came as the watchdog Regulatory Authority puts together an integrated resource plan, expected to be completed later this year, to create a blueprint for future energy production in Bermuda.

The spokeswoman said bidders for the energy plant contract were expected to provide “input to the RA for consideration for inclusion in the integrated resource plan in the near future”.

A spokeswoman for the RA said that the authority had liaised with the BLDC over its plans for Marginal Wharf, also called Ship’s Wharf, which is now largely unused.

He added: “We hope to be in a position to launch public consultation on the integrated resource plan shortly.”