Saturday, April 20, 2024

LPH in talks to acquire Grenlec shares


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LIGHT & POWER HOLDINGS (LPH) of Barbados has confirmed that it is in discussions with WRB Enterprises Ltd of Tampa, Florida, to acquire WRB’s interest in Grenada Electricity Services Ltd (GRENLEC).
This confirmation followed a similar announcement regarding LPH’s intent to acquire WRB’s interest in Dominica Electricity Services (DOMLEC).
According to a release from the power companies, although neither transaction has been concluded, LPH and WRB were working to complete the GRENLEC and DOMLEC transactions as soon as possible.
GRENLEC is the sole electric utility for the island of Grenada, serving over 44 000 customers. WRB controls 61.4 per cent of GRENLEC, with ten per cent held by the Government of Grenada, 11.6 per cent held by the Grenada National Insurance Scheme, and the remaining 17 per cent held by Grenadians and other Caribbean nationals.
“We are committed to supporting GRENLEC in providing an efficient and reliable service to its customers and stabilizing electricity rates in the face of the continued high cost of imported oil,” said LPH managing director Peter Williams.
Williams further noted that, “The strategy of LPH, supported by its majority shareholder, Emera Inc. of Nova Scotia, Canada is to transform the electricity industry to  cleaner forms of generation and delivery of that clean energy to the Grenadian market, consistent with the National Energy Policy of Grenada.”
“LPH is conscious of the strategic importance of GRENLEC to the economic and social development of Grenada and looks forward to developing an excellent relationship with all investors in GRENLEC, and in particular the Government of Grenada and the Grenada National Insurance Scheme,” said Williams.
“We appreciate the active negotiations with the Government of Grenada towards a successor agreement between the Government of Grenada and LPH, which is still to be concluded.”
WRB’s president Bob Blanchard Jr commented, “WRB is proud of our association with GRENLEC and with its accomplishments over the many years. The decision has not been an easy one, but we have come to know LPH and believe they will enhance the capacity of GRENLEC to serve its customers and the country of Grenada.”
LPH and WRB have also agreed to collaborate in the future on developing new renewable energy projects in the Caribbean.
Light & Power Holdings, an investment company with electricity as its core business, is a subsidiary of Canadian-based Emera Inc. and holds an 80 per cent equity interest in LPH. (PR)


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