(TAMPA, Florida and BRIDGETOWN, Barbados – April 10, 2013) -- Light & Power Holdings Ltd. (LPH) of Barbados has acquired a 52% interest in Dominica Electricity Services Ltd. (DOMLEC) from WRB Enterprises Inc. (WRB) of Tampa, Florida.
This transaction follows an announcement on November 28, 2012 that LPH had signed a Letter of Intent with WRB for the acquisition.
DOMLEC is the sole electric utility for the Commonwealth of Dominica, serving 34,000 customers. The Dominica Social Security Scheme owns 21% of DOMLEC, with the remaining 27% broadly held by other investors.
"The acquisition of DOMLEC is consistent with our strategy to build a business of scale in the Caribbean," said LPH Managing Director Peter Williams. "We believe our operational expertise coupled with that of the team at DOMLEC will create new potential for adding value to the benefit of customers in Dominica. We look forward to working with the other investors, including Dominica Social Security Scheme, to ensure that DOMLEC continues to provide an excellent electricity service which is essential to Dominica’s economic development."
WRB's President, Bob Blanchard, Jr. stated that “WRB is proud of our association with DOMLEC, and with accomplishments at the company over many years. We are confident that LPH’s experience in the utility business will enhance the capacity of DOMLEC to serve its customers.”
LPH and WRB have prepared a continuity plan to ensure a smooth transition of control, with customer service and employee alignment as a priority.
LPH and WRB have also agreed that they will collaborate in the future on the development of new renewable energy projects in the Caribbean.
Light & Power Holdings Ltd., an investment company with electricity as its core business, is a majority-owned subsidiary of Emera Inc., an energy and services company based in Halifax, Nova Scotia, Canada. LPH is the sole shareholder of The Barbados Light & Power Company Limited, a regulated electric company which has been serving customers in Barbados since 1911. LPH also holds an indirect minority interest in St. Lucia Electricity Services Ltd. The common shares of Light & Power Holdings Ltd. are traded on the Barbados Stock Exchange.
About WRB Enterprises
WRB Enterprises is based in Tampa, Florida. In addition to Caribbean holdings in electric utilities, cable television and telecommunications, WRB has more than 50 years of experience in heavy equipment, banking, real estate and other industries. The company is one of the largest shareholders of the Bank of Tampa (Florida) and CenterState Banks (Florida).
Light & Power Holdings Ltd.
Ms. Jackie Marshall-Clarke
Dominica Electricity Services ltd.
Ms. Adinah Bellot Valentine