TAMPA, Florida and BRIDGETOWN, Barbados – January 4, 2013
Light & Power Holdings of Barbados confirms 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 follows a similar announcement regarding LPH’s intent to acquire WRB’s interest in Dominica Electricity Services (DOMLEC).
Although neither transaction has been concluded, LPH and WRB are 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% of GRENLEC, with 10% held by the Government of Grenada, 11.6% held by the Grenada National Insurance Scheme, and the remaining 17% 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. Mr. Williams further stated 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 Mr. Williams. “We appreciate the active negotiations that have occurred 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. stated that “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 that they will collaborate in the future on development of new renewable energy projects in the Caribbean.
Light & Power Holdings is an investment company with electricity as its core business. Emera Inc., an energy and services company based in Halifax, Nova Scotia, holds an 80% equity interest in LPH. LPH’s wholly-owned subsidiary, The Barbados Light & Power Company Limited, has been serving electricity customers in Barbados since 1911. LPH also holds a minority interest in St. Lucia Electricity Services Ltd. (LUCELEC). The shares of Light & Power Holdings are listed 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).