|Peter Williams Managing Director, Light & Power Holdings Ltd.|
Light & Power Holdings Ltd. to acquire Emera Caribbean Limited’s
“This acquisition will allow for greater cooperation between two leading electric utilities in the
LPH is an investment company and the owner of The Barbados Light & Power Company Limited, a licensed supplier of electricity energy in
LUCELEC is a vertically integrated electric utility serving more than 60,000 customers, with exclusive license to generate, transmit and distribute electricity on the
LUCELEC’s Managing Director, Trevor Louisy, welcomed news of the investment noting, “It marks the start of a new era in the utility sector in the region. Clearly the region has the financial and technical capacity to make such investments, which was unheard of in the past, and is indicative of a maturing of the sector. It also suggests that LUCELEC has been and continues to be a sound investment option.”
The terms of the acquisition agreement between Emera Caribbean and LPH provide for a potential sales price increase or decrease of US $4 million within 30 months of the closing date of the transaction. Any adjustment would be triggered by either an additional public offering by LUCELEC; or a change in its allowed return on equity as a result of a change in its regulatory framework.
This acquisition is subject to relevant government and regulatory approvals and is expected to close in the fourth quarter of 2011.
About Light & Power Holdings:
Light & Power Holdings Ltd. is an investment company with electricity being its core business. The Company has a wholly owned regulated electric utility, The Barbados Light & Power Company Ltd., which has been serving electricity customers in
Emera Inc. is an energy and services company with $6.6 billion in assets and 2010 revenues of $1.6 billion. The company invests in electricity generation, transmission and distribution, as well as gas transmission and utility energy services. Emera's strategy is focused on the transformation of the electricity industry to cleaner generation and the delivery of that clean energy to market. Emera operates throughout northeastern North America, in three Caribbean countries and in
Director, Corporate Communications
Light and Power Holdings Ltd.
Corporate Communications Coordinator
St. Lucia Electricity Services Ltd.
Corporate Communications Manager