Light & Power Holdings Ltd. of Barbados takes steps to acquire interest in Dominica Electricity Services Ltd. (DOMLEC)
Light & Power Holdings Ltd. of Barbados has signed a letter of intent to acquire controlling interest in Dominica Electricity Services Ltd. (DOMLEC) from WRB Enterprises Inc. of Tampa, Florida.
DOMLEC is the sole electric utility for the Commonwealth of Dominica, serving 34,000 customers. WRB owns 52% of DOMLEC, with 21% held by Dominica Social Security Scheme and the remainder by other investors.
“WRB is proud of our association with DOMLEC, and with accomplishments at the company over many years,” said WRB’s President, Bob Blanchard, Jr. “This has not been an easy decision but we have come to know LPH and believe this decision will enhance the capacity of DOMLEC to serve its customers.”
Mr. Blanchard added that LPH and WRB are working together to implement a continuity plan to ensure change of control activities occur with customer service and employee alignment as a priority.
The companies are working to complete the transaction before the end of 2012.
LPH and WRB have also agreed they will collaborate in the future on development of new renewable energy projects in the Caribbean.