As Barbadians cope with high Energy Bills, Dominica and now Grenada under new expansionist plan? Light & Power Holdings confirms intent to acquire interest in Grenada Electricity Services Ltd. (GRENLEC)
Light & Power Holdings of Barbados (LPH) 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.
“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.