Emera Increases Interest in Grand Bahama Power Company Limited

Emera Inc. (TSX: EMA) announced today that it has purchased an additional 55.4 percent of direct and indirect interest in Grand Bahama Power Company Limited (GBPC) from MaruEnergy Grand Bahama Limited, an indirect subsidiary of Marubeni TAQA Caribbean Ltd., for US $82 million. The acquisition brings Emera’s direct and indirect interest in GBPC to 80.4 percent.

This release contains forward-looking information and should not be read as a guarantee of future events, performance or results, and will not necessarily be an accurate indication of whether, or the times at which, such events, performance or results will be achieved. Emera disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

In 2008, Emera acquired a 25 percent interest in GBPC through its acquisition of 50 percent of the shares of ICD Utilities Limited (ICDU), the holding company listed on The Bahamas International Securities Exchange (ICD-BISX) which holds 50 percent of the shares of GBPC. This acquisition also makes Emera Inc. the majority shareholder of ICDU. The remaining 19.6 per cent of GBPC is held by other ICDU shareholders.

{FILE IMAGE: Bahamian Minister Neko Grant, Min. of Public Works and Transport} Grand Bahama Power Company Ltd. is a totally integrated utility company serving the island's 45,000 residents and commercial establishments from east to west. The company employs over 200 Bahamians and has one of the lowest electricity rates in the Caribbean. For more information about Grand Bahama Power Company

Emera’s Caribbean presence is strengthened by our majority ownership in Grand Bahama Power,” said Chris Huskilson, President and Chief Executive Officer of Emera Inc. “We look forward to serving the customers on Grand Bahama and bringing the efficiency and reliability of the electrical system on the island up to Emera standards.”

We welcome Emera’s increased investment in the Grand Bahama Power Corporation,” said Minister Neko Grant, Minister of Public Works and Transport. “We look forward to working with Emera to the mutual benefit of the company and Grand Bahama.”

GBPC is the only utility operator on Grand Bahama Island, serving 19,000 customers. The generation consists of one facility with 137 MW of installed oil-fired capacity. The Grand Bahama Port Authority Limited regulates the utility and has granted GBPC a licensed, regulated and exclusive franchise to produce, transmit and distribute electricity on the Island until 2054. There is a fuel pass through mechanism and flexible tariff adjustment policies to ensure that costs are recovered and a reasonable return is earned.

The transaction is subject to regulatory approvals in the Bahamas. Through its investment in GBPC and ICDU, Emera will appoint a number of new Bahamian members to the GBPC Board of Directors. Emera will finance today’s acquisition through existing credit facilities.

Follow on Instagram

Stay in touch with the conversation, subscribe to the RSS feed for comments on this post.


add a comment

Some HTML is OK

or, reply to this post via trackback.

  • My Bdos Lottery Top Up 20201
  • Cloud Vision Academy 2022 Sept 336x280 1
  • SG Coop Ad Gift Vouchers 336 x 280
  • BR2 If you saw this then you came to the best place to get seen 1