BARBADOS ENTITY ACQUIRES A MAJORITY INTEREST IN DOMINICA ELECTRICITY SERVICES LTD. (DOMLEC) FROM WRB
This transaction follows an announcement on November 28, 2012 that LPH had signed a Letter of Intent with WRB for the acquisition.
DOMLEC is the sole electric utility for the Commonwealth of Dominica, serving 34,000 customers. The Dominica Social Security Scheme owns 21% of DOMLEC, with the remaining 27% broadly held by other investors.
WRB’s President, Bob Blanchard, Jr. stated that “WRB is proud of our association with DOMLEC, and with accomplishments at the company over many years. We are confident that LPH’s experience in the utility business will enhance the capacity of DOMLEC to serve its customers.”
LPH and WRB have prepared a continuity plan to ensure a smooth transition of control, with customer service and employee alignment as a priority.
LPH and WRB have also agreed that they will collaborate in the future on the development of new renewable energy projects in the Caribbean.