Emera increases interest in Grand Bahama Power Company Limited
02 Décembre 2010 - 3:07PM
PR Newswire (Canada)
HALIFAX, Dec. 2 /CNW/ -- HALIFAX, Dec. 2 /CNW/ - (EMA-TSX): Emera
Inc. 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. 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.
"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 aquisition through
exisiting credit facilities. Cautionary
Statement Regarding Forward-Looking Information: 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. About Emera: Emera Inc. (EMA and
EMA.PR.A -TSX) is an energy and services company with $5.8 billion
Canadian dollars in assets. Electricity is Emera's core business.
Approximately 94% of Emera's revenues are earned by Nova Scotia
Power Inc (NSPI), Bangor Hydro Electric Company (BHE) and the
Brunswick Pipeline. NSPI and BHE are wholly-owned regulated
electric utilities which together serve 603,000 customers. The
Brunswick Pipeline is a 145 km gas pipeline in New Brunswick. Emera
also owns 19% of St. Lucia Electricity Services Limited, which
serves more than 50,000 customers on the Caribbean island of St.
Lucia, 25% of Grand Bahama Power Company which serves 19,000
customers on the Caribbean island of Grand Bahama and 38%
of Light & Power Holdings which serves 120,000
customers on the Caribbean island of Barbados through its regulated
electric utility, The Barbados Light and Power Company. In addition
to its electric utility investments, Emera owns Bayside Power, a
260 MW gas-fired power plant in Saint John, New Brunswick; Emera
Energy Services, a physical natural gas and power marketing and
asset management business; a joint venture interest in Bear Swamp,
a 600 megawatt pumped storage hydro-electric facility in northern
Massachusetts; a 12.9% interest in the Maritimes & Northeast
Pipeline; and an 8.2% interest in Open Hydro. Visit Emera on the
web at www.emera.com About GBPC: 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 please visit: www.gb-power.com pEmera -
Investor Relations:br/ Jennifer Nicholson, CAbr/ Senior Director,
Stakeholder Relationsbr/ (902) 428-6347/p pEmera - Media
Relations:br/ Sasha Irvingbr/ Director, Corporation
Communicationsbr/ (902) 428-6685/p
Copyright
Emera (TSX:EMA)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Emera (TSX:EMA)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024