Light & Power Holdings Ltd. to acquire Emera Caribbean Limited's Interest in St. Lucia Electricity Services
03 Octobre 2011 - 12:34AM
PR Newswire (Canada)
HALIFAX and BRIDGETOWN, Barbados, Oct. 4, 2011 /CNW/ - Emera Inc.
announced today that its wholly-owned subsidiary Emera Caribbean
Limited has agreed to sell its 19.1% indirect interest in St. Lucia
Electricity Services Ltd (LUCELEC) to Light & Power Holdings
Ltd. (LPH), also an Emera Inc. subsidiary, for US $25.8 million.
"This acquisition will allow for greater cooperation between two
leading electric utilities in the Eastern Caribbean," stated Peter
Williams, Managing Director, LPH. "LPH having an equity stake in
LUCELEC will allow for a sharing of skills and increased
efficiencies that we believe will result in benefits to customers
in both countries." LPH is an investment company and the owner of
The Barbados Light & Power Company Limited, a licensed supplier
of electricity energy in Barbados. Formed as a holding company in
1997, LPH was created to allow Shareholders to take full advantage
of potential investment opportunities in and outside of Barbados,
including equity investments in other utilities. The
acquisition of 19.1 % of LUCELEC is consistent with this mandate.
LPH is 80% owned by Emera Inc. LUCELEC is a vertically integrated
electric utility serving more than 60,000 customers, with exclusive
license to generate, transmit and distribute electricity on the
island of St. Lucia to the year 2045. The utility has 76 MW of
generation capacity, primarily oil fired, and 1000 Km of
electricity transmission and distribution assets. LUCELEC's
Managing Director, Trevor Louisy, welcomed news of the investment
noting, "It marks the start of a new era in the utility sector in
the region. Clearly the region has the financial and
technical capacity to make such investments, which was unheard of
in the past, and is indicative of a maturing of the sector. It also
suggests that LUCELEC has been and continues to be a sound
investment option." The terms of the acquisition agreement between
Emera Caribbean and LPH provide for a potential sales price
increase or decrease of US $4 million within 30 months of the
closing date of the transaction. Any adjustment would be
triggered by either an additional public offering by LUCELEC; or a
change in its allowed return on equity as a result of a change in
its regulatory framework. This acquisition is subject to relevant
government and regulatory approvals and is expected to close in the
fourth quarter of 2011. About Light & Power Holdings: Light
& Power Holdings Ltd. is an investment company with electricity
being its core business. The Company has a wholly owned regulated
electric utility, The Barbados Light & Power Company Ltd.,
which has been serving electricity customers in Barbados since
1911. Electricity service is available to the entire island
community. About Emera: Emera Inc. is an energy and services
company with $6.6 billion in assets and 2010 revenues of $1.6
billion. The company invests in electricity generation,
transmission and distribution, as well as gas transmission and
utility energy services. Emera's strategy is focused on the
transformation of the electricity industry to cleaner generation
and the delivery of that clean energy to market. Emera operates
throughout northeastern North America, in three Caribbean countries
and in California. More than 80% of the company's earnings come
from regulated investments. Emera common and preferred shares are
listed on the Toronto Stock Exchange and trade respectively under
the symbol EMA and EMA.PR.A. Additional information can be accessed
at www.emera.com, www.sedar.com, or on www.sec.gov. EMERA INC.
CONTACT: Emera Inc.Sasha IrvingDirector, Corporate
Communications(902) 428-6685Light and Power Holdings Ltd.Jackie
Marshall-Clarke CorporateCommunications Coordinator(246)
430-4489St. Lucia Electricity Services Ltd.Roger JosephCorporate
Communications Manager(758) 457-4406
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