Light & Power Holdings Ltd of Barbados acquiring Dominica Electricity Services

Light & Power Holdings Ltd., of Barbados has signed letters of intent to acquire a controlling interest in Dominica Electricity Services Ltd from WRB Enterprises of Tampa, Florida, and its affiliated entities.

Dominica Electricity Services is the sole electric utility for Dominica, serving 34,000 customers. WRB owns 52 percent of Dominica Electricity Services, with 21 percent held by Dominica Social Security Scheme and the remainder by other investors.

“The acquisition of Dominica Electricity Services is consistent with our strategy to build a business of scale in the Caribbean,” revealed Light & Power Holdings CEO Peter Williams. “We believe our operational expertise, and our commitment to stabilizing customer costs by introducing alternative sources of energy for electricity generation, create new potential for adding value to the benefit of customers in Dominica. We also look forward to maintaining a productive relationship with local investors, including the Dominica Social Security Scheme.”

“WRB is proud of our association with Dominica Electricity Services, and with accomplishments at the company over many years,” said WRB’s president, Bob Blanchard. “This has not been an easy decision but we have come to know Light & Power Holdings and believe this decision will enhance the capacity of Dominica Electricity Services to serve its customers.”

Blanchard added that Light & Power Holdings and WRB are working together to implement a continuity plan to ensure change of control activities occur with customer service and employee alignment as a priority.

The companies are working to complete the transaction before the end of 2012. (Caribbean News Now)