Shareholders of Ascendant Group — the parent company of BELCO — today approved the sale of the company to Algonquin Power & Utilities Corp.

A company spokesperson said the “publicly traded provider of energy and energy-related services”, sealed approval at “the special general meeting of the shareholders of the Company held earlier today”.

“Shareholders [approved] the sale of the Company by means of an amalgamation of Ascendant with Bermuda Sustainability Acquisition Ltd, an affiliate of Algonquin Power & Utilities Corp.

The statement released after the meeting said: “The required approval of two-thirds of the total issued and outstanding shares of the Company was exceeded.”

Peter Durhager, Chairman of the Ascendant Board of Directors said: “Ascendant’s shareholders today overwhelmingly approved the sale of Ascendant to Algonquin.”

Ian Robertson, Chief Executive Officer of Algonquin added: “We are very pleased that the acquisition of Ascendant by Algonquin has received such strong support.

“We look forward to developing deep relationships with employees, customers and the Bermuda community and look forward to being a part of the exciting future for Bermuda Electric Light Company Limited and Ascendant’s non-regulated businesses.”

The sale remains subject to regulatory and governmental approvals.