News Release: HAMILTON, Bermuda – The Ascendant Group – parent company of Belco, confirmed today that the sale of Bermuda’s sole electricity plant has been completed.
In a statement released today, an Ascendant spokesperson said: “Ascendant’s existing Bermudian management will continue to run the Company and its subsidiaries and a new majority Bermudian Board of Directors has been constituted which includes representatives from Algonquin. Shareholders of Ascendant can visit www.ascendant.bm for information, where final payment information will be posted.”
Ascendant’s new Board Chairman, Barclay Simmons added: “We look forward to this new chapter and the expertise Algonquin brings in renewable energy that will ensure Bermuda is well served with reliable power generation that will be cost-effective, cleaner, and more efficient.”
A statement from the Canada-based Algonquin Power & Utilities Corporation also said: “It has successfully completed its acquisition of Ascendant Group Limited and its subsidiaries.
“Ascendant, through its major subsidiary, Bermuda Electric Light Company Limited (Belco) is the sole electric utility in Bermuda, providing safe and reliable regulated electrical generation, transmission and distribution services to approximately 36,000 customer connections.
“We are pleased to welcome the employees and customers of BELCO and the Ascendant Group of Companies to the Algonquin Liberty family,” said Arun Banskota, President and Chief Executive Officer of APUC.
“We are committed to providing residents of Bermuda safe and reliable delivery of essential services, and also to leverage our commitment to sustainability as a leader in renewable energy for both the economic and environmental benefit of Bermuda.
“As previously announced, under the terms of the all-cash transaction, Ascendant’s shareholders received U.S. $36 per common share, representing an aggregate share purchase price of approximately U.S. $365 million.”
Meanwhile, a Bermuda Stock Exchange (BSX) spokesperson announced that effective today, (Monday, November 9) has “voluntarily withdrawn from its BSX listing of common shares following the acquisition of the Company by Algonquin Power & Utilities Corp”.