This transaction follows an announcement on November 28, 2012 that LPH had signed a Letter of Intent with WRB for the acquisition.
DOMLEC is the sole electric utility for the Commonwealth of Dominica, serving 34,000 customers. The Dominica Social Security Scheme owns 21 per cent of DOMLEC, with the remaining 27 per cent broadly held by other investors.
“The acquisition of DOMLEC is consistent with our strategy to build a business of scale in the Caribbean,” said LPH Managing Director Peter Williams. “We believe our operational expertise coupled with that of the team at DOMLEC will create new potential for adding value to the benefit of customers in Dominica. We look forward to working with the other investors, including Dominica Social Security Scheme, to ensure that DOMLEC continues to provide an excellent electricity service which is essential to Dominica’s economic development.”
WRB’s President, Bob Blanchard, Jr. stated: “WRB is proud of our association with DOMLEC, and with accomplishments at the company over many years. We are confident that LPH’s experience in the utility business will enhance the capacity of DOMLEC to serve its customers.”
LPH and WRB have prepared a continuity plan to ensure a smooth transition of control, with customer service and employee alignment as a priority.
The two companies have also agreed that they will collaborate in the future on the development of new renewable energy projects in the Caribbean.