Grenada regains majority shareholding in electricity provider: CARICOM BUSINESS
Grenada’s light and power company monopoly, Grenlec, will continue to operate as a private company, although the government has repurchased the majority shares owned by WRB Enterprises.
Through a US$63-million settlement, which is US$12 million less than an arbitration award, the government regained control of the 50% shareholding sold to WRB Enterprises in 1994. In addition, the government has also acquired the 11.6% shares in the Grenada Private Power Limited – a WRB-affiliated company.
This was occasioned as WRB initiated legal proceedings in 2017 following the passage of laws by the Parliament of Grenada to liberalise the electricity sector under a World Bank-funded OECS project The Grenadian government says that it has already approached the World Bank and the International Renewable Energy Agency to procure the services of a world-class management company to operate the utility and facilitate the divestment of the shares through a public offering.(JG) (ECSE)
Extract from CARICOM BUSINESS Newsletter Vol 4 No 2
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