The Grand Bahama Power Company (GBPC) is located on the Grand Bahama Island in The Bahamas. GBPC consists of one facility with 137MW of installed oil-fired capacity.
The Grand Bahama Port Authority regulates the utility and has granted GBPC a licensed, regulated and exclusive franchise to produce, transmit and distribute electricity on the island until 2054.
Through its investment in ICD Utilities, Emera will elect three members to the seven seat board of directors of GBPC. Other investors in GBPC include Marubeni Caribbean Power Holdings, which owns 55.4% and other ICD Utilities shareholders who own 19.6%.
Chris Huskilson, president and CEO of Emera, said: This opportunity is immediately accretive to Emera and is another measured investment in the Caribbean region following our initial investment in Lucelec last year. This acquisition positions Emera in the Caribbean marketplace and we will continue to seek additional opportunities to invest in the region.
