Algonquin Power & Utilities, a Canadian utilities group and renewables developer, will acquire Ascendant Group Limited, Bermuda’s electric utility’s parent company.
Belco is Bermuda’s primary electric utility. This acquisition aims to modernise the island’s electricity infrastructure to prepare its grid for the challenges of the 21st century, namely climate change. The company will integrate more renewables, batteries and storage solutions onto the British Overseas Territory.
“In addition to Ascendant customer and employee benefits coming from the scale of our existing utility operations, we are confident that our demonstrated capability in renewable energy development can help Bermuda realize (…) its carbon-reduction aspirations,” said Algonquin CEO Ian Robertson.
Algonquin will acquire the company for USD 365 million, buying 100 percent of Belco’s parent company, Ascendant group.
Belco will continue to provide generation, transmission and distribution services to Bermuda’s 70 000 residents and businesses.