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Emera acquires 10.7 percent of shares from ICD Utilities

After recently closing an $82 million deal with Grand Bahama Power Company(GBPC), Emera has acquired 10.74 percent of ICD Utilities Limited’s(ICDU)shares as part of the transaction.

The Canadian-based power company received 1,073,917 shares from ICDU, which increases Emera’s interest from 50 to 60 percent. The remaining 40 percent od ICDU is held by individual shareholders.

The shares were purchased from MaruEnergy Grand Bahama Limited, an indirect subsidiary of Marubeni TAQA Caribbean Limited, which was tied to the December 2 transaction where Emera bought 55.4 percent of direct and indirect interest in GBPC.

In 2008 Emera acquired a 25 percent interest in GBPC through its acquisition of 50 percent of the shares of BISX-listed ICDU, which holds 50 percent of the shares of GBPC. That transaction made Emera the majority shareholder of ICDU.

The company is also planning to construct a$35 million power station on Grand Bahama, which is expected to create up to 200 construction jobs.

The$82 million purchase of GBPC is subject to regulatory approval. Through its investment in GBPC and ICDU, Emera will appoint a number of new Bahamian members to the GBPC board of directors. Emera will finance the acquisition through existing credit facilities. GBPC is the only utility operator on Grand Bahama, serving 19,000 customers.

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