Ascendant Group Limited
to be acquired by Algonquin Power & Utilities Corp.*
After our recent announcement regarding the decision to pursue a sale of Ascendant Group Limited, we received a range of proposals from world-class organisations. All of these proposals put front and centre, the needs of our employees, our customers, and the broader Bermuda community, in addition to being a fair deal for our shareholders. Through a robust selection process, we have chosen Algonquin Power & Utilities Corp. and its affiliates (“Algonquin”) to take Ascendant forward successfully.
Algonquin is an established renewable energy and utility group, with North American assets in excess of $10 billion. They own and operate 54 energy facilities, of which approximately 90% are renewable.
Algonquin has a utility division that operates clean-and-green energy assets, including hydroelectric, wind, thermal, and solar, and maintains both water, gas and electricity distribution systems. Their utility division operates 33 distribution utilities in 13 US states and 1 Canadian province. Algonquin has over 3,200 employees and approximately 800,000 customers.
Algonquin recognises the importance of all stakeholders and commits to the following:
- Move one or more functional team(s) to be headquartered in Bermuda
- Hire local Bermudians to fill vacancies
- When relocated employees retire—hire Bermudians to fill their vacancies
- Collaborate with the Regulatory Authority to ensure fair-and-stable pricing
- Minimise unplanned outages and improve reliability
- Ensure a seamless transition
- Provide the funding required to modernise the utility and integrate renewables
Management / Employees
- Maintain existing commitment to no company-initiated job cuts
- Keep Bermudian employee base, led by our existing Bermudian executive management team
- Continue employee development with advanced training opportunities, both locally and overseas
- Provide opportunities for employees to work in other utilities and renewables facilities to broaden and enhance skillsets
- Maintain or improve upon existing employee benefits
Operations & Governance
Collaboration with key stakeholders to shape and implement the optimal IRP for Bermudians
Share learned knowledge and best practices drawn from our 30+ utilities (e.g. storm support, energy storage, tech support, & cost savings on purchases)
Follow business model of local, stand-alone operations, allowing local leaders to run the business
About Ascendant Group Limited
Ascendant Group Limited is a Bermuda-based, publicly traded provider of energy and energy-related services. Ascendant Group Limited is the parent company of Bermuda Electric Light Company Limited (BELCO) and AG Holdings Limited, which includes AIRCARE Limited, iFM Limited, iEPC Limited, Ascendant Properties Limited.
*This process is subject to acceptance by the shareholders and approval by the regulators and relevant government departments.