Ascendant Group Limited (“Ascendant”) welcomed the approvals of the Regulatory Authority (“RA”) and Minister of Finance as necessary steps in completing the sale of Ascendant to Algonquin Power & Utilities Corp. (“Algonquin”) (the “Sale”).
Ascendant Chairman Peter Durhager said: “This is welcome news and could not come at a more critical time for Bermuda. With the RA’s approval for the change of control of Bermuda Electric Light Company Limited (“BELCO”) and the Minister of Finance’s approval under Section 114B of the Companies Act 1981 granting permission for Algonquin to carry on business in Bermuda, we can complete the Sale. The sale of Ascendant to Algonquin will also assist the island and our economy to recover from the devastating impacts of COVID-19.”
Ascendant and Algonquin will now proceed with closing documentation which is expected to be completed within the coming weeks. Ascendant intends to close its share register as at the close of trading of the Bermuda Stock Exchange on Wednesday, 4th November, 2020. Shareholders will receive communication from Ascendant regarding the date and method of final payment in due course.
Algonquin’s Chief Executive Officer, Arun Banskota, noted: “Since announcing the agreement last year, we’ve been working closely with the Ascendant team and are extremely pleased to move to this next important stage. We’re excited to bring our expertise in sustainable energy solutions to the island to help move Bermuda towards a cleaner, greener energy future.”