Providenciales, Turks and Caicos Islands (Friday, August 31, 2012) - FortisTCI (the Company) announced today that it has acquired 100% shares of the Grand Turk based electricity company, Turks & Caicos Utilities Limited (TCU). The purchase agreement was finalized yesterday.
TCU operates two diesel fired power plants that serve more than 2000 residential and commercial customers between Grand Turk and Salt Cay. Combined, both islands have a generating capacity of 9.2 megawatts ("MW") with a peak demand of 4.2 MW. TCU currently functions pursuant to a 50 year license that expires in 2036.
"We believe that there are immediate and long term synergies from the operational amalgamation of both companies that will benefit all stakeholders," said President and CEO of FortisTCI, Eddinton Powell. "We look forward to working with electricity consumers on Grand Turk and Salt Cay in the weeks, months, and years to come. We intend to be a full strategic partner in all areas of our service territories. Quality service, infrastructure, technology, and human resource development will continue to be our main focus across all Islands."
FortisTCI is a subsidiary of Canadian owned Fortis Inc. and is the licensed provider of electricity on Providenciales, North Caicos, Middle Caicos, East Caicos and on adjacent cays. The Company also provides services through Atlantic Equipment & Power Limited (AEP) to South Caicos. Together, FortisTCI, AEP, and TCU will service over 11,000 electricity consumers in the Turks and Caicos Islands.
Since entering the market in 2006, Fortis Inc. has invested approximately $210 million, inclusive of the TCU acquisition, in the Turks and Caicos Islands. Stan Marshall, President and CEO of Fortis Inc. stated that, "The electricity business is highly capital intensive and we are focused on meeting the growing needs of electricity consumers. The acquisition of TCU further demonstrates our commitment to being a long term strategic partner in the Turks and Caicos Islands."