Solar Photovoltaic (PV) Hybrid/ Battery Storage Plant, in Limlair, Carriacou now Secured
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HOUSE OF REPRESENTATIVES VOTES TO AFFIRM RESOLUTION ON GRENLEC SETTLEMENT AGREEMENT
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GOVERNMENT SOLIDIFYING PRINCIPLES FOR DIVESTMENT OF GRENLEC
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Submitted by publisher on 29 December 2020
The Government of Grenada has secured significant cost savings in the just concluded repurchase of shares in the Grenada Electricity Services Limited (GRENLEC), as part of its settlement agreement with WRB Enterprises which brings to an end, the International Centre for the Settlement of Investment Disputes (ICSID) arbitration case brought by the company.
Through the US $63 million settlement, which is US $12 million less than the arbitration award, Government has now regained control of the 50% shares sold to WRB in 1994. In addition, Government has also acquired the 11.6% shares which WRB purchased through an affiliate company and which was used to plough profits back into the hands of the company and its affiliates, rather than into critical ongoing capital investment to maintain and improve GRENLEC’s generating capacity.