Fortis buys remaining 5 per cent stake in Belize Electric
Monday, May 24, 2004
ST. JOHN'S, CANADA: Power producer Fortis
Inc. has acquired the remaining five per cent of a Belize electricity
generator it didn't own for US$3.5 million.
Friday's announced purchase of the rest of
Belize Electric Co. Ltd. from the government of Belize makes the utility a
wholly owned indirect subsidiary of Fortis, one of Canada's biggest private
power companies.
In early 2001, Fortis bought Duke Energy
Group Inc.'s 95 per cent interest in Belize Electric for $62 million US.
Belize Electric owns and operates the only
commercial hydroelectric plant in Belize and sells its entire production to
Belize Electricity, the primary power distributor in Belize and a company 68
per cent owned by Fortis.
Fortis, based in St. John's, Newfoundland,
has more than $2.2 billion in assets and annual revenues of $843 million.
Through subsidiaries, the company sells power in Newfoundland, Prince Edward
Island, Ontario, Belize and the Cayman Islands. Fortis also produces power in
Newfoundland, New York State and Belize and has investments in real estate and
hotels.
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