Canada’s Algonquin to Acquire Bermuda Utility BELCO

By [email protected] Algonquin Power & Utilities, the Canada-based utilities group and renewables developer, agreed to acquire Bermuda’s primary electric utility, and plans to integrate more renewables and batteries onto the British Overseas Territory.

Algonquin said Monday that will spend $365 million buying 100 percent of the outstanding shares in Ascendant Group, owner of the Bermuda Electric Light Company (BELCO), the sole utility providing generation, transmission and distribution services to Bermuda’s 70,000 residents and businesses.

Algonquin said it will bring its experience as owner of various electric and gas utilities as well as a growing renewables development arm to help Bermuda prepare its grid for

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