{"id":7783,"date":"2020-12-28T19:55:51","date_gmt":"2020-12-28T23:55:51","guid":{"rendered":"https:\/\/drealfmgrenada.com\/?p=7783"},"modified":"2020-12-28T19:55:51","modified_gmt":"2020-12-28T23:55:51","slug":"wrb-gpp-reach-settlement-with-government-of-grenada-transfer-grenlec-shares","status":"publish","type":"post","link":"https:\/\/drealfmgrenada.com\/index.php\/2020\/12\/28\/wrb-gpp-reach-settlement-with-government-of-grenada-transfer-grenlec-shares\/","title":{"rendered":"WRB\/GPP Reach Settlement With Government Of Grenada, Transfer Grenlec Shares"},"content":{"rendered":"

WRB Enterprises (WRB) and Grenada Private Power Limited (GPP) today (28 December) announced it had executed a Settlement Agreement with the Government of Grenada, effective 24 December 2020.<\/strong><\/p>\n

Under that Agreement, WRB\/GPP and related parties transferred their majority stake in Grenlec to the Government in exchange for the payment of US$63 million, thereby making the Government of Grenada the majority shareholder of Grenlec.<\/p>\n

\u201cWhile we are sad to exit our investment in Grenlec, we are proud to have transformed it into a world-class utility system: one of the best-run utilities in the Caribbean,\u201d said G Robert Blanchard Jr., Chairman and CEO of WRB Enterprises and Chairman and Managing Director of GPP. \u201cWe leave our involvement in Grenlec comfortable in the knowledge that the team in place today is capable of continuing to bring the utility forward at the highest level possible.\u201d<\/p>\n

Government\u2019s repurchase of WRB\/GPP\u2019s shares in Grenlec was based on a Share Purchase Agreement (SPA) entered into in 1994. Government\u2019s enactment of the 2016 Electricity Supply Act triggered the repurchase event under the SPA and left WRB\/GPP with no choice but to proceed with arbitration.<\/p>\n

\u201cWe would have preferred to stay and continue our involvement for another quarter-century; however, Government\u2019s unwillingness to work in a collaborative process \u2013 despite our numerous attempts \u2013 prevented us from moving forward together constructively,\u201d said Blanchard. \u201cWe want to stress that WRB\/GPP never sought this path and we would have preferred to continue our work in Grenada. Our mission and focus has always been to serve in the best interests of customers, employees, shareholders, and all Grenadians who depend on Grenlec for safe, reliable, and efficient electricity services.\u201d<\/p>\n

WRB Enterprises<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

WRB Enterprises (WRB) and Grenada Private Power Limited (GPP) today (28 December) announced it had executed a Settlement Agreement with the Government of Grenada, effective 24 December 2020. Under that Agreement, WRB\/GPP and related parties […]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":7785,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[39],"tags":[],"class_list":{"0":"post-7783","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-local-news"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/drealfmgrenada.com\/wp-content\/uploads\/2020\/12\/GRENLEC-1.jpg?fit=474%2C260&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"rttpg_featured_image_url":{"full":["https:\/\/i0.wp.com\/drealfmgrenada.com\/wp-content\/uploads\/2020\/12\/GRENLEC-1.jpg?fit=474%2C260&ssl=1",474,260,false],"landscape":["https:\/\/drealfmgrenada.com\/wp-content\/uploads\/2020\/12\/GRENLEC-1.jpg",474,260,false],"portraits":["https:\/\/drealfmgrenada.com\/wp-content\/uploads\/2020\/12\/GRENLEC-1.jpg",474,260,false],"thumbnail":["https:\/\/i0.wp.com\/drealfmgrenada.com\/wp-content\/uploads\/2020\/12\/GRENLEC-1.jpg?resize=150%2C150&ssl=1",150,150,true],"medium":["https:\/\/i0.wp.com\/drealfmgrenada.com\/wp-content\/uploads\/2020\/12\/GRENLEC-1.jpg?fit=300%2C165&ssl=1",300,165,true],"large":["https:\/\/i0.wp.com\/drealfmgrenada.com\/wp-content\/uploads\/2020\/12\/GRENLEC-1.jpg?fit=474%2C260&ssl=1",474,260,true],"1536x1536":["https:\/\/i0.wp.com\/drealfmgrenada.com\/wp-content\/uploads\/2020\/12\/GRENLEC-1.jpg?fit=474%2C260&ssl=1",474,260,true],"2048x2048":["https:\/\/i0.wp.com\/drealfmgrenada.com\/wp-content\/uploads\/2020\/12\/GRENLEC-1.jpg?fit=474%2C260&ssl=1",474,260,true],"mh-magazine-slider":["https:\/\/i0.wp.com\/drealfmgrenada.com\/wp-content\/uploads\/2020\/12\/GRENLEC-1.jpg?resize=474%2C260&ssl=1",474,260,true],"mh-magazine-content":["https:\/\/i0.wp.com\/drealfmgrenada.com\/wp-content\/uploads\/2020\/12\/GRENLEC-1.jpg?resize=474%2C260&ssl=1",474,260,true],"mh-magazine-large":["https:\/\/i0.wp.com\/drealfmgrenada.com\/wp-content\/uploads\/2020\/12\/GRENLEC-1.jpg?resize=474%2C260&ssl=1",474,260,true],"mh-magazine-medium":["https:\/\/i0.wp.com\/drealfmgrenada.com\/wp-content\/uploads\/2020\/12\/GRENLEC-1.jpg?resize=326%2C245&ssl=1",326,245,true],"mh-magazine-small":["https:\/\/i0.wp.com\/drealfmgrenada.com\/wp-content\/uploads\/2020\/12\/GRENLEC-1.jpg?resize=80%2C60&ssl=1",80,60,true]},"rttpg_author":{"display_name":"adminrfm","author_link":"https:\/\/drealfmgrenada.com\/index.php\/author\/adminrfm\/"},"rttpg_comment":0,"rttpg_category":"Local News<\/a>","rttpg_excerpt":"WRB Enterprises (WRB) and Grenada Private Power Limited (GPP) today (28 December) announced it had executed a Settlement Agreement with the Government of Grenada, effective 24 December 2020. Under that Agreement, WRB\/GPP and related parties [...]","_links":{"self":[{"href":"https:\/\/drealfmgrenada.com\/index.php\/wp-json\/wp\/v2\/posts\/7783","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/drealfmgrenada.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/drealfmgrenada.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/drealfmgrenada.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/drealfmgrenada.com\/index.php\/wp-json\/wp\/v2\/comments?post=7783"}],"version-history":[{"count":1,"href":"https:\/\/drealfmgrenada.com\/index.php\/wp-json\/wp\/v2\/posts\/7783\/revisions"}],"predecessor-version":[{"id":7786,"href":"https:\/\/drealfmgrenada.com\/index.php\/wp-json\/wp\/v2\/posts\/7783\/revisions\/7786"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/drealfmgrenada.com\/index.php\/wp-json\/wp\/v2\/media\/7785"}],"wp:attachment":[{"href":"https:\/\/drealfmgrenada.com\/index.php\/wp-json\/wp\/v2\/media?parent=7783"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/drealfmgrenada.com\/index.php\/wp-json\/wp\/v2\/categories?post=7783"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/drealfmgrenada.com\/index.php\/wp-json\/wp\/v2\/tags?post=7783"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}