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Grenada Government Intends To Buy Majority Stake In GRENLEC

(Caribbean News Now)ST GEORGE’S, Grenada  -- The government of Grenada has formally advised Grenada Private Power (GPP) of its intention to purchase the majority stake in Grenlec. This notification follows a notice to government by GPP on September 19, 2013, giving the government of Grenada the first option to purchase GPP's 50 percent shareholding in Grenlec.

Minister of Public Utilities Gregory Bowen said, “This is an important opportunity to bring down the high price of electricity and it cannot be missed.”

The government currently owns 10% of GRENLEC shares while the National Security Scheme owns 11%.

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