AEI Power Ltd has sold its shareholding in Jamaica Private Power Company (JPPC) to IC Power, an international subsidiary of Israel Corp Group.
With the transaction, IC Power has increased its holdings in JPPC from 15.5 per cent to a 100 per cent.
Chief executive officer of JPPC, Ingrid Christian-Baker, said the deal “complements IC Power’s strategic plan to establish itself as a major player in the power generation business in Central America, the Caribbean, as well as in South America.”
IC Power, through its Latin America investments arm, Inkia Energy, has invested in Chile, Bolivia, Peru, Panama, El Salvador, Dominican Republic, Nicaragua, Colombia and Jamaican, said JPPC in a press release on its ownership change.
The acquisition price for JPPC was not disclosed, but according to earlier reports, IC Power acquired stakes in AEI Nicaragua and AEI Jamaica for US$54 million in cash.
Published in the Gleaner
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