St. Lucia Electricity Services Ltd.

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Lucelec was partially divested in 1994, when the government floated the company's shares in the stock market. Globeleq, the power sector subsidiary of the Commonwealth Development Corporation (UK), was the major shareholder of the company, with 44.87% of the shares; the remaining shares are held by other private interests and by the government (12.44%). The company's power station, Cul de Sac - constructed in the late 1980s, was expanded in 1995 and in 1997. The last expansion phase was completed in July 1998. The EIB has provided financing for Lucelec: in 1997, an US$8 million loan was approved (previously to the privatization process, Lucelec was awarded US$ 3 million in 1986 and US$ 3 million in 1988 by the EIB). The company's generating capacity was about 40 MW. Lucelec had an 80-year license from the government which gave the company the right to adopt any measure that guaranteed its set level of returns on its investments each year. This had created concerns regarding the company's pricing policy. Globeleq sold its 44.87% stake in Lucelec in 2004. The shares were sold in three transactions. Twenty percent of the shares Lucelec shares were sold in a private transaction in early 2004. A second transaction, also for 20 percent, was concluded earlier in June 2004 with First Citizens Bank Limited of Trinidad and Tobago. The sale of the final 4.6 percent of the shares of Lucelec was executed earlier this week through the Eastern Caribbean Stock Exchange (ECSE) at EC$13.90 (US$5.21) per share. After those transactions, Caribbean Basin Power Fund (CBPF) had its 19% stake and the rest was divided among minority shareholders. In January 2007, CBPF sold its stake to Canadian energy company Emera. Company website http://www.lucelec.com/ From company annual report the annual investment in Lucian dollar (in thousands)are: $41,364 in 2000, $20,155 in 2001, $12,706 in 2002, $17,404 in 2003, $42,881 in 2004, and $27,200 in 2005.