The sale of Ascendant Group Ltd to a Canadian utilities firm has been completed, a spokesman said today.

Belco’s parent company was acquired by Algonquin Power and Utilities Corp.

An Ascendant spokesman said: “Ascendant’s existing Bermudian management will continue to run the company and its subsidiaries and a new majority Bermudian board of directors has been constituted which includes representatives from Algonquin.”

Barclay Simmons, chairman of the company’s board, added: “We look forward to this new chapter and the expertise Algonquin brings in renewable energy that will ensure Bermuda is well served with reliable power generation that will be cost-effective, cleaner, and more efficient.”

Ascendant shareholders can visit www.ascendant.bm for more information, where details about final payment will be posted.