Entegrus may be increasing its regional energy stewardship with an offer to purchase a minority stake in the Essex Power Corporation.
The town of Amherstburg, which owns 14% of Essex Power, has approved a valuation study that will include an offer to purchase.
The non-binding study will be completed in mid-February and a decision by Amherstburg’s council is expected within 90 days.
The agreement includes a $25 000 payment from Entegrus to the town to analyze the offer and offset any costs incurred in doing so.
If the sale were approved, the town would receive funds for whatever municipal purposes it sees fit.
“It really supplies the town with some flexibility while guaranteeing residents continue to receive reliable electricity service,” said Entegrus President and CEO Jim Hogan said.
Hogan said Essex Power is a well-run operation which has worked with Entegrus on a number of projects including a joint effort last year when the two combined efforts in repairing damage to the electrical system in New Jersey, caused by Hurricane Sandy in 2012.