Statement from Mayor Foster on Elexicon reinvestment

Clarington, Ontario – Clarington Mayor Adrian Foster has issued the following statement on the $62 million equity investment that several shareholders have made in Elexicon Energy:

“The Municipality of Clarington, along with Ajax, Belleville and Whitby, have committed to increasing investment in the local grid through a renewed financing arrangement with Elexicon Energy.

By converting the debt owed to shareholders into equity in the company, we’re committing to Elexicon’s long-term growth. Elexicon provides safe and reliable energy to many areas of Clarington, and as our community grows, so too must our local energy infrastructure. This is your utility, owned by the taxpayers, and we’re confident this prudent investment will contribute to the long-term financial success of both the company and our local economy.

We look forward to continuing to work with our partners in enabling the critical energy infrastructure required for responsible and balanced growth in our communities.”