MasTec Wins $500M MSA From PREPA To Restore Electric Supply
Zacks Investment Research | Jun 04, 2018 09:37PM ET
MasTec, Inc. (NYSE:MTZ) recently signed a master services agreement (“MSA”) with the Puerto Rico Electric Power Authority ("PREPA") for approximately $500 million. Per the MSA, MasTec will complete the restoration of the critical electrical transmission and distribution system components which were damaged by the Hurricane Maria. The scope of work also entails providing support for the initial phase of reconstruction and modernization of the electrical power system in Puerto Rico.
The Hurricane Maria, which hit Puerto Rico in September 2017, had wreaked havoc in the island. The tropical storm damaged PREPA’s aging electrical grid. The island is still facing lack of access to electricity and clean water.
Per the deal, MasTec will assist in the power reconstruction and restoration efforts in Puerto Rico, as well as improve electric utility infrastructure. The company will also work with the Commonwealth of Puerto Rico, PREPA, and various other federal and Commonwealth agencies in the transition to upgrading and modernizing the power grid.
MasTec, Inc. Price
Original post
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.