The Financial Oversight and Management Board for Puerto Rico proposed agreement between the Puerto Rico Public-Private Partnerships Authority (P3A) and LUMA Energy (a consortium of Quanta Services and ATCO Ltd. Company) to manage and operate the transmission and distribution system of the Puerto Rico Electric Power Authority (PREPA).

Under the agreement, LUMA Energy will operate, manage, maintain, repair, and restore PREPA’s transmission and distribution system to help the transformation of PREPA into a modern power company able to deliver reliable, clean, and more affordable electricity to Puerto Rico’s households and businesses.

LUMA Energy will be paid a management fee and an incentive fee structured to provide tangible improvements to PREPA’s customers. LUMA Energy will work with FEMA and the U.S. Department of Housing and Urban Development to deploy efficiently the Federal aid allocated to Puerto Rico’s power systems.