Puerto Rico Board Certifies $750 Million Fund for Luma Contract

Puerto Rico’s financial oversight board approved directing $750 million from the commonwealth’s current budget to create a reserve fund for its electric utility, part of an agreement with Luma Energy LLC to take over the island’s power grid.

• The oversight board certified a revised budget for the fiscal year that ends June 30 that allocates $750 million to fund operational reserve accounts for Puerto Rico’s bankrupt Electric Power Authority, according to a letter late Wednesday from the board to Governor Pedro Pierluisi and the island’s legislature
• Luma is set to take over Prepa’s operations on June 1
  • Its contract ...