Bloomberg Law
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Law
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

New Fortress Subsidiary Wins Puerto Rico Power Plants Bid (2)

Jan. 25, 2023, 6:00 PM

A subsidiary of New Fortress Energy Inc. won a deal to operate and manage Puerto Rico’s ailing power generators, after years of negotiations, delays and speculation.

Genera PR LLC, an independent subsidiary of New Fortress, beat out one other bidder for the 10-year contract that puts it in charge of 12 power plants and can pay a maximum of $122.5 million in a year, depending on how much it brings down operating costs.

“Any savings that Genera PR generates will be shared with the government of Puerto Rico and people of Puerto Rico,” Gov. Pedro Pierluisi said at a press ...