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Puerto Rico Electric recovery plan calls for $2.3 billion investment
By Caroline Salls
Pittsburgh, June 2 – The Puerto Rico Electric Power Authority delivered a proposed recovery plan to its forbearing creditors on Tuesday, according to a news release.
The authority said the proposed recovery plan calls for a capital investment of at least $2.3 billion over the next five years, including the construction of the Aguirre Offshore Gas Project, while also providing opportunities for third parties to participate in a competitive bidding process to build and operate new generation plants.
Third parties would also have the opportunity to manage and operate the authority’s existing assets for the benefit of the people of Puerto Rico, the release said.
The authority said the economic terms of the proposal are subject to ongoing confidential discussions. A full version of the plan will be released when negotiations are concluded.
“Delivery of the proposed recovery plan today to our creditors is another major milestone and demonstrates that we are continuing to make progress in our efforts to transform PREPA,” chief restructuring officer Lisa Donahue said in the release.
The authority said it is also continuing discussions with its forbearing creditors on an extension of the existing forbearance agreement and expects to make an announcement before the June 4 deadline.
“We are focused on achieving a consensual restructuring and optimizing our operations for the benefit of the people of Puerto Rico,” governing board president Harry Rodríguez said in the release.
“The governing board extensively discussed the recovery plan with PREPA’s advisors and made a fully informed decision before approving the delivery of the recovery plan to creditors.”
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