MasTec Inc. announced Monday it inked a $500 million contract to complete work on Puerto Rico’s damaged electrical grid following last year’s Hurricane Maria.
The agreement made with the island’s power provider, the Puerto Rico Electrical Power Authority, requires MasTec (NYSE: MTZ) to complete work on the island’s transmission lines and begin the process of modernizing the electrical system, according to a press release issued by MasTec.
After the Coral Gables-based infrastructure company sets up its manpower and resources, the work is expected to take a year to complete. It aims to contribute to a multi-year utility modernization process, MasTec CEO Jose Mas said in the statement.
The 22,900-person company operates seven infrastructure divisions, including a power delivery arm throughout North America.
MasTec declined to comment on the announcement.
The competitive bid process and master service agreement comes as the U.S. Commonwealth continues to look for partners to rebuild its damaged infrastructure following last year’s devastating hurricane season.
In October, Puerto Rico governor Ricardo Rossello canceled a $300 million contract with Montana-based Whitefish Energy Holdings to rebuild its power grid, according to the New York Times.
“We have been proudly performing services in Puerto Rico for over 50 years, including storm restoration efforts,” Mas said in the statement.
The company topped the South Florida Business Journal's Hispanic-owned Businesses list in 2018, with revenue of $5.13 billion as of 2016.
Revenue 2016
| Rank | Prior Rank | Company / Prior (*Not ranked in 2016) / URL |
|---|---|---|
1 | 2 | MasTec |
2 | 1 | Fanjul Corp. |
3 | 3 | The Related Group |
