WAKE FOREST, N.C., Feb. 9,
2016 /PRNewswire/ -- PowerSecure (NYSE: POWR) announced today
that the company has signed a Management Services Agreement (MSA)
with the government of The Bahamas
under which PowerSecure will provide its management
services to Bahamas Power and Light (BPL) for the next five
years.
The MSA includes a business plan which outlines cost-reduction
and reliability targets along with renewable energy and customer
service initiatives for New Providence and the Family Islands.
"Today is an exciting new day in The Bahamas as we progress into a formal
relationship with PowerSecure to implement a robust business plan
with the goal to reduce customer electricity costs and provide
increased reliability," said Nathaniel
Beneby, chairman of the board for BPL.
Recently passed energy reform legislation by The
Bahamas provided for the incorporation of BPL, as a
wholly-owned subsidiary of Bahamas Electricity Corporation (BEC),
to provide safe and secure electrical services for The Bahamas in a modernized and cost-effective
manner. The new legislation also calls for the issuance of a rate
reduction bond, which BPL intends to be utilized to refinance
BEC's existing legacy debt and to fund infrastructure and
efficiency investments for BPL which would result in a net
reduction to customer electricity bills.
"It is an honor and a blessing to be selected to serve the
Bahamian people. PowerSecure team members, especially our chief
utility officer, Ronnie Brannen, and
our chief sales officer, Mark
Martyak, have spent hundreds of hours on the ground in New
Providence and across all of the Family Islands rigorously
assessing the current condition of existing assets and developing
renewable energy and other exciting approaches aimed at
improving the efficiency and reliability of electricity for
The Bahamas for years to come,"
said Sidney Hinton, chief executive
officer of PowerSecure.
Under the terms of the MSA, in addition to
PowerSecure receiving a baseline annual management fee of
$2 million, BPL must achieve
pre-defined key performance indicators (KPIs) related to cost
reductions, reliability improvements and customer service
enhancements in order for PowerSecure to receive potential
additional performance-based compensation of up to 150
percent of the management fee per year.
Additionally, the BPL board of directors has appointed
Jeff Wallace as the new CEO of BPL,
effective immediately. Mr Wallace has more than 35 years of utility
experience and over the past 10 years served as the vice
president of fuel procurement for Southern Company, where he was
responsible for managing $7 billion
in fuel procurement, planning and delivery programs for 85 power
plants.
"I look forward to meeting the team at BPL and working towards
creating a world-class utility delivering highly-reliable, low-cost
power to the Bahamian people and fostering a culture of excellence
at BPL that allows our employees to grow professionally and
contribute to a thriving workplace," Wallace said.
About PowerSecure
PowerSecure International, Inc. is a leading provider of utility
and energy technologies to electric utilities, and their
industrial, institutional and commercial customers.
PowerSecure provides products and services in the areas of
Interactive Distributed Generation® (IDG®),
solar energy, energy efficiency and utility
infrastructure.
The company is a pioneer in developing IDG® power
systems with sophisticated smart grid capabilities, including the
ability to 1) forecast electricity demand and electronically deploy
the systems to deliver more efficient, and environmentally
friendly, power at peak power times, 2) provide utilities with
dedicated electric power generation capacity to utilize for demand
response purposes and 3) provide customers with the most dependable
standby power in the industry. Its proprietary distributed
generation system designs utilize a range of technologies to
deliver power, including renewables.
The company's energy efficiency products and services include
energy efficient lighting solutions that utilize LED technologies
to improve lighting quality, and the design, installation and
maintenance of energy conservation measures which we offer,
primarily as a subcontractor, to large energy service company
providers, called ESCOs, for the benefit of commercial, industrial
and institutional customers as end users and directly to
retailers.
PowerSecure also provides electric utilities with transmission
and distribution infrastructure maintenance and construction
services, and engineering and regulatory consulting services.
Additional information is available at www.powersecure.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of and made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are all statements other than statements
of historical facts, including but not limited to the future
performance of BPL, the future condition, efficiency and
reliability of the electricity industry in The Bahamas and the achievement of the KPIs and
incentive compensation under the MSA; the outlook for the
company's growth and profitability and its future revenues,
earnings, margins, cash resources and cash flow and other financial
and operating information and data; the company's future business
operations, strategies and prospects; and all other statements
concerning the plans, intentions, expectations, projections, hopes,
beliefs, objectives, goals and strategies of management, including
statements about other future financial and non-financial items,
performance or events and about present and future products,
services, technologies and businesses; and statements of
assumptions underlying the foregoing.
Forward-looking statements are not guarantees of future
performance or events and are subject to a number of known and
unknown risks, uncertainties and other factors that are difficult
to predict and could cause actual results to differ materially from
those expressed, projected or implied by such forward-looking
statements. Important risks, uncertainties and other factors
include, but are not limited to, the on-going uncertainty and
inconsistency in the economy, financial markets and business
markets and the effects thereof on the company's markets and
customers, the demand for its products and services, and the
company's access to capital; the economic and market uncertainties
in The Bahamas generally and those
specific to the electricity markets; the ability of BPL to achieve
the anticipated KPIs and performance targets, including
cost-reductions, efficiencies, and reliability in the electricity
market; the ability of BPL to raise sufficient capital to
refinance its existing debt and to finance future initiatives; the
ability of the Company to help BPL achieve the targeted
performance, operational, financial and other goals under the MSA;
changes in future legislation and regulations in The Bahamas; the liability of the Company for
damages under the MSA; environmental risks in managing electricity
and power generating operations and businesses; the effects
of pending and future litigation, claims and disputes including any
future claims that might arise under the MSA or in connection with
the Company's actions or omissions in The Bahamas; and other
risks, uncertainties and other factors identified from time to time
in its reports filed with or furnished to the Securities and
Exchange Commission, including the company's most recent Annual
Report on Form 10-K, as well as subsequently filed reports on Form
10-Q and Form 8-K, copies of which may be obtained by visiting the
investor relations page of the company's website at
www.powersecure.com or the SEC's website at www.sec.gov.
Accordingly, there is no assurance that the results
expressed, projected or implied by any forward-looking statements
will be achieved, and readers are cautioned not to place undue
reliance on any forward-looking statements. The forward-looking
statements in this press release speak only as of the date hereof
and are based on the current plans, goals, objectives, strategies,
intentions, expectations and assumptions of, and the information
currently available to, management. The company assumes no duty or
obligation to update or revise any forward-looking statements for
any reason, whether as the result of changes in expectations, new
information, future events, conditions or circumstances or
otherwise.
Contact:
John Bluth
PowerSecure International, Inc.
(919) 453-2103
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/powersecure-and-government-of-bahamas-sign-management-services-agreement-for-bahamas-power-and-light-300217101.html
SOURCE PowerSecure International, Inc.
