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Cobra signs new $900M grid repair contract with Puerto Rico utility

Energy services firm Cobra Acquisitions LLC signed a new $900 million contract with the Puerto Rico Electric Power Authority for grid repairs and reconstruction following Hurricane Maria in September 2017.

The one-year agreement will help PREPA complete the restoration of critical transmission and distribution system components and support the initial phase of reconstruction for Puerto Rico's electric power system, according to a May 29 release from Cobra, which is a subsidiary of Mammoth Energy Services Inc.

The new deal is in addition to a separate $945 million restoration assistance contract that Cobra has with PREPA, a deal that was initially set at $200 million.

PREPA has relied on help from contractors, other electric utilities and the U.S. Army Corps of Engineers to rebuild its shattered power grid following the hurricane, which initially knocked out power to nearly all customers on the island. The utility took heat from lawmakers and other stakeholders for initially foregoing at-cost aid from other utilities and signing a $300 million no-bid repair contract with the small private Montana-based contractor Whitefish Energy Holdings LLC.

PREPA later canceled its deal with Whitefish and sought help from U.S. utilities through an industry-backed mutual assistance program.