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Stock Market & Financial Investment News

News Breaks
December 19, 2012
16:07 EDTPOWRPowerSecure extends stock repurchase program
PowerSecure International announced that its board of directors has authorized an extension of the company's stock repurchase program for an additional $5M of the company's common stock through December 2014.
News For POWR From The Last 14 Days
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February 9, 2016
06:19 EDTPOWRPowerSecure signs MSA with government of The Bahamas
PowerSecure announced that the company has signed a Management Services Agreement, or MSA, with the government of The Bahamas under which PowerSecure will provide its management services to Bahamas Power and Light, or 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. Recently passed energy reform legislation by The Bahamas provided for the incorporation of BPL, as a wholly-owned subsidiary of Bahamas Electricity Corporation, or 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. Under the terms of the MSA, in addition to PowerSecure receiving a baseline annual management fee of $2M, BPL must achieve pre-defined key performance indicators, or 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% of the management fee per year.

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