Downer EDI Limited (ASX:DOW) Secures NZ$600M Powerco Contract
Contract Details
Downer EDI Limited has been awarded an Electricity Field Services Agreement with Powerco, valued at approximately NZ$600 million (AU$540 million) over a maximum of twelve years. The contract begins on 1 July 2025 with an initial five-year period worth NZ$250 million and potential extensions for up to seven more years.
Operational Scope
Under the agreement, Downer will replace its current field services work with Powerco, providing maintenance, minor capital works, and fault repair services across two regions of Powerco’s electricity distribution network on New Zealand’s North Island.
Executive Comments
Chief Executive Officer Peter Tompkins stated, “This long-term contract reflects Downer’s strong and reliable performance for Powerco over more than a decade. It strengthens our position as a market leader in New Zealand’s Utilities sector, and is a strong endorsement of Downer’s proven track record to help our customers provide cost-effective, safe and reliable energy for our communities. We look forward to furthering our partnership with Powerco, and leveraging our capability to continue supporting their commitment to contribute to a lower carbon world.”
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