$300m Puerto Rico Recovery Contract Awarded to Tiny Utility Company Linked to Major Trump Donor [View all]
Source: The Daily Beast
A tiny utility company linked to a prominent Trump campaign donor has been awarded the massive contract to help rebuild the crippled island.
KEN KLIPPENSTEIN
10.24.17 7:29 AM ET
Puerto Rico has agreed to pay a reported $300 million for the restoration of its power grid to a tiny utility company that is primarily financed by a private-equity firm founded and run by a man who contributed large sums of money to President Trump, an investigation conducted by The Daily Beast has found.
Whitefish Energy Holdings, which had a reported staff of only two full-time employees when Hurricane Maria touched down, appears ill-equipped to handle the daunting task of restoring electricity to Puerto Rico’s more than 3 million residents.
Much larger utilities are more commonly used following natural disasters on the scale of Hurricane Maria, which devastated the island last month.
The private-equity firm that finances Whitefish, HBC Investments, was founded by Joe Colonnetta, who serves as its general partner.
Read more: https://www.thedailybeast.com/dollar300m-puerto-rico-recovery-contract-awarded-to-tiny-utility-company-linked-to-major-trump-donor
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