Puerto Rico electric utility retains chief financial adviser with contract capped at $5 million
SAN JUAN – The Puerto Rico Electric Power Authority (Prepa) announced in a statement Friday that it is retaining energy and restructuring expert Todd W. Filsinger as its chief financial adviser to lead the utility through its restructuring process in a contract capped at $5 million and ending in June.
Filsinger will have broad responsibilities over the financial aspects of the public corporations’s operations and will report directly to its governing board.
Prepa Chairman Ernesto Sgroi said Filsinger’s appointment is part of the “Prepa Governing Board’s strategy to create confidence, transparency, and independence in PREPA’s operations while attracting the top-level industry talent to Puerto Rico necessary to achieve our goal of providing world-class, modern electric utility service to the people of Puerto Rico,” Sgroi said in the published announcement.
“Filsinger Energy Partners bring substantial experience in the energy sector to Prepa, having previously guided several utilities through industry restructurings. Filsinger’s experience includes developing complex strategies for utilities and renewable energy companies, developing critical investment/divestment strategies for several large independent power producers, and restructuring numerous companies in the energy and power sector,” the release read.
Filsinger served as lead energy adviser to debtors during Energy Future Holdings’t recent bankruptcy; as interim chief executive officer and interim chief financial officer at Hawkeye Growth; and as chief operating officer, chief commercial officer and energy restructuring adviser for Calpine Corp.
His responsibilities at Prepa include independent financial oversight, development of budgets and approval of expenditures; development and implementation of operational reforms; working on restructuring, fiscal and transformation plans and the pending Title III proceeding; implementation of any approved transformation plan or certified fiscal plan; addressing issues related to federal funding, compliance, grants and reimbursements; and communicating with stakeholders including creditors, the government and the island’s fiscal oversight board.
Filsinger will work closely with the utility’s interim executive director, Justo González.