USAID Awards Tetra Tech additional $84 million to expand power Africa program
Friday, 20 May 2016
Pasadena, California. Tetra Tech, Inc. (NASDAQ: TTEK) announced today that the United States Agency for International Development (USAID) has awarded the Company an additional $84 million to its current $64 million contract under the U.S. Government-led Power Africa partnership.
Two out of three people in sub-Saharan Africa do not have access to power. Power Africa, launched by President Obama in 2013, aims to connect the African population to the electricity grid and provide access to those who live beyond the grid. Electricity access in sub-Saharan Africa will be expanded to 60 million homes and businesses by adding more than 30,000 megawatts (MW) of cleaner, more efficient electricity generation capacity by the year 2030.
Under its Power Africa contract, Tetra Tech is advancing a robust pipeline of power generation projects to financial close, designing innovative approaches to develop small-scale clean energy projects to increase access in rural areas, supporting the strengthening of regulatory and institutional policies, and providing direct programmatic support to the Power Africa Coordinator’s Office.
“The Tetra Tech team is tracking a pipeline of more than 140 active energy transactions at various stages of development, representing more than 20,000 MW of potential generation capacity in sub-Saharan Africa,” said Dan Batrack, Tetra Tech Chairman and CEO. “We look forward to continuing to support USAID to reach Power Africa’s goal of doubling access to electricity in sub-Saharan Africa.”
About Tetra Tech
Tetra Tech is a leading provider of consulting and engineering services. For 50 years, the Company has supported commercial and government clients focused on water, environment, infrastructure, resource management, energy, and international development. With 16,000 staff worldwide, Tetra Tech provides clear solutions to complex problems. For more information about Tetra Tech, please visit tetratech.com, follow us on Twitter (@TetraTech), or like us on Facebook.
Jim Wu, Investor Relations
Charlie MacPherson, Media & Public Relations
Any statements made in this release that are not based on historical fact are forward-looking statements. Any forward-looking statements made in this release represent management’s best judgment as to what may occur in the future. However, Tetra Tech’s actual outcome and results are not guaranteed and are subject to certain risks, uncertainties and assumptions ("Future Factors"), and may differ materially from what is expressed. For a description of Future Factors that could cause actual results to differ materially from such forward-looking statements, see the discussion under the section "Risk Factors" included in the Company’s Form 10-K and 10-Q filings with the Securities and Exchange Commission.
Last Updated ( Friday, 20 May 2016 )