Itron Wins $150M Contract for Smart Meters in Johannesburg
Itron, Inc. (NASDAQ: ITRI) announced today that, in collaboration with the Edison Power Group, it received a major contract award from the City of Johannesburg, the continent leader and economic hub of Africa with a AA-credit rating from Moody's and Finch.
The engagement, which has a total contract value of approximately $150 million, will require Itron to supply its latest generation smart meters and associated smart metering system, tying into the City of Johannesburg's stated growth and development strategy to improve service delivery and efficiency through network automation.
After an intense global search, Itron was identified by Edison Power Group as the right partner to deliver the best solution for City Power. “Itron is proud to support a leading utility like City Power in making the smart grid a reality. We believe our technology provides the foundation for engaging customers and complements the city's demand side management program,” said Philip Mezey, president and chief operating officer of Energy for Itron.
Key to the solution will be the empowerment of City Power's customers, allowing them to better manage their electricity usage and take steps to save energy, as well as money on their utility bills. A further element is the more pervasive application of the city's demand side management initiative. Central to the entire project is a significant investment in black economic empowerment, skills development and expanded localized support capacity. “We have established a clear strategy and plan to develop skills and ensure local sustainability. We are all in this for the long haul,” commented Sindi Mzamo, chief executive officer of Edison Power Group.
The award was based on a thorough evaluation of the submitted bid and Itron's proven field results in various similar solutions throughout the world. “It is our assessment that the consortium offer of Edison Power and Itron provides the right combination of local empowerment, world-class technology and proven delivery performance to support the utility's future priorities,” said Sicelo Xulu, chief executive officer of City Power.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.