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Downer EDI Secures Over $900 Million of Contract Renewals, Extensions

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Downer EDI (ASX:DOW, NZE:DOW) secured more than $900 million of water and power contract renewals and extensions across Australia and New Zealand, according to a Tuesday filing with the Australian and New Zealand bourses.

The awards include a contract renewal with Watercare Services to deliver maintenance across Auckland's northern water and wastewater network, valued at an estimated NZ$420 million over a maximum term of 10 years.

The company further received a two-year contract extension with Logan City Council to deliver water and wastewater infrastructure services, valued at about $320 million. It also reported a contract with Invercargill City Council in New Zealand to deliver reticulation operations and maintenance across water, wastewater and stormwater networks, valued at up to about NZ$120 million over a maximum term of 15 years.

Additionally, Downer EDI secured a five-year delivery services panel contract with Vector, under which it expects to generate revenue of about NZ$150 million.

Downer EDI's Australian shares gained 1% in recent Tuesday trade.

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