Infrastructure and Energy Alternatives Secures $44 Million Award to Support California-Based Wind Development
Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) announced a $44 million contract awarded to its subsidiary, White Construction, to build a 60 MW wind farm in Riverside County, California.
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Rhea-AI Summary
Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) announced a $44 million contract awarded to its subsidiary, White Construction, to build a 60 MW wind farm in Riverside County, California. Construction is set to start in Q1 2022 and finish by Q1 2023. IEA will manage all engineering and construction for the project, which includes fifteen wind turbines and an underground electrical system. With over 6,000 MW installed in California, wind energy is crucial for meeting the state's renewable energy goals.
Positive
- Secured a $44 million contract for a 60 MW wind farm.
- Self-performing all engineering and construction tasks enhances project control.
- Construction efforts will contribute to California's renewable energy targets.
Negative
- None.
Details
News Market Reaction – IEA
The recorded move for IEA in the trading session of this news was -2.49%.
Data tracked by StockTitan Argus. Session date unavailable.
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INDIANAPOLIS, Dec. 16, 2021 (GLOBE NEWSWIRE) -- Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA, “IEA” or the “Company”) a leading infrastructure company with renewable energy and specialty civil expertise, today announced that White Construction, a wholly-owned subsidiary of IEA, has secured a
Under the terms of the contract award, IEA will self-perform all engineering and construction of fifteen wind turbines, two substation and meteorological evaluation towers (METs) and an underground electrical collector system. As outlined within the scope of work, IEA will also be tasked with construction of new private-land access roads, together with improvements to existing public roads surrounding the property.
With more than 6,000 MW of installed capacity across more than 120 projects throughout the state, California is the second-largest producer of wind energy in the nation. Wind energy, an integral part of California's electricity portfolio, will play a critical role in helping the state meet its Renewables Portfolio Standard, one that will require utilities to procure 60 percent of retail sales from renewable sources by 2030. To-date, nearly
“California remains at the vanguard of the clean energy transition, a state committed to investing in cost-competitive renewable energy sources,” stated JP Roehm, CEO of IEA. “IEA is proud to partner with California in its mission to develop a world-class network of sustainable, reliable energy systems that both reduce carbon emissions and foster economic development.”
To date, IEA has constructed more than 20 gigawatts of renewable energy projects across North America. IEA was ranked #2 for wind construction amongst Engineering News-Record’s 2021 Top 400 Contractors. For more information on IEA’s ENR rankings please visit enr.com.
ABOUT IEA
Infrastructure and Energy Alternatives, Inc. is a leading infrastructure construction company with renewable energy and specialty civil expertise. Headquartered in Indianapolis, Indiana, with operations throughout the country, IEA’s service offering spans the entire construction process. The Company offers a full spectrum of delivery models including full engineering, procurement, and construction, turnkey, design-build, balance of plant, and subcontracting services. IEA is one of the larger providers in the renewable energy industry and has completed more than 240 utility scale wind and solar projects across North America. In the heavy-civil space, IEA offers a number of specialty services including environmental remediation, industrial maintenance, specialty transportation infrastructure and other site development for public and private projects. For more information, please visit IEA’s website at www.iea.net or follow IEA on Facebook, LinkedIn and Twitter for the latest company news and events.
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as “anticipate,” “expect,” “could,” “may,” “intend,” “plan” and “believe,” among others, generally identify forward-looking statements. These forward-looking statements are based on currently available operating, financial, economic and other information, and are subject to a number of risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. A variety of factors, many of which are beyond our control, could cause actual future results or events to differ materially from those projected in the forward-looking statements in this release. For a full description of the risks and uncertainties which could cause actual results to differ from our forward-looking statements, please refer to IEA’s periodic filings with the Securities & Exchange Commission including those described as “Risk Factors” in IEA’s annual report on Form 10-K filed on March 8, 2021 and in any quarterly reports on Form 10-Q filed thereafter. IEA does not undertake any obligation to update forward-looking statements whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
INVESTOR CONTACT
Aaron Reddington, CFA
investors@iea.net
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