Infrastructure and Energy Alternatives, Inc. Awarded 302 MW EPC Wind Contract in Indiana
September 15 2020 - 8:00AM
Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“IEA”
or the “Company”), a leading infrastructure construction company
with renewable energy and specialty civil expertise, today
announced that the Company has been awarded an EPC wind contract in
excess of $100 million in the state of Indiana. The contract was
awarded to IEA subsidiary company, White Construction, a
utility-scale energy and heavy civil infrastructure
contractor.
The award is for the construction of a 302 MW
wind farm in Northern Indiana. Construction began on August 24,
2020 and is expected to be completed in November 2021. Once
complete, the wind farm will have the capacity to power more than
83,000 homes with clean electricity. IEA will self-perform all of
the engineering, procurement and construction needs of the project,
including the building of access roads, erection of wind
generators, installation of turbine foundations, and the
construction of the project substations, transmission lines and a
medium-voltage collection system.
Flat terrain and high winds make Indiana an
ideal location for wind construction. Indiana ranks 12th in the
nation for total wind capacity installed as of June 30, 2020, the
most recent ranking information available. According to the
American Wind Energy Association, more than 1,000 wind turbines
have been erected across Indiana since 2008, which together produce
approximately 2,300 MW of energy or roughly five percent of
Indiana’s total electricity.
“There continues to be a strong demand for wind
construction, and we are very pleased to be able to support the
efforts to bring increased renewable energy sources to our home
state of Indiana,” said JP Roehm, IEA’s President and Chief
Executive Officer. “Wind installations in the U.S. in the second
quarter of 2020 were the highest second quarter of installations on
record. This momentum has continued into the third quarter, and
Indiana now has more than 1,100 MW of new wind energy capacity
under construction or in advanced stages of development. With the
extension of the production tax credit for wind construction,
technologies improving, component pricing decreasing, and the
interest in green, sustainable energy sources increasing, we expect
our wind pipeline to remain robust into 2021.”
To date, IEA has constructed more than 20
gigawatts of renewable energy projects across North America. IEA
was recently ranked #2 for wind construction amongst Engineering
News-Record’s 2020 Top 400 Contractors.
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 three Tier 1 wind
energy contractors in the United States and has completed more than
200 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 12, 2020. 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.
Contact:
Kimberly EsterkinADDO Investor
Relationsiea@addoir.com310-829-5400
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