Infrastructure and Energy Alternatives, Inc. Awarded Large-Scale Coal Ash Removal Contract by Dominion Energy
July 22 2021 - 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 the Chesterfield Coal
Ash Removal contract at the Chesterfield Power Station in Virginia.
Dominion Energy, headquartered in Richmond, Virginia, awarded this
project to Saiia Construction, a subsidiary of IEA that specializes
in industrial heavy civil construction for the power generation,
aggregate mining, and pulp and paper sectors.
Legislation passed during the 2019 Virginia
General Assembly requires Dominion Energy to remove all coal ash
totaling approximately 15 million cubic yards at the Chesterfield
Power Station. The coal ash must be recycled or placed in a lined
landfill meeting federal coal ash residual (CCR) and Virginia CCR
regulations. Saiia Construction has been tasked with the closure of
the Upper and Lower Ash Ponds at Chesterfield. Work began this past
May and is expected to take approximately 13 years to complete.
Saiia Construction will self-perform a full
range of services from the hauling and management of conditioned
CCR onsite to landfill maintenance and the full closure of the
plant’s impoundments. It is anticipated that at least seven million
cubic yards of CCR will be recycled, while the remaining material
will be stored in the station’s state-of-the-art lined
landfill.
“We believe that this contract positions IEA as
one of the premier service providers in the coal ash remediation
industry,” said JP Roehm, IEA’s President and Chief Executive
Officer. “In 2015, the Environmental Protection Agency passed a
comprehensive set of rules for the management of coal ash in
landfills and impoundments. Since that time, coal ash has become
one of the most common and heavily regulated waste streams in the
United States. There are more than 700 coal ash impoundments and
landfills across the country, but even with state and federal
regulations in place, only roughly 15% of these sites have been
closed or remediated at present. Coal ash remediation ultimately
represents a $50 billion-plus market opportunity over the next
decade.”
“We look forward to partnering with Saiia on
this important project,” said Brandon Stites, Vice President,
Project Construction for Dominion Energy. “Their decades of
experience and proven track record will help to assure the project
is safely completed in a manner that protects the environment and
our neighbors.”
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.
About Dominion Energy
More than 7 million customers in 16 states
energize their homes and businesses with electricity or natural gas
from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The
company is committed to sustainable, reliable, affordable and safe
energy and to achieving net zero carbon dioxide and methane
emissions from its power generation and gas infrastructure
operations by 2050. Please visit DominionEnergy.com to learn
more.
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 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.
Contact:
Kimberly Esterkin |
ADDO Investor Relations |
iea@addo.com |
310-829-5400 |
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