INDIANAPOLIS, Sept. 15, 2020 (GLOBE NEWSWIRE) -- 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 Esterkin
ADDO Investor Relations
iea@addoir.com
310-829-5400