Infrastructure And Energy Alternatives, Inc. Finalizes $65 Million Wind Construction Contract
Infrastructure And Energy Alternatives, Inc. Finalizes $65 Million Wind Construction Contract In Iowa
INDIANAPOLIS: Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“IEA” or the “Company”), a leading infrastructure construction company with specialized energy and heavy civil expertise, today announced that the Company finalized a $65 million wind construction award in the state of Iowa. The contract was secured by White Construction, a subsidiary of IEA that manages utility-scale renewable energy and heavy civil infrastructure projects. IEA recognized approximately $56 million of this contract in backlog at December 31, 2019.
The award is for the construction of a 150 MW wind farm in Northern Iowa that, upon its anticipated completion in November 2020, will produce roughly 600,000 megawatt-hours of electricity each year, or enough energy to power roughly 70,000 homes. White Construction will self-perform all of the engineering, procurement and construction needs of the project, including the building of access roads, the erection of wind generators, the installation of turbine foundations, and the construction of project substations and a medium-voltage collection system.
Iowa is a national leader in wind energy, ranking second in the U.S. for installed wind capacity. Iowa was also the first state to produce more than 30 percent of its electricity from wind. Wind construction projects, including that of this newest wind farm, will bring Iowa well over 10,000 MW of installed capacity within the next few years, according to the Iowa Environmental Council.
“IEA is committed to providing state-of-the-art, sustainable energy solutions to each of our clients,” said JP Roehm, IEA’s President and Chief Executive Officer. “We are very pleased to be able to support this newest wind farm project that will bring reliable, affordable energy to Iowa, while also contributing to the reduction of carbon emissions in the state.”
IEA has assembled more than 7,200 wind turbines across North America.
Infrastructure and Energy Alternatives, Inc. (IEA) is a leading infrastructure construction company with specialized energy and heavy 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, and quarterly reports on Form 10-Q filed during 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.