Infrastructure and Energy Alternatives Selected by Engie to Construct Two Solar Projects in Virginia

2/23, 3:00 PM (Source: GlobeNewswire)

INDIANAPOLIS, Feb. 23, 2022 (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 it has been awarded contracts to construct two solar projects in Virginia with a total contract value of $109 million. ENGIE North America (“ENGIE”), a global provider of low-carbon energy and services, has awarded the engineering, procurement and construction (“EPC”) contract to IEA Constructors, a wholly-owned subsidiary of IEA.  

Powell’s Creek Solar is a 70-megawatt (MWAC) solar project on 495 acres in Halifax County, Virginia. Construction of the solar photovoltaic (“PV”) generation facility commenced in January 2022 with a targeted completion date in December 2022. ENGIE will furnish the 176,000 solar modules, while IEA will self-perform all the engineering, procurement and construction requirements of the $66 million project, including all civil, mechanical and electrical work.  

Sunnybrook Solar is a 51 MWAC solar project in Scottsburg County, Virginia. Construction on the $43 million project commenced in January 2022, with a targeted completion date in December 2022. IEA’s scope of work includes the installation of over 106,000 owner-furnished modules across the 305-acre project and full balance-of-system EPC construction, including all civil, mechanical and electrical work.

With more than 1,400 MW of installed solar capacity throughout the state, Virginia ranks as the fourth largest solar energy producer in the United States. In 2020, the state passed the Virginia Clean Economy Act, landmark legislation that requires the state’s largest utilities to deliver electricity from 100% renewable sources by 2050.

“We are excited to once again partner with ENGIE, a global leader in clean energy transition,” said Joe Broom, IEA’s Senior Vice President of Solar Construction Operations. “We are proud to support the State of Virginia’s commitment to investing in clean energy technologies, including utility-scale solar developments capable of supporting the growing requirements of the electricity grid for years to come.”

“The journey of the energy transition is built one project at a time, one community at a time and safely every time – collaborating with IEA brings our shared focus on safety and opportunity to support economic growth in the community,” said Mathew Magdanz, VP Engineering and Optimization for ENGIE North America. “As the long-term owner and operator of projects we recognize that the construction phase underpins the long-term success of our operations” he continued.

Since 2010, IEA has constructed more than a gigawatt of solar farms across the United States and Canada. IEA ranks 8th for solar construction revenues amongst Engineering News-Record’s 2021 Top 400 Contractors. For more information on these 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.

ABOUT ENGIE NORTH AMERICA

Based in Houston, Texas, ENGIE North America Inc. is a regional hub of ENGIE, a global leader in low-carbon energy and services. ENGIE (ENGI), is listed on the Paris and Brussels Stock Exchanges. Together with our 170,000 employees around the globe, our customers, partners and stakeholders, we are committed to accelerate the transition toward a carbon-neutral world, through reduced energy consumption and more environmentally friendly solutions. Inspired by our purpose (“raison d’être”), we reconcile economic performance with a positive impact on people and the planet, building on our key businesses (gas, renewable energy, services) to offer competitive solutions to our customers.  In North America, ENGIE helps our clients achieve their energy efficiency, reliability, and ultimately, their sustainability goals, as we work together to shape a sustainable future. We accomplish this through: energy efficiency projects, providing energy supply (including renewables and natural gas), and the development, construction and operation of renewable energy assets (wind, solar, storage and more).  For more information on ENGIE North America, please visit our LinkedIn page or Twitter feed, https://www.engie-na.com/ and https://www.engie.com.

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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