Infrastructure and Energy Alternatives, Inc. Awarded $50 Million Wind Construction Contract in Iowa
INDIANAPOLIS, April 27, 2021 (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 the Plymouth Wind Energy Center contract valued at approximately $50 million. Invenergy, a leading privately-held global developer, owner, and operator of sustainable energy solutions, awarded this project to IEA Constructors, a subsidiary of IEA that manages utility-scale renewable energy and heavy civil infrastructure projects.
The award is for the construction of a 200 megawatt utility-scale wind farm in northwest Iowa. Work on the Plymouth Wind Energy Center began in April and is expected to be completed in late 2021. IEA will self-perform all of the engineering, procurement and construction needs of the project, including the construction of project roads, installation of foundations, offloading of equipment and erection of 73 GE wind turbine generators.
Iowa continues to rank amongst the nation’s leading states for wind energy generation and investments. The American Clean Power Association ranks Iowa third in the US for operating wind, solar and energy storage capacity, with over $19 billion in capital invested in renewable energy projects to date. Iowa was also the first state in the nation to generate more than 30% of its total electricity from wind power, and, as of this past year, wind energy officially surpassed coal as Iowa’s largest single source of electricity.
“As technological advancements continue to drive down costs, wind energy has proven to be one of the most affordable, stable, and clean sources of new energy generation in Iowa,” said JP Roehm, IEA’s President and Chief Executive Officer. “IEA is very pleased to not only leverage our expertise in wind construction in our partnership with Invenergy, but also to advance Iowa’s position as a national leader in renewable energy.”
To date, IEA has constructed more than 20 gigawatts of renewable energy projects across North America. IEA was ranked #2 for wind construction amongst Engineering News-Record’s 2020 Top 400 Contractors. For more information on IEA’s ENR rankings please visit enr.com.
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.
We are innovators building a sustainable world. Invenergy and its affiliated companies develop, own, and operate large-scale sustainable energy generation and storage facilities in the Americas, Europe and Asia. Invenergy's home office is located in Chicago, and it has regional development offices in the United States, Canada, Mexico, Colombia, Japan, Poland and Scotland. Invenergy has successfully developed more than 27,000 megawatts of projects that are in operation, construction or contracted, including wind, solar, and natural gas power generation facilities as well as advanced energy storage projects. For more information, please visit www.invenergy.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 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.
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