Infrastructure and Energy Alternatives, Inc. Secures $49 Million Wind Construction Contract in Michigan
INDIANAPOLIS, Oct. 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 a $49 million contract for the Deerfield II Wind Farm in Michigan. Algonquin Power & Utilities Corp. (“Algonquin”), a leading renewable energy and regulated utility company with approximately $16 billion of total assets located primarily in North America, awarded the project to White Construction, a subsidiary of IEA that manages utility-scale renewable energy and heavy civil infrastructure projects.
The award is for the construction of the approximately 110-megawatt utility-scale wind farm in Huron County, Michigan. The contract was awarded on September 30, 2021, engineering design has commenced and the target mobilization date for construction is April 2022. IEA will self-perform all of the engineering, procurement and construction needs of the project, including the construction of a 41-mile collection system, the installation of 5.5 miles of private access roads, a substation and a meteorological evaluation (MET) tower and the erection of 21 wind turbine generators. The project is being designed with the natural environment front of mind, including avoiding or minimizing impacts to wetlands and streams, maximizing protection of existing drainage systems and local vegetation and conducting site-specific bird conservation strategies in preparation for the site.
According to American Clean Power Association’s recent report, Michigan ranks 16th in the nation for renewable energy with approximately 7% of its energy from renewable sources or enough to power up to 1.4 million homes. Huron County, where the Deerfield II Wind Farm is being built, has 472 wind turbines, which is the most installed wind turbines of any county in the state. Together with Huron County, the Sanilac and Tuscola Counties, which make up the region called “Michigan’s Thumb,” account for 59% of total electricity output in the state.
“IEA built the first phase of Deerfield in 2016, and we are proud to partner again with Algonquin and increase Michigan’s wind resources,” said Chris Hanson, IEA’s Executive Vice President of Renewable Energy. “Projects like the Deerfield II Wind Farm will bring the state one step closer to its goal of achieving net zero carbon emissions no later than 2050, and IEA is pleased to be able to contribute to this important effort.”
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 2021 Top 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.
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.
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