Infrastructure and Energy Alternatives Secures $75 Million Award to Support Illinois Wind
INDIANAPOLIS, Jan. 11, 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 that White Construction, a wholly-owned subsidiary of IEA, has secured a $75 million award with Invenergy, a leading privately-held global developer, owner, and operator of sustainable energy solutions.
Under the terms of the contract award, IEA will provide construction services for the Sapphire Sky Wind Project, a planned 250-megawatt (MW) utility-scale wind farm in McLean County, Illinois. As outlined within the scope of work, IEA will self-perform the engineering and construction of 64 wind turbines and nearly 20 miles of private-land access roads. The project commenced during the fourth quarter 2021, with targeted completion by the fourth quarter 2022. The development is expected to create nearly 300 new jobs for the state of Illinois during the period of construction.
Illinois ranks fifth in the United States in wind-powered electricity generating capacity, with more than 6,000 MW currently online. Wind is estimated to provide more than 90% of the state's renewable energy generation, with approximately 1,100 MW of wind power capacity either under construction or in advanced development.
“Invenergy is a valued, long-term partner of IEA, a company whose commitment to building sustainable energy solutions of scale closely aligns with our vision and values,” stated JP Roehm, CEO of IEA. “We are proud to partner with them on this important project, one that further positions Illinois as a leading producer of domestic wind energy, while providing significant socio-economic benefits to the citizens of McLean County.”
“We’re pleased to work with the IEA team again and be in construction on our largest renewable energy project in Illinois,” said Bryan Schueler, Senior Executive Vice President and Construction Business Leader. “Working with trusted partners like IEA is essential to accelerating the clean energy transition in Illinois and beyond.”
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 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, Spain, Japan, Poland and Scotland. Invenergy has successfully developed more than 29,000 megawatts of projects that are in operation, construction or contracted, including wind, solar, natural gas power generation facilities, and advanced energy storage projects as well as transmission infrastructure. For more information, please visit www.invenergy.com.
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.
Aaron Reddington, CFA