Bowman Selected to Lead Engineering and Design on 64 MW Solar Installation

Rhea-AI Summary

Bowman Consulting Group (NASDAQ: BWMN) has been selected by J. Ranck Electric (JRE) to lead the re-mobilization of a 64 MW DC solar project in Southeast Michigan. The project involves expanding a substation's capabilities to integrate new photovoltaic capacity with existing wind power infrastructure.

Bowman's comprehensive services include electrical engineering, civil design, and system modeling. The contract encompasses safety and capacity studies, including arc flash hazard assessments, short-circuit studies, and harmonics evaluations. This project follows a previous $1.4 million contract awarded in 2023 for engineering design services on a 200 MW solar array.

Positive

• Secured new contract for 64 MW solar project engineering and design
• Expanding relationship with existing client (JRE) following previous $1.4M contract
• Diversifying revenue streams in renewable energy sector

Negative

• None.

Insights

Energy Infrastructure Analyst

The $1.4 million contract for a 64 MW solar project demonstrates Bowman's growing presence in the renewable energy sector, particularly following their previous 200 MW solar array project. The scope encompasses critical infrastructure components including electrical engineering, civil design and system modeling, positioning BWMN to capture recurring revenue through the construction and commissioning phases.

The contract's technical requirements - including arc flash assessments, load flow studies and harmonics evaluations - reflect high-value engineering services that command premium pricing. This project strengthens Bowman's relationship with J. Ranck Electric while expanding their renewable energy portfolio in a strategic growth market. The integration with existing wind infrastructure showcases their ability to handle complex grid connection projects, a valuable differentiator as utilities increasingly seek to combine multiple renewable sources.

Financial Analyst

While the immediate revenue impact from this contract appears modest relative to Bowman's $497 million market cap, the strategic value is significant. The project reinforces Bowman's position in the high-growth renewable energy sector and demonstrates their ability to secure follow-on business from existing clients - as evidenced by the progression from the previous $1.4 million contract to this expanded scope.

The comprehensive nature of the services, extending through construction and commissioning, suggests healthy project margins and potential for additional revenue streams. This type of complex infrastructure project typically generates higher margins than basic engineering services, while the ongoing consulting component provides visibility into future revenue. The expanding relationship with JRE also indicates potential for additional contract wins in their growing renewable energy portfolio.

RESTON, Va.--(BUSINESS WIRE)-- Bowman Consulting Group Ltd. (the Company or Bowman) (NASDAQ: BWMN), a national engineering services firm delivering infrastructure solutions and program management services to customers who own, develop and maintain the built environment, announced today that it has been selected by J. Ranck Electric, Inc. (JRE) to lead the re-mobilization of a 64 MW direct current (DC) solar project located in Southeast Michigan. This expansion will enhance the substation’s capabilities to support additional solar power generation, integrating new photovoltaic (PV) capacity alongside existing wind power infrastructure.

Under this contract, Bowman will perform a comprehensive suite of services, including electrical engineering, civil design and system modeling to support the integration of JRE’s solar power installation into the US power grid. The contract also includes critical safety and capacity studies such as arc flash hazard assessments, short-circuit and load flow studies, thermal ampacity analyses and harmonics evaluations all aimed at enhancing the substation’s performance, reliability and safety as it incorporates increased renewable energy.

“This project marks significant steps forward both in our energy services practice and in our partnership with J. Ranck Electric,” said Dan Swayze, chief operating officer of Bowman. “We are excited to deploy our energy engineering and design capabilities to help JRE enhance Michigan’s renewable energy capacity and grid stability. This assignment reinforces our commitment to delivering diversification and organic growth as we continue to expand our renewables and traditional energy portfolio nationally.”

As part of its services, Bowman will also provide ongoing consulting through the construction and commissioning phases, ensuring a seamless transition as the substation takes on its expanded role within the renewable energy landscape. This latest collaboration advances an expanding relationship between Bowman and JRE. Previous project assignments include a $1.4 million contract awarded to Bowman in 2023 for engineering design services on a 200 MW solar array.

About Bowman Consulting Group Ltd.

Headquartered in Reston, Virginia, Bowman is a national engineering services firm delivering infrastructure solutions to customers who own, develop and maintain the built environment. With over 2,300 employees in more than 95 locations throughout the United States, Bowman provides a variety of planning, engineering, geospatial, construction management, commissioning, environmental consulting, land procurement and other technical services to customers operating in a diverse set of regulated end markets. Bowman trades on the Nasdaq under the symbol BWMN. For more information, visit bowman.com or investors.bowman.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241209359581/en/

General Media Contact:

Renee Narvaez

pr@bowman.com

Investor Relations Contacts:

Bruce Labovitz

blabovitz@bowman.com

Betsy Patterson

bpatterson@bowman.com

Source: Bowman Consulting Group

FAQ

What is the size of the solar project Bowman (BWMN) was selected to lead in Michigan?

Bowman was selected to lead a 64 MW direct current (DC) solar project located in Southeast Michigan.

What services will Bowman (BWMN) provide for the Michigan solar project?

Bowman will provide electrical engineering, civil design, system modeling, safety and capacity studies, including arc flash hazard assessments, short-circuit studies, and harmonics evaluations.

What was the value of Bowman's (BWMN) previous solar contract with J. Ranck Electric in 2023?

Bowman was awarded a $1.4 million contract in 2023 for engineering design services on a 200 MW solar array.