Infrastructure and Energy Alternatives Awarded $126 Million Follow-On Contract From Illinois Department of Transportation

Rhea-AI Summary

Infrastructure and Energy Alternatives (Nasdaq: IEA) has secured a $126 million contract from the Illinois Department of Transportation to undertake phase two of the I-57 and I-74 interchange reconstruction in Champaign County. The project includes pavement reconstruction, lane additions, and bridge replacements, slated to start in July 2022 and expected to finish by June 2024. This initiative is part of the larger Rebuild Illinois Capital Plan, a $45 billion investment program aimed at improving infrastructure and creating 540,000 jobs across the state.

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• Awarded a $126 million contract for infrastructure development.
• Project part of the $45 billion Rebuild Illinois Capital Plan, enhancing infrastructure and job creation.

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• None.

INDIANAPOLIS, June 09, 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 was awarded a $126 million contract from the Illinois Department of Transportation (“IDOT”). The project will be jointly executed by White Construction and William Charles Construction, both wholly owned subsidiaries of IEA.

The project covers phase two of the reconstruction of the I-57 and I-74 interchange in Champaign County, Illinois. The project includes pavement reconstruction, lane additions, and replacement of existing bridges. Work under the contract is expected to begin in July 2022 with an estimated completion date in June 2024. IEA was awarded the initial $126 million contract in July 2021, with work under the first phase of the contract on track to be completed in November 2023.

The project is part of the Rebuild Illinois Capital Plan, a six-year, $45 billion program focused on investments in critical infrastructure across multiple areas in the state. Rebuild Illinois is the largest capital program in the state’s history and is estimated to create and support 540,000 jobs over the life of the plan. This is the state’s first truly multimodal infrastructure program, with investments across every aspect and mode of transportation, including roads, bridges, mass transit, rail, and ports.

“IEA is proud to continue its partnership with the Illinois Department of Transportation on this important project that is part of the landmark Rebuild Illinois program,” said Brian Hummer, IEA’s Executive Vice President. “We look forward to safely and efficiently completing this project and continuing to support Illinois as it upgrades its critical transportation infrastructure.”

ABOUT IEA

Infrastructure and Energy Alternatives 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 260 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,” “will,” “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 7, 2022 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

FAQ

What is the $126 million contract awarded to IEA for?

The contract is for phase two of the reconstruction of the I-57 and I-74 interchange in Champaign County.

When is the IEA project expected to start and finish?

Work is expected to begin in July 2022 and be completed by June 2024.

How does the contract relate to the Rebuild Illinois Capital Plan?

The project is part of the $45 billion Rebuild Illinois Capital Plan aimed at critical infrastructure investment.

What are the key components of the IEA interchange project?

The project includes pavement reconstruction, lane additions, and bridge replacements.

How many jobs will the Rebuild Illinois Capital Plan create?

It is estimated to create and support 540,000 jobs over its duration.