Infrastructure and Energy Alternatives, Inc. Awarded $70 Million Wind Construction Contract in Kansas

Rhea-AI Summary

Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) has secured a $70 million contract for the Jayhawk Wind Farm in Southeast Kansas, awarded by Apex Clean Energy. This project will add 190 MW of electricity to the regional grid and is set to be completed by late 2021. IEA Constructors will manage all engineering, procurement, and construction tasks, including the installation of 70 wind turbines. Kansas ranks high in wind power capacity, aligning with IEA's goal of promoting carbon neutrality and supporting local economies.

Positive

• Secured a $70 million contract for the Jayhawk Wind Farm project.
• Project expected to inject 190 MW of electricity into the regional grid.
• Completion timeline set for late 2021.
• Local economic benefits, including job creation during construction.

Negative

• None.

INDIANAPOLIS, Ind., March 02, 2021 (GLOBE NEWSWIRE) -- Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“IEA” or the “Company”), a leading infrastructure construction company with specialized energy and heavy civil expertise, today announced that the Company has been awarded the Jayhawk Wind Farm contract valued at approximately $70 million. Apex Clean Energy, which develops, constructs, and operates utility-scale wind and solar power facilities across North America, 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 utility-scale wind farm in Bourbon and Crawford counties in Southeast Kansas with capacity to inject 190 megawatts (MW) of electricity into the regional grid. Work on the Jayhawk Wind Farm began in February and is expected to be completed in late 2021. Apex will manage construction of the project, and IEA will self-perform all of the engineering, procurement and construction needs of the project, including the construction of project roads, the improvement of existing public roads near the construction site, the installation of collection systems, foundations and substations and the erection of 70 GE wind turbine generators.

Kansas is an ideal place for wind construction. According to the American Clean Power Association, the state ranks fifth in the nation for wind power capacity and second for wind energy as a share of total electricity generation, with over 6,500 MW of operating capacity today and 43% of electricity from wind power.

“Wind energy is an essential part of Kansas’ electricity generation, and IEA is excited to partner with Apex Clean Energy to continue the state’s transition to a carbon-neutral footprint,” said Chris Hanson, IEA’s Executive Vice President of Renewable Energy. “The project site for the Jayhawk Wind Farm is ideal. With high-voltage power lines already in place and accessible highways that will reduce the project’s need for new infrastructure, IEA will be able to minimize the construction’s environmental impact. In addition to contributing to the state’s goal of carbon neutrality, we are pleased to be able to bring continued employment to the state of Kansas and support local merchants, equipment suppliers and more by reducing their need to import clean electricity from other states.”

“We are thrilled to partner with industry leader IEA to make Jayhawk Wind — Apex’s second project in Kansas — a reality,” said Ken Young, Chief Operating Officer of Apex Clean Energy. “During construction, the Jayhawk Wind project will generate significant local spending and create hundreds of local jobs. We look forward to creating, with IEA, an entirely new source of long-term revenue for the Sunflower State and Bourbon and Crawford counties for decades to come.”

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.

About IEA

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.

About Apex Clean Energy

Apex Clean Energy develops, constructs, and operates utility-scale wind and solar power facilities across North America. Our mission-driven team of more than 200 renewable energy experts uses a data-focused approach and an unrivaled portfolio of projects to create solutions for the world’s most innovative and forward-thinking customers. For more information on how Apex is leading the transition to a clean energy future, visit apexcleanenergy.com or follow us on Facebook, Twitter, and LinkedIn.

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 12, 2020 and in the 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.

Contact:

Kimberly Esterkin

ADDO Investor Relations

iea@addoir.com

310-829-5400

FAQ

What is the value of the Jayhawk Wind Farm contract awarded to IEA?

The Jayhawk Wind Farm contract awarded to IEA is valued at approximately $70 million.

How much electricity will the Jayhawk Wind Farm produce?

The Jayhawk Wind Farm will have the capacity to inject 190 megawatts (MW) of electricity into the regional grid.

When is the expected completion date for the Jayhawk Wind Farm?

The Jayhawk Wind Farm is expected to be completed by late 2021.

What company awarded the contract for the Jayhawk Wind Farm to IEA?

The contract for the Jayhawk Wind Farm was awarded by Apex Clean Energy.

Where is the Jayhawk Wind Farm located?

The Jayhawk Wind Farm is located in Bourbon and Crawford counties in Southeast Kansas.