Infrastructure and Energy Alternatives, Inc. Secures $100 Million Wind Construction Contract in Illinois

Rhea-AI Summary

Infrastructure and Energy Alternatives (NASDAQ: IEA) announced a $100 million wind construction contract for the Lincoln Land project in Morgan County, Illinois, awarded by Apex Clean Energy. The project involves constructing a 300 MW wind farm, expected to commence in January 2021 and be completed by late 2021. IEA will self-perform all engineering, procurement, and construction tasks, including the installation of 107 GE wind turbines. This project is anticipated to generate $65.6 million in tax revenue for the county over its lifetime, enhancing Illinois's renewable energy capacity.

Positive

• Awarded a $100 million contract for the Lincoln Land Wind project.
• Project expected to create $65.6 million in tax revenue for Morgan County.
• Construction will enhance IEA's portfolio in renewable energy projects.

Negative

• None.

INDIANAPOLIS, Jan. 12, 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 a wind construction contract valued at approximately $100 million. Apex Clean Energy, who develops, constructs, and operates utility-scale wind and solar power facilities across North America, awarded the Lincoln Land 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 a 300 megawatt (MW) utility-scale wind farm in Morgan County, Illinois. Construction on the Lincoln Land Wind farm is expected to begin in January 2021, with an anticipated completion date in late 2021. Apex will manage construction of the project, while IEA will self-perform all of the engineering, procurement and construction needs, including the construction of project roads, the improvement of nearby public roads, the installation of collection systems, foundations, and substations for the farm and the erection of 107 GE wind turbine generators on site.

Illinois ranks sixth for total installed wind capacity in the United States, according to the American Clean Power Association, with over 5,850 MW of wind online today. The wind industry has brought $10.9 billion in projects to Illinois, which currently has 56 wind projects and 35 wind-related manufacturing facilities. The Lincoln Land Wind farm will add to that project count and is expected to provide $65.6 million in new tax revenue for Morgan County over the lifetime of the project.

“IEA is proud to support Apex Clean Energy in bringing additional wind energy resources to Illinois,” said JP Roehm, IEA’s President and Chief Executive Officer. “We are pleased to see that the Lincoln Land Wind project has received strong support from local landowners and the Morgan County community. We look forward to working with Apex on this very important project that will move the state of Illinois closer to achieving its goal of sourcing 25% of all electricity from renewables by 2025.”

“Apex is pleased to work with IEA, two leading corporate offtakers and Morgan County to advance Lincoln Land Wind, an exceptional project that will generate significant economic and environmental benefits for the local area and state for decades to come,” said Ken Young, Chief Operating Officer of Apex Clean Energy. “We look forward to working with the experienced team at IEA to safely implement Lincoln Land and, beyond that, to operating a world-class wind facility.”

To date, IEA has constructed more than 20 gigawatts of renewable energy projects across North America. IEA was recently 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 200 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 subsequent quarterly reports on Form 10Q. 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 wind construction contract awarded to IEA?

The wind construction contract awarded to Infrastructure and Energy Alternatives is valued at approximately $100 million.

When will the construction of the Lincoln Land Wind project begin?

Construction of the Lincoln Land Wind project is expected to begin in January 2021.

What is the capacity of the Lincoln Land Wind project?

The Lincoln Land Wind project has a capacity of 300 megawatts (MW).

How much tax revenue is expected from the Lincoln Land Wind project?

The Lincoln Land Wind project is expected to generate $65.6 million in tax revenue for Morgan County over its lifetime.

Who awarded the contract for the Lincoln Land Wind project to IEA?

The contract for the Lincoln Land Wind project was awarded by Apex Clean Energy.