Infrastructure and Energy Alternatives, Inc. Secures $17M Construction Project With California Department of Transportation

Rhea-AI Summary

Infrastructure and Energy Alternatives (NASDAQ: IEA) has been awarded a $17 million construction contract by the California Department of Transportation for the rehabilitation of the Sacramento River Bridge. This project, executed by IEA’s subsidiary American Civil Constructors, involves significant structural upgrades, including demolition and a new barrier. Work begins this November, with completion expected by September 2021. IEA is recognized for its expertise in infrastructure, having completed over 200 utility-scale renewable energy projects across North America.

Positive

• Secured a $17 million contract with the California Department of Transportation.
• Project aimed at improving regional mobility and infrastructure.
• American Civil Constructors, a subsidiary of IEA, will self-perform the majority of the work.

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• None.

INDIANAPOLIS, Oct. 07, 2020 (GLOBE NEWSWIRE) -- Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“IEA” or the “Company”), a leading infrastructure construction company with renewable energy and specialty civil expertise, today announced a $17 million construction award from the California Department of Transportation (“Caltrans”). The contract was secured by American Civil Constructors (“ACC”), a subsidiary of IEA that provides heavy- and light-civil infrastructure services for state, federal and commercial clients across the country.

This heavy-civil contract consists of the rehabilitation of the Sacramento River Bridge, which crosses the border of Yolo and Sacramento counties. ACC will self-perform the majority of the project, including the demolition and construction of a new barrier on both sides of the bridge, replacement of portions of the bridge’s overlay with polyester concrete, and construction of the bridge’s joints, seals and drainage systems. Work on the project is expected to begin this November with an anticipated completion date in September 2021.

For over two decades, Sacramento and West Sacramento have researched ways to reduce the concentrated traffic flow on their cities’ roads and bridges, while also continuing to promote economic activity and access to jobs. The Sacramento River Bridge is intended to improve mobility in the region.

“IEA is very pleased to support Caltrans in their efforts to bring improved transportation infrastructure to Sacramento,” said Brian Hummer, IEA’s Executive Vice President. “ACC has constructed some of our nation’s most advanced bridges, and the Sacramento River Bridge improvement is no different. We look forward to lending our construction expertise to this innovative transportation project.”

IEA was recently ranked 16^th for mass transit and rail and 38^th for transportation amongst Engineering News-Record’s 2020 Top 400 Contractors. For more information on the 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.

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. 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 construction contract awarded to IEA?

IEA was awarded a $17 million construction contract for the rehabilitation of the Sacramento River Bridge.

Who secured the contract for IEA?

The contract was secured by IEA's subsidiary, American Civil Constructors.

When will the construction for the Sacramento River Bridge start?

Construction is expected to begin in November 2020.

What is the expected completion date for the Sacramento River Bridge project?

The project is anticipated to be completed by September 2021.

What expertise does IEA offer in the construction industry?

IEA specializes in renewable energy and heavy civil infrastructure construction.