Infrastructure and Energy Alternatives, Inc. Secures 185 MW Wind Construction Contract in Illinois

Rhea-AI Summary

Infrastructure and Energy Alternatives (IEA) has secured a wind construction contract for the 185 MW Glacier Sands wind farm in Illinois, awarded by Cordelio Power. Construction, led by IEA's subsidiary White Construction, has commenced with full notice expected in Q1 2021 and project completion targeted for October 2021. IEA aims to self-perform all engineering and construction tasks for the project. Illinois ranks sixth nationally in wind capacity, with IEA being a significant player in renewable energy construction.

Positive

• Awarded a 185 MW wind construction contract for Glacier Sands in Illinois.
• Construction has already begun, with expectations for full notice to proceed in Q1 2021.
• IEA's subsidiary, White Construction, will manage the entire project, increasing operational efficiency.

Negative

• None.

INDIANAPOLIS, Dec. 29, 2020 (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 for the 185 MW Glacier Sands wind farm in Mason County, Illinois. Cordelio Power, a North American based renewable power producer, awarded the project to White Construction, a subsidiary of IEA that constructs utility-scale renewable energy and heavy civil infrastructure projects.

White Construction has already commenced limited construction work on the Glacier Sands project and expects to receive full notice to proceed in Q1 2021, with completion of the project expected in October 2021. White Construction will self-perform all of the engineering, procurement and construction needs of the project, including the construction of project roads, improvements of public roads, installation of collection systems and foundations and the erection of 43 wind turbines.

Illinois ranks sixth in the nation for installed wind capacity according to the American Wind Energy Association (AWEA), with over 5,800 MW of wind online. Wind accounts for 7.6% of all energy produced in the state, enough to power 1.3 million homes. Illinois also ranks third in the nation in wind industry employment, with over 8,000 wind jobs in 2019. Wind energy installations in Illinois, according to AWEA, helped the state avoid 7.2 metric tons of CO₂ emissions from fossil fuel power plants while also saving the state 3.9 billion gallons of water.

“IEA is pleased to partner with Cordelio Power on this important wind construction project,” said JP Roehm, IEA’s President and Chief Executive Officer. “IEA is committed to improving the environment through the installation of renewable energy sources. Through our work on the Glacier Sands Wind Farm, IEA looks forward to continuing to reduce Illinois’ carbon footprint by bringing affordable, clean energy to the state.”

“We look forward to working with IEA to complete construction of the Glacier Sands project,” said Paul Rapp, Cordelio’s Vice President, Project Development. “This project represents the leading edge of our growth efforts in Illinois and the midwestern US.”

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.

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 Cordelio Power

Cordelio is a renewable power producer managing 1,000+ MW of renewable generation assets across North America, including 396 MW of wind and solar projects in Ontario plus a 656 MW (net) wind and solar portfolio stake owned by Canada Pension Plan Investment Board (“CPP Investments”). Cordelio also owns (wholly and through a joint venture) a growth pipeline of 2,500 MW of wind, solar and storage projects in the western and mid-western US. Cordelio carries out its operations and growth activities by working with all stakeholders in an efficient, safe and environmentally responsible manner. Cordelio is wholly owned by CPP Investments.

Forward Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable securities laws. 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 its quarterly reports on Form 10-Q. Neither IEA nor Cordelio undertakes 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 Glacier Sands wind farm project by IEA?

The Glacier Sands project is a 185 MW wind construction contract awarded to IEA by Cordelio Power, located in Mason County, Illinois.

When is the Glacier Sands wind farm expected to be completed?

The project is expected to be completed in October 2021.

Which company is responsible for the construction of the Glacier Sands wind farm?

White Construction, a subsidiary of IEA, is responsible for the construction of the Glacier Sands wind farm.

What renewable energy projects has IEA completed to date?

IEA has constructed more than 20 gigawatts of renewable energy projects across North America.

What role does Illinois play in renewable energy development?

Illinois ranks sixth in the nation for installed wind capacity, contributing significantly to renewable energy employment and production.