Infrastructure and Energy Alternatives, Inc. Secures $45 Million Wind Construction Contract in Illinois

Rhea-AI Summary

Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) announced the award of a $45 million contract for the construction of the Shady Oaks II Wind Farm in Illinois. The project, secured from Algonquin Power & Utilities Corp., involves the construction of a 118 megawatt utility-scale wind farm, where IEA will handle all engineering, procurement, and construction (EPC) aspects. This project will increase employment in the wind energy sector in Illinois and add 22 wind turbines, enhancing Algonquin's renewable energy footprint.

Positive

• Awarded a $45 million contract for the Shady Oaks II Wind Farm.
• Will self-perform all engineering, procurement, and construction needs.
• Project supports job growth in Illinois' renewable energy sector.

Negative

• None.

INDIANAPOLIS, Jan. 20, 2021 (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 that the Company has been awarded a $45 million wind construction contract for the Shady Oaks II Wind Farm in Illinois. Algonquin Power & Utilities Corp. (“Algonquin”), a growing renewable energy and regulated utility company with approximately $11 billion of total assets across North America, awarded the 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 118 megawatt utility-scale wind farm in Lee County, Illinois. IEA will self-perform all of the engineering, procurement and construction (EPC) needs of the project, including the construction of access roads, the improvement of nearby public roads and the erection of collection systems, foundations, and substations for the wind farm. The construction team will also implement a supervisory control and data acquisition (SCADA) system to monitor the wind turbine generators on site.

The first wind farm opened in Illinois in 2003. Since that time, the state has attracted nearly $11 billion in wind projects and is now the third largest employer in the nation for wind energy with over 8,000 wind jobs as of 2019 according to the most recent data available from the American Clean Power Association. The Shady Oaks II Wind Farm will add to this industry employment total and bring an additional 22 wind turbine generators to the site located roughly 50 miles west of Chicago.

“Algonquin is a global leader in renewable energy, and IEA is honored to support them on their latest wind construction project in Illinois,” said Chris Hanson, IEA’s Executive Vice President of Renewable Energy. “We look forward to supporting the full EPC needs of this project, in addition to installing advanced computer systems for real-time monitoring and control of each of the wind turbines on site.”

Jeff Norman, Algonquin’s Chief Development Officer, added, “Construction of Shady Oaks II is an important step in executing Algonquin’s sustainability goals. We are very pleased to partner with IEA on the Shady Oaks II project, which will increase our company’s already substantial wind footprint in the state of Illinois.”

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 Top 400 Contractors for 2020. 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 Algonquin Power & Utilities Corp

Algonquin Power & Utilities Corp, parent company of Liberty, is a diversified international generation, transmission, and distribution utility with approximately $11 billion of total assets. Through its two business groups, the Regulated Services Group and the Renewable Energy Group, Algonquin is committed to providing safe, secure, reliable, cost-effective, and sustainable energy and water solutions through its portfolio of electric generation, transmission, and distribution utility investments to over 1 million customer connections, largely in the United States and Canada. Algonquin is a global leader in renewable energy through its portfolio of long-term contracted wind, solar, and hydroelectric generating facilities representing over 2 GW of installed capacity and approximately 1.4 GW of incremental renewable energy capacity under construction.

Algonquin is committed to delivering growth and the pursuit of operational excellence in a sustainable manner through an expanding global pipeline of renewable energy and electric transmission development projects, organic growth within its rate-regulated generation, distribution, and transmission businesses, and the pursuit of accretive acquisitions.

Algonquin's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D, respectively. Algonquin's common shares, Series 2018-A subordinated notes and Series 2019-A subordinated notes are listed on the New York Stock Exchange under the symbols AQN, AQNA and AQNB, respectively.

Visit Algonquin at http://www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.

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 10-Q. 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 contract awarded to IEA for the Shady Oaks II Wind Farm?

The contract awarded to IEA for the Shady Oaks II Wind Farm is valued at $45 million.

Who awarded the construction contract for the Shady Oaks II Wind Farm?

The construction contract for the Shady Oaks II Wind Farm was awarded by Algonquin Power & Utilities Corp.

What is the capacity of the Shady Oaks II Wind Farm being constructed by IEA?

The Shady Oaks II Wind Farm will have a capacity of 118 megawatts.

How many wind turbine generators will be added by the Shady Oaks II project?

The Shady Oaks II project will add 22 wind turbine generators.

What is the significance of the Shady Oaks II Wind Farm in Illinois?

The Shady Oaks II Wind Farm will contribute to job growth in the wind energy sector and enhance Algonquin's renewable energy footprint in Illinois.