Infrastructure and Energy Alternatives, Inc. Secures $49 Million Wind Construction Contract in Michigan

Rhea-AI Summary

Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) has secured a $49 million contract for the Deerfield II Wind Farm in Michigan, awarded by Algonquin Power & Utilities Corp. The project, with a capacity of approximately 110 megawatts, includes the construction of a 41-mile collection system and 21 wind turbines, with mobilization expected in April 2022. This contract builds on IEA's previous work in the area, contributing to Michigan's renewable energy goals and net-zero emissions target by 2050.

Positive

• Secured $49 million contract for Deerfield II Wind Farm.
• Continues partnership with Algonquin Power & Utilities Corp.
• Project enhances Michigan's renewable energy infrastructure.
• Demonstrates IEA's capability in managing large-scale wind projects.

Negative

• None.

INDIANAPOLIS, Oct. 27, 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 $49 million contract for the Deerfield II Wind Farm in Michigan. Algonquin Power & Utilities Corp. (“Algonquin”), a leading renewable energy and regulated utility company with approximately $16 billion of total assets located primarily in 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 the approximately 110-megawatt utility-scale wind farm in Huron County, Michigan. The contract was awarded on September 30, 2021, engineering design has commenced and the target mobilization date for construction is April 2022. IEA will self-perform all of the engineering, procurement and construction needs of the project, including the construction of a 41-mile collection system, the installation of 5.5 miles of private access roads, a substation and a meteorological evaluation (MET) tower and the erection of 21 wind turbine generators. The project is being designed with the natural environment front of mind, including avoiding or minimizing impacts to wetlands and streams, maximizing protection of existing drainage systems and local vegetation and conducting site-specific bird conservation strategies in preparation for the site.

According to American Clean Power Association’s recent report, Michigan ranks 16^th in the nation for renewable energy with approximately 7% of its energy from renewable sources or enough to power up to 1.4 million homes. Huron County, where the Deerfield II Wind Farm is being built, has 472 wind turbines, which is the most installed wind turbines of any county in the state. Together with Huron County, the Sanilac and Tuscola Counties, which make up the region called “Michigan’s Thumb,” account for 59% of total electricity output in the state.

“IEA built the first phase of Deerfield in 2016, and we are proud to partner again with Algonquin and increase Michigan’s wind resources,” said Chris Hanson, IEA’s Executive Vice President of Renewable Energy. “Projects like the Deerfield II Wind Farm will bring the state one step closer to its goal of achieving net zero carbon emissions no later than 2050, and IEA is pleased to be able to contribute to this important effort.”

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 2021 Top 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.

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 8, 2021 and in any 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@addo.com
310-829-5400

FAQ

What is the significance of the $49 million contract awarded to IEA?

The $49 million contract for the Deerfield II Wind Farm enhances IEA's portfolio and contributes to Michigan's renewable energy efforts.

When is the construction mobilization for the Deerfield II Wind Farm expected to start?

Construction mobilization for the Deerfield II Wind Farm is targeted for April 2022.

How many megawatts will the Deerfield II Wind Farm generate?

The Deerfield II Wind Farm is expected to generate approximately 110 megawatts of energy.

Who awarded the Deerfield II Wind Farm project to IEA?

The project was awarded by Algonquin Power & Utilities Corp.

What are IEA's contributions to Michigan's renewable energy goals?

IEA's projects, including the Deerfield II Wind Farm, support Michigan's aim to achieve net-zero carbon emissions by 2050.