Infrastructure and Energy Alternatives, Inc. Selected by Silicon Ranch to Construct 100 MW Solar Project in Georgia

Rhea-AI Summary

Infrastructure and Energy Alternatives (NASDAQ: IEA) has secured a 100 MW solar contract for the Lumpkin Solar Farm in Stewart County, Georgia, awarded by Silicon Ranch Corporation. Construction will commence immediately and is expected to conclude in late 2021, employing approximately 300 local workers. IEA will handle the full engineering, procurement, and construction (EPC) of the facility, which includes installing over 300,000 First Solar Series 6™ modules across 850 acres. This project underscores IEA's commitment to renewable energy and solidifies its partnership with Silicon Ranch.

Positive

• Awarded 100 MW solar contract, enhancing renewable energy portfolio.
• Construction expected to commence immediately, providing local job opportunities.
• Project involves installing over 300,000 First Solar Series 6™ modules.

Negative

• None.

Efforts Underway to Hire and Train Local Team Members

INDIANAPOLIS, Jan. 14, 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 100-megawatt (MW_AC) solar contract to construct the Lumpkin Solar Farm in Stewart County, Georgia. Silicon Ranch Corporation, based in Nashville, Tennessee and one of the nation’s largest independent solar power producers, awarded the engineering, procurement and construction (EPC) contract to IEA Constructors, a subsidiary of IEA that manages utility-scale energy and heavy civil infrastructure projects.

Silicon Ranch is funding the installation of the Lumpkin Solar Farm and will own and operate the solar array for the long-term, a disciplined approach the company takes with every project it develops. Construction of the solar photovoltaic (PV) generation facility is scheduled to begin immediately and is expected to be completed in late 2021. IEA’s scope of work includes the installation of owner furnished modules and full balance of system EPC construction, including all of the civil, mechanical and electrical work. More than 300,000 First Solar Series 6™ modules will be installed across the 850-acre site in rural southwest Georgia.

To construct the facility, IEA will hire approximately 300 craft workers, the majority of whom will be recruited from the local labor pool in Georgia. Due to the COVID-19 pandemic, IEA will forego hosting a local job fair; however, the Company is encouraging local area residents interested in working on the Lumpkin Solar Farm to apply online at IEA.net or to send an email to recruit@iea.net.

The Lumpkin Solar Farm is part of a portfolio of projects that will provide solar power to the Walton Electric Membership Corporation (EMC) as part of the utility’s agreement to supply 100 percent renewable energy for Facebook’s data center in Newton County, Georgia. In total, Walton EMC and Silicon Ranch have executed six contracts totaling 435 MW_AC of new renewable energy generation to support Facebook’s operations in Georgia. In 2020, Silicon Ranch and IEA teamed up to construct another of these solar projects, the 25 MW_AC Appling Solar Farm in the southeastern part of the state of Georgia.

“IEA is very pleased to again partner with Silicon Ranch to bring additional renewable energy sources to Georgia,” said Joe Broom, IEA’s Senior Vice President of Solar Construction Operations. “Georgia ranks among the top ten states in the nation for total solar capacity installed. We are proud that we can support Georgia in meeting the growing demand for clean, renewable power in the state.”

“One of the many qualities that makes Georgia a great place for business is the wonderful workforce in the state. More than 1,000 Georgians have already helped us build projects that serve Facebook and Walton EMC,” said Silicon Ranch Co-Founder and CEO, Reagan Farr. “Silicon Ranch is pleased to partner again with IEA to expand this legacy to Stewart County and the surrounding region, and we thank our partners at Walton EMC and Facebook for making the Lumpkin Solar Farm and this meaningful investment possible.”

Since 2010, IEA has constructed more than a gigawatt of solar farms across the United States and Canada. IEA ranks 12^th for solar amongst Engineering News-Record’s 2020 Top 400 Contractors. For more information on these 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 Silicon Ranch Corporation

Silicon Ranch is the U.S. solar platform for Shell and one of the largest independent power producers in the country. The company has distinguished itself by pioneering new markets for utility-scale solar and has expanded its footprint with more than 140 operating facilities across more than 15 states from New York to California. Silicon Ranch owns and operates every project in its portfolio and has maintained an unblemished track record of project execution, having successfully commissioned every project it has contracted in its history. In recognition of its holistic approach to land management, which the company has trademarked Regenerative Energy®, Silicon Ranch was named 2020’s “Most Forward-Thinking” company by Solar Power World. To learn more, visit siliconranch.com and follow on Facebook, Instagram, 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 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.

Contacts:

IEA Kimberly Esterkin ADDO Investor Relations iea@addoir.com 310-829-5400

Silicon Ranch Rob Hamilton Rob.hamilton@siliconranch.com 629-202-4009

FAQ

What is the IEA's new solar contract about?

IEA has been awarded a 100 MW solar contract for the Lumpkin Solar Farm in Georgia, focusing on renewable energy construction.

Who awarded the solar contract to IEA?

The contract was awarded by Silicon Ranch Corporation, a major independent solar power producer.

When is the construction of the Lumpkin Solar Farm expected to be completed?

Construction is expected to be completed in late 2021.

How many workers will be hired for the Lumpkin Solar Farm project?

Approximately 300 craft workers will be hired, primarily from the local labor pool in Georgia.

Which company will operate the Lumpkin Solar Farm once completed?

Silicon Ranch Corporation will own and operate the Lumpkin Solar Farm for the long term.