IEA - IEA STOCK NEWS

IEA (NASDAQ: IEA) announced a contract win with Silicon Ranch Corporation to construct the 70 MW Cedar Springs Solar Ranch in Georgia. The project will supply power to Green Power EMC, benefiting 38 electric cooperatives. IEA’s scope includes full EPC construction, utilizing over 215,000 First Solar modules on a 1,400-acre site. Construction begins in Q1 2022, with completion by year-end. The project will create approximately 250 jobs, incorporating local and veteran recruitment, and will utilize regenerative land management practices for sustainable agriculture.

Infrastructure and Energy Alternatives, Inc. (IEA) reported strong Q4 and full-year 2021 results. Q4 revenues reached $544.1 million, a 38.8% increase year-over-year, with net income of $31.7 million compared to a net loss of $1.4 million in Q4 2020. Total backlog grew 41% year-over-year to $2.9 billion. For the full year, IEA reported revenues of $2.08 billion, an 18.6% increase, but a net loss of $83.7 million due to debt extinguishment losses. The company anticipates revenue between $2.1 billion and $2.2 billion for 2022.

Infrastructure and Energy Alternatives (NASDAQ: IEA) has secured contracts worth $109 million for two solar projects in Virginia from ENGIE North America. The projects include Powell’s Creek Solar, a 70 MW facility valued at $66 million, and Sunnybrook Solar, a 51 MW facility worth $43 million. Both projects commenced construction in January 2022 and are scheduled for completion in December 2022. With these contracts, IEA continues to enhance its role in renewable energy while supporting Virginia's clean energy transition.

Infrastructure and Energy Alternatives (NASDAQ: IEA) will release its fourth quarter and full-year 2021 financial results on March 7, 2022, after market close. A conference call for discussion will be held on March 8, 2022, at 11:00 am ET. This call will detail the Company's performance, which is notable given its position in the renewable energy sector, having completed over 240 utility-scale projects across North America. The call can be accessed via the Investor Relations section of IEA's website.

Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) announced a strategic alliance with LOGISTEC USA Inc. to enhance offshore wind projects along the U.S. east coast. This non-exclusive partnership combines IEA's engineering, procurement, and construction (EPC) expertise with LOGISTEC's cargo handling capabilities, aiming for improved economies of scale. The collaboration aligns with the U.S. goal to deploy 30 gigawatts of offshore wind power by 2030, expected to power over 10 million homes and reduce CO2 emissions significantly.

Infrastructure and Energy Alternatives (NASDAQ: IEA) has secured a $75 million contract with Invenergy for the construction of the Sapphire Sky Wind Project in Illinois. This project includes the engineering and construction of 64 wind turbines and access roads, set to create nearly 300 jobs during construction. The project, which began in Q4 2021, is expected to be completed by Q4 2022. Illinois ranks fifth in the U.S. for wind energy capacity, with wind contributing over 90% of its renewable energy generation.

Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) announced a $44 million contract awarded to its subsidiary, White Construction, to build a 60 MW wind farm in Riverside County, California. Construction is set to start in Q1 2022 and finish by Q1 2023. IEA will manage all engineering and construction for the project, which includes fifteen wind turbines and an underground electrical system. With over 6,000 MW installed in California, wind energy is crucial for meeting the state's renewable energy goals.

Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) has received a 50-MW solar contract for the Turkey Creek Solar Ranch in Garrard County, Kentucky, awarded by Silicon Ranch Corporation. This project is Kentucky's first utility-scale solar development approved by the Public Service Commission. Construction starts in December 2021 and is set for completion by November 2022. Approximately 250 craft workers will be hired, primarily from local areas and military veterans. The project aims to deliver economic benefits and significantly increase solar capacity in Kentucky.

Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) reported record quarterly revenue of $697.8 million for Q3 2021, marking a 33.6% increase year-over-year. Revenue from the Renewable Segment surged 58.1% to $517.2 million. However, the company incurred a net loss of $99.6 million, significantly down from a net income of $11.3 million in the same quarter last year, primarily due to debt extinguishment losses. Adjusted EBITDA improved to $49.8 million, a 15.7% increase. The company raised its full-year revenue guidance to $2.0-$2.1 billion and reported a total backlog of $2.7 billion.