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Infrastructure and Energy Alternatives (NASDAQ: IEA) has been awarded the Chesterfield Coal Ash Removal contract by Dominion Energy. This project involves the removal of approximately 15 million cubic yards of coal ash at the Chesterfield Power Station in Virginia, as mandated by legislation. Work started in May 2021 and will take about 13 years to complete. Saiia Construction, a subsidiary of IEA, will manage the project, recycling 7 million cubic yards of coal ash. This contract positions IEA as a key player in the coal ash remediation market, representing a potential $50 billion opportunity over the next decade.
Infrastructure and Energy Alternatives (NASDAQ: IEA) announced the award of the Panorama Wind Farm contract from Leeward Renewable Energy. This 145 megawatt wind farm in Weld County, Colorado, is set to begin construction in July 2021 and completed by December 2021. IEA will manage all engineering, procurement, and construction, including building access roads and installing 66 Vestas wind turbines. This partnership supports Colorado’s goal of 100% clean energy by 2040 and is expected to create jobs in the region.
Infrastructure and Energy Alternatives (NASDAQ: IEA) announced a significant $126 million construction contract with the Illinois Department of Transportation for the I-57/I-74 interchange reconstruction in Champaign-Urbana. Work will be undertaken by IEA's subsidiaries, William Charles Construction and White Construction, starting in August 2021 and concluding in November 2023. This project falls under the Rebuild Illinois program, which allocates $33.2 billion over six years to enhance transportation infrastructure, benefiting around 40,000 passenger vehicles and 8,000 trucks daily.
Infrastructure and Energy Alternatives (NASDAQ: IEA) has secured a $70 million contract for the Big Sky Repower balance of plant project. The project involves the repowering of a 240 MW wind farm in Illinois, expected to begin in August 2021 and finish by July 2022. IEA will handle all engineering, procurement, and construction tasks, increasing the wind farm's output by approximately 60%. The U.S. repowering market is growing, with an expected market value of $25 billion by 2030.
Infrastructure and Energy Alternatives, Inc. (IEA) has appointed Erin J. Roth as Executive Vice President, General Counsel & Corporate Secretary, effective immediately. Roth brings over 20 years of legal expertise, with prior roles at Strada Education Network and Wabash National Corporation. She replaces Gil Melman, who has left for other opportunities. IEA’s President, J.P. Roehm, expressed enthusiasm for Roth's leadership, emphasizing her legal and governance background. The company specializes in infrastructure construction and renewable energy projects across North America.
Infrastructure and Energy Alternatives (NASDAQ: IEA) announced its inclusion in the Russell 3000® Index, effective June 28, 2021. This decision follows FTSE Russell's objective assessment based on market capitalization. Being part of the Russell 3000 Index will increase visibility and awareness among investors, as nearly $10.6 trillion in assets track these indices. Additionally, IEA will also be included in the Russell 2000® Index, which further highlights its market presence. JP Roehm, IEA’s CEO, expressed optimism about the growth potential this development presents.
Infrastructure and Energy Alternatives (NASDAQ: IEA) announced its leadership team's participation in two upcoming investor conferences. The first is the Stifel 2021 Virtual Cross Sector Insight Conference on June 8, 2021, where CEO JP Roehm and CFO Peter Moerbeek will present at 8:40 a.m. ET. The second is the ROTH Virtual London Conference on June 21, 2021, featuring virtual meetings with investors. IEA is a leading infrastructure construction company specializing in renewable energy, having completed over 240 utility-scale projects across North America.
Infrastructure and Energy Alternatives (NASDAQ: IEA) has released its inaugural Environmental, Social, and Governance (ESG) Report, showcasing its commitment to sustainability and social responsibility. Highlights include the completion of over 240 renewable energy projects, equating to 6.5 million homes powered. The company aims to maintain a low Total Recordable Incident Rate of 0.8 and contribute $400,000 to community organizations in 2021. With a focus on diversity, IEA established a D&I Task Force and is committed to ethical practices in governance.
Infrastructure and Energy Alternatives (IEA) reported Q1 2021 financial results with a revenue of $276.4 million, down 22.8% from $358.2 million in Q1 2020. The company experienced an operating loss of $(8.3) million compared to a profit of $3.6 million a year ago. Net loss was $(20.4) million, or $(0.91) per diluted share. Despite challenges, backlog surged by $606.3 million to a record $2.7 billion, with expectations to realize $1.9 billion in the next 12 months. IEA raised its lower revenue guidance to $1.8 billion for 2021 while maintaining adjusted EBITDA guidance of $130-$140 million.
Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) announced the appointment of Theodore H. Bunting to its Board of Directors, effective after the annual shareholder meeting on May 13, 2021. Bunting, a former Group President at Entergy Corporation, brings over 34 years of utility operations experience. This addition raises IEA's Board to nine members, enhancing its industry expertise. Bunting's insights are expected to support IEA’s growth in renewable energy and specialty civil markets. He is also an experienced director on several boards.
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