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Infrastructure and Energy Alternatives (NASDAQ: IEA) announced an underwritten offering of common stock, which will be sold by an affiliate of Oaktree Capital Management. IEA will not sell any shares or receive proceeds from this offering. The underwriters have a 30-day option to buy an additional 15% of the shares at the public offering price. Guggenheim Securities is the sole book-running manager, with Stifel and D.A. Davidson & Co. acting as co-managers. A registration statement has been filed with the SEC and has been declared effective.
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.
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.
Infrastructure and Energy Alternatives (NASDAQ: IEA) announced a $100 million wind construction contract for the Lincoln Land project in Morgan County, Illinois, awarded by Apex Clean Energy. The project involves constructing a 300 MW wind farm, expected to commence in January 2021 and be completed by late 2021. IEA will self-perform all engineering, procurement, and construction tasks, including the installation of 107 GE wind turbines. This project is anticipated to generate $65.6 million in tax revenue for the county over its lifetime, enhancing Illinois's renewable energy capacity.
Infrastructure and Energy Alternatives (IEA) has secured a wind construction contract for the 185 MW Glacier Sands wind farm in Illinois, awarded by Cordelio Power. Construction, led by IEA's subsidiary White Construction, has commenced with full notice expected in Q1 2021 and project completion targeted for October 2021. IEA aims to self-perform all engineering and construction tasks for the project. Illinois ranks sixth nationally in wind capacity, with IEA being a significant player in renewable energy construction.
Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) announced its inclusion in the CIBC Atlas Clean Energy Index effective December 18, 2020. This milestone reflects IEA's commitment to renewable energy solutions, enhancing shareholder value through new opportunities in wind and solar markets. President JP Roehm emphasized that this addition demonstrates the company's dedication to reducing clients' carbon footprints. The CIBC Atlas Clean Energy Index targets companies within the clean energy sector, providing essential exposure to renewable technologies.
Infrastructure and Energy Alternatives (NASDAQ: IEA) has appointed Ms. Laurene Bielski Mahon to its Board of Directors, effective immediately. Ms. Mahon will serve as an independent director on the Audit Committee, increasing the board size to nine members. With a robust background in infrastructure investment banking and experience at CIBC World Markets, McKinsey & Company, and New Jersey Transit, Mahon is expected to bring valuable insights to IEA's strategic direction. This appointment aims to enhance the expertise and perspectives within the board.
Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) has launched a new Renewable Energy Services Group to enhance its renewable construction services. This group will offer maintenance and repair services post-construction for wind projects, addressing operational cost concerns while maintaining high service quality and safety standards. Led by experienced professionals, the group will provide blade repairs, major component changes, and more. IEA has successfully built over 2 gigawatts of wind energy in North America and received a #2 ranking in wind construction by Engineering News-Record in 2020.
Infrastructure and Energy Alternatives (IEA) reported record revenue of $522.2 million for Q3 2020, marking a 23.7% increase from last year. Net income decreased to $11.3 million or $0.32 per diluted share, compared to $12.6 million or $0.24 last year, influenced by a prior year's contingency gain. Adjusted EBITDA rose 11.3% to $43.1 million. The backlog increased $150 million to $1.9 billion. IEA has raised its annual revenue guidance to between $1.7 billion and $1.75 billion amidst a robust bidding environment.
Infrastructure and Energy Alternatives (IEA) has announced a significant joint venture with F.H. Paschen for the West Lake Corridor rail expansion, a project valued at over $550 million. Ragnar Benson, a subsidiary of IEA, holds a 30% interest in this venture. The project aims to construct an eight-mile rail extension and four new stations, enhancing connectivity between Northwest Indiana and Chicago. Work commenced in October 2020, with completion expected by October 2024, focusing on sustainability and local economic development.
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