Silicon Ranch Selects Infrastructure and Energy Alternatives, Inc. to Construct 50 MW Regenerative Solar Facility in Kentucky

Rhea-AI Summary

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.

Positive

• Awarded a 50-MW solar contract to construct Turkey Creek Solar Ranch.
• Expected to hire approximately 250 local workers and military veterans.
• Construction scheduled to begin in December 2021, enhancing IEA's portfolio.
• The project will nearly double solar capacity in Kentucky, boosting local economy.

Negative

• None.

Efforts underway to hire and train local laborers and military veterans

INDIANAPOLIS, Nov. 16, 2021 (GLOBE NEWSWIRE) -- Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“IEA”), a leading infrastructure construction company with renewable energy and specialty civil expertise, announced today that it has been awarded a 50-megawatt (MW_AC) solar contract to construct the Turkey Creek Solar Ranch in Garrard County, Kentucky. Nashville-based Silicon Ranch Corporation, 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.

The Turkey Creek Solar Ranch is the first utility-scale solar project to receive approval from the Kentucky Public Service Commission Siting Board. Silicon Ranch is making a significant investment in Garrard County to fund the Turkey Creek project and will own and operate the solar array for the long-term, a disciplined approach the company takes with every project it develops. Construction is scheduled to begin in December 2021 and is expected to be completed by November 2022. IEA’s scope of work includes the installation of owner furnished First Solar modules and full balance of system EPC construction, including civil, mechanical, and electrical work.

Silicon Ranch will keep the land housing the Turkey Creek Solar Ranch in agricultural production post-construction through managed sheep grazing and other regenerative pastureland management practices under its Regenerative Energy® platform. Through these regenerative agriculture practices, Silicon Ranch will restore the land to a functioning grassland ecosystem and deliver additional benefits to the region, such as carbon sequestration, restored soil health, improved water quality, and enhanced biodiversity. The company is already pioneering regenerative design and pre-construction practices at the site.

Garrard County sits on the edge of an economically distressed region that ranks among the poorest 10% of counties in the nation. The Turkey Creek Solar Ranch will provide meaningful economic benefits to the local community and surrounding region through the injection of capital, critical tax revenues, new wages, and other indirect and induced impacts throughout the life of the project. According to the Solar Energy Industries Association, the Turkey Creek Solar Ranch will also nearly double the amount of solar megawatts installed in Kentucky.

To construct the project for Silicon Ranch, IEA will hire approximately 250 craft workers, the majority of whom will be recruited locally from Garrard County, the surrounding area, and the military veteran community. The project will hire for positions ranging from entry level to experienced, and IEA will provide workers seeking utility-scale solar construction experience with on-site training in tracker assembly, wire harnessing and module installation. Those interested in working on the Turkey Creek Solar Ranch can apply online at https://careers.iea.net/, or send an email to recruit@iea.net.

“IEA is proud to work again with Silicon Ranch to expand solar capacity in the United States,” said Joe Broom, IEA’s Senior Vice President of Solar Construction Operations. “The Turkey Creek Solar Ranch will put Kentucky on the domestic map for solar and help bring additional renewable sources to the state.”

“All of us at Silicon Ranch are grateful to our partners for enabling us to bring quality jobs, workforce development, and an innovative solar project that keeps land in agricultural production to rural eastern Kentucky,” said Silicon Ranch Co-Founder and CEO, Reagan Farr. “We recognize Kentucky’s strong agricultural heritage and are committed to designing, building, and operating the Turkey Creek Solar Ranch in a way that continues this legacy in partnership with the ag community. We are pleased to team up again with IEA to carry out the construction of this project with a focus on maximizing its positive impact for the local community and surrounding area.”

“Kentucky’s new energy strategy, KYE3, emphasizes community-based opportunities where energy, environment and economic development converge,” said Kentucky Office of Energy Policy Director, Kenya Stump. “Silicon Ranch’s Turkey Creek project is an example of KYE3 strategy in action where energy production is working with the land and providing benefits to the community and the environment.”

Since 2010, IEA has constructed more than a gigawatt of solar farms across the United States and Canada. IEA was ranked #8 for solar construction revenues combined amongst Engineering News-Record’s 2021 Top 400 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. IEA 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 IEA news and events.

About Silicon Ranch

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 145 operating facilities across more than 15 states coast to coast. 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 project design, construction, and land management, which the company has trademarked Regenerative Energy®, Silicon Ranch was named 2020’s “Most Forward-Thinking” company by Solar Power World. Learn more at siliconranch.com and regenerativeenergy.org 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 8, 2021 and 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.

Contacts:

IEA:
Aaron Reddington
Vice President Investor Relations
investors@iea.net

Silicon Ranch:
Chris Lunghino
chris.lunghino@siliconranch.com
714-369-9280

FAQ

What is the Turkey Creek Solar Ranch project for IEA?

The Turkey Creek Solar Ranch is a 50-MW solar project awarded to IEA by Silicon Ranch to be constructed in Garrard County, Kentucky.

When will construction of the Turkey Creek Solar Ranch start?

Construction of the Turkey Creek Solar Ranch is scheduled to begin in December 2021.

How many workers will be hired for the Turkey Creek Solar Ranch project?

Approximately 250 craft workers will be hired for the Turkey Creek Solar Ranch project, primarily from local areas and military veterans.

What economic impacts will the Turkey Creek Solar Ranch project have?

The project is expected to provide significant economic benefits, including capital injection, tax revenues, and job creation in Garrard County.

What is the projected completion date for the Turkey Creek Solar Ranch?

The Turkey Creek Solar Ranch is expected to be completed by November 2022.