Orbital Energy Group's Subsidiary, Orbital Solar Services, Awarded $64.0 Million, 137-Megawatt Project from Fortune 100 Energy Company

Rhea-AI Summary

Orbital Energy Group's subsidiary, Orbital Solar Services, has secured a $64 million contract to build a 137-megawatt solar farm in Arkansas for a Fortune 100 energy company. This deal includes full Engineering, Procurement, and Construction (EPC) services, with completion expected in early 2022. OSS was selected due to its significant experience and capabilities, having executed over 40 solar projects worth more than 600 megawatts. The project highlights OSS’s industry recognition and Orbital’s focus on expanding its renewable energy portfolio.

Positive

• Awarded a $64 million EPC contract for a 137-megawatt solar farm.
• Demonstrates Orbital Solar Services' capabilities in utility-scale solar projects.
• Project expected to enhance Orbital's presence in the renewable energy sector.

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• None.

HOUSTON, June 9, 2021 /PRNewswire/ -- Orbital Energy Group, Inc. (NASDAQ: OEG) ("Orbital"), today announced that its wholly-owned subsidiary, Orbital Solar Services ("OSS"), a leader in utility-scale solar power generation facilities, has been awarded an Engineering, Procurement, and Construction ("EPC") contract ("the Contract") to construct a 137-megawatt solar farm in Arkansas by a North American, Fortune 100 Energy Company.  The project has an expected total value of over $64.0 million.

The Contract calls for OSS to design, engineer, and produce a utility-scale solar array to be delivered in early 2022. Under the Contract terms, OSS will provide full utility-scale EPC services, including substation construction. 

In the selection process, OSS was evaluated for its technical, innovation and support capabilities to create a long-term partnership in providing utility-scale solar facilities.  OSS was selected based on its in-house engineering capabilities, supply chain relationships and proven track record of having executed over 40 solar projects in excess of 600 megawatts.  OSS is a well-recognized industry leader with more than 50 years combined experience in the delivery and management of both commercial and renewable energy construction projects. 

Brandon Martin, OSS's CEO, stated, "This new project with an industry-leading, Fortune 100 energy company, demonstrates the recognition of OSS's technical expertise and abilities from North American energy companies in designing and building these large, complex, utility-scale solar projects. We look forward to commencing work on this project even as we continue to pursue other potential opportunities in this area."

"We are thrilled by this award, which highlights the value of our OSS subsidiary to utility-scale solar customers and showcases Orbital's ability to provide services that contribute to reducing our nation's carbon footprint," said Jim O'Neil, Orbital Energy Group's Vice-Chairman & CEO. "OSS continues to expand its industry relationships based on a solid record of achievement, world-class facilities and innovative technologies. By continuing to pursue attractive projects such as this one, we look forward to expanding our presence in the renewable and alternative energy marketplace during the balance of 2021 and beyond."

About Orbital Energy Group
Orbital Energy Group, Inc. [Nasdaq: OEG] is creating a diversified energy services platform through the acquisition and development of innovative companies. Orbital Energy's group of businesses includes Orbital Power Services, Orbital Solar Services, Orbital Telecom Services and Orbital Gas Systems.

Orbital Power Services provides engineering, construction, maintenance and emergency response solutions to the power, utilities and midstream markets.

Orbital Solar Services provides engineering, procurement and construction ("EPC") expertise in the renewable energy industry and established relationships with solar developers and panel manufacturers in the utility scale solar market.

Orbital Telecom Services, operating as Gibson Technical Services, has nationwide locations equipped to effectively support multi-vendor OEM technology environments and outside plant construction operations on an as-needed basis with specialized services in broadband, wireless, outside plant and building technologies, including healthcare.

Orbital Gas Systems is a 30-year leader in innovative gas solutions, serving the energy, power and processing markets through the design, installation and commissioning of industrial gas sampling, measurement and delivery systems.

As a publicly traded company, Orbital Energy is dedicated to maximizing shareholder value. But most important, our commitment to conduct business with a high level of integrity, respect, and philanthropic dedication allows the organization to make a difference in the lives of their customers, employees, investors and global community.

For more information please visit: www.orbitalenergygroup.com 

Important Cautions Regarding Forward Looking Statements

This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The Company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, our reliance on third-party manufacturers and suppliers, government agency budgetary and political constraints, new or increased competition, changes in market demand, and the performance or reliability of our products. These factors and others could cause operating results to vary significantly from those in prior periods, and those projected in forward-looking statements. Additional information regarding these and other factors, which could materially affect the Company and its operations, are included in certain forms the Company has filed with the Securities and Exchange Commission.

Investor Relations:
KCSA Strategic Communications
David Hanover
T: 212-896-1220
orbital@kcsa.com      

 

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SOURCE Orbital Energy Group, Inc.

FAQ

What is the value of Orbital Energy Group's new contract for the solar farm?

The contract for the solar farm is valued at over $64 million.

Which company awarded the solar project to Orbital Solar Services?

The project was awarded by a North American Fortune 100 energy company.

When is the solar farm project expected to be completed?

The solar farm project is expected to be completed in early 2022.

How many solar projects has Orbital Solar Services executed previously?

Orbital Solar Services has executed over 40 solar projects totaling more than 600 megawatts.

What services will Orbital Solar Services provide for the contract?

OSS will provide full Engineering, Procurement, and Construction (EPC) services, including substation construction.