Primoris Services Corporation Announces New Solar Award Valued over $220 million

Rhea-AI Summary

Primoris Services Corporation (NASDAQ: PRIM) has secured a new solar project worth over $220 million through its Energy Segment. This contract marks the third collaboration with the same customer for engineering, procurement, and construction services of utility-scale solar facilities in the Southwest.

The award includes approximately $19 million in work previously announced. Construction is set to begin in Q1 2021, with completion expected by Q2 2022.

Positive

• Secured a solar project worth over $220 million, enhancing revenue potential.
• Continues partnership with the same customer, indicating strong client relationships.
• Work commencement in Q1 2021 suggests timely project execution.

Negative

• None.

DALLAS, March 23, 2021 (GLOBE NEWSWIRE) -- Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced a new solar award with a total value of over $220 million. The contract was secured by the Company’s Energy Segment. This is the third project in which Primoris has been chosen by this customer as its Engineering, Procurement and Construction Partner.

• The award is for the engineering, procurement, and construction of utility-scale solar facilities in the Southwest. The scope of work includes construction of the foundations, electrical, mechanical and civil scopes of work.
• The $220 million combined value includes approximately $19 million of work under a Limited Notice to Proceed which was announced on January 26, 2021.
• Work will commence in the first quarter of 2021 with completion expected in the second quarter of 2022.
  

ABOUT PRIMORIS
Founded in 1960, Primoris is one of the leading providers of specialty contracting services operating throughout the United States and Canada. Primoris provides a wide range of specialty construction services, fabrication, maintenance, and engineering services to a diversified and well-tenured blue-chip client base. Additional information on Primoris is available at www.primoriscorp.com.

FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including the Company’s future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”, “potential”, “predicts”, “projects”, “should”, “will”, “would” or similar expressions. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of regulation and the economy, generally. Forward-looking statements inherently involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ materially as a result of a number of factors, including, among other things, the risks described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2020, and our other filings with the U.S. Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

For additional information, contact:

Brook Wootton
Vice President, Investor Relations
Primoris Services Corporation, 214-545-6773
bwootton@prim.com

FAQ

What is the value of the new solar project announced by Primoris?

The new solar project is valued at over $220 million.

When will work on the solar project by Primoris commence?

Work on the project is set to commence in the first quarter of 2021.

When is the expected completion date for the Primoris solar project?

The project is expected to be completed by the second quarter of 2022.

How much of the contract value was included in the previous announcement?

Approximately $19 million of the contract value was previously announced under a Limited Notice to Proceed.