Primoris Services Corporation Awarded $120 Million Solar Project

Rhea-AI Summary

Primoris Services Corporation (NASDAQ: PRIM) has secured a $120 million contract for a utility-scale solar project, marking its sixth contract with the customer and eighth project in the Southwest region. The project is set to commence construction in Q2 2022 and is expected to complete in Q1 2023. With over $1.4 billion in solar projects completed or under construction, Primoris aims to enhance its growth in the renewable energy sector. This contract reinforces the company's strong client relationships and ongoing success in the energy/renewables segment.

Positive

• Secured a $120 million contract for a utility-scale solar project.
• Total of $1.4 billion in solar projects completed or under construction.
• Reinforces strong client relationships with repeat business.

Negative

• None.

DALLAS--(BUSINESS WIRE)-- Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or the “Company”) today announced a solar project with an estimated value of $120 million. The contract was secured by the Company’s Energy/Renewables Segment.

“Our Energy/Renewables team continues to execute at an exceptional level that brings clients back to us,” said Tom McCormick, President and Chief Executive Officer of Primoris. “We value these strong and ongoing relationships.”

“This will be our sixth contract with this solar customer and our eighth project in the Southwest region,” McCormick added. Primoris now has more than $1.4 billion in solar projects completed or under construction in the region.

The award is for the engineering, procurement and construction of a utility-scale solar facility in the Southwest. Initial project construction will begin in the second quarter of 2022 with completion of the project expected in the first quarter of 2023.

ABOUT PRIMORIS

Primoris Services Corporation is a leading specialty contractor providing critical infrastructure services to the utility, energy/renewables and pipeline services markets throughout the United States and Canada. The Company supports a diversified base of blue-chip customers with engineering, procurement, construction and maintenance services. A focus on multi-year master service agreements and an expanded presence in higher-margin, higher-growth markets such as utility-scale solar facility installations, renewable fuels, electrical transmission and distribution systems and communications infrastructure have also increased the Company’s potential for long-term growth. 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, 2021, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220505005846/en/

Brook Wootton

Vice President, Investor Relations

Primoris Services Corporation

IR@prim.com

Source: Primoris Services Corporation

FAQ

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

The new solar project announced by Primoris is valued at $120 million.

When will construction of the Primoris solar project begin?

Construction of the Primoris solar project is set to begin in the second quarter of 2022.

How many solar projects has Primoris completed or has under construction?

Primoris has completed or has over $1.4 billion in solar projects under construction.

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

The expected completion date for the Primoris solar project is the first quarter of 2023.

What segment does the new contract for the solar project fall under?

The new contract for the solar project falls under Primoris's Energy/Renewables segment.