Primoris Services Corporation Awarded $130 Million Solar Project

Rhea-AI Summary

Primoris Services Corporation (NASDAQ: PRIM) has announced a new solar project valued at $130 million, awarded to its Energy/Renewables Segment. The project involves the engineering, procurement, and construction of a utility-scale solar facility. Construction is set to begin in Q4 2022, with expected completion in Q3 2023. The project highlights the company's capability to provide integrated services, utilizing both its Energy/Renewables and Utilities Segments.

Positive

• Secured a $130 million solar project, enhancing revenue potential.
• Demonstrates integration between Energy/Renewables and Utilities segments, showcasing operational synergy.
• Expected completion boosts company’s growth prospects in the renewable energy sector.

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 $130 million. The contract was secured by the Company’s Energy/Renewables Segment.

“This project is another great example of our segments working together to provide a complete solution for our clients,” said Tom McCormick, President and Chief Executive Officer of Primoris. “In addition to the photovoltaic work that our Energy/Renewables Segment will execute, our Utilities Segment will perform the high-voltage work.”

The award is for the engineering, procurement and construction of a utility-scale solar facility in the South. Initial project construction will begin in the fourth quarter of 2022 with completion of the project expected in the third 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/20220505006228/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 $130 million.

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

The expected completion date for the solar project is in the third quarter of 2023.

Which segments of Primoris are involved in the solar project?

The solar project involves the Energy/Renewables Segment and the Utilities Segment of Primoris.

What type of work will Primoris perform on the solar project?

Primoris will perform engineering, procurement, and construction work for the utility-scale solar facility.

When will construction of the solar project begin?

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