Primoris Services Corporation Awarded $260 Million Solar Project

Rhea-AI Summary

Primoris Services Corporation (NASDAQ: PRIM) announced a significant solar project valued at $260 million, secured by its Energy/Renewables Segment. This contract highlights the company's growth in the utility-scale solar market, with over 3,200 megawatts of projects under construction in 2022. As of now, Primoris has achieved over half a billion dollars in new solar business year-to-date. The project is set to commence construction in Q3 2022 and is expected to be completed by Q4 2023.

Positive

• Secured a $260 million solar project, indicating strong demand for renewable energy solutions.
• Year-to-date new solar business exceeds $500 million, showcasing significant growth in the sector.
• Currently has over 3,200 megawatts of solar projects under construction, enhancing market position.

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 $260 million. The contract was secured by the Company’s Energy/Renewables Segment.

“The organic growth of our utility-scale solar business is one measure of the success of our energy transition strategy,” said Tom McCormick, President and Chief Executive Officer of Primoris. “With over 3,200 megawatts of solar power projects under construction currently in 2022, Primoris ranks as one of the leading EPC contractors in the space. This contract brings our year-to-date total of new solar business to more than half of a billion dollars.”

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 third quarter of 2022 with completion of the project expected in the fourth 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/20220620005612/en/

Jeremy Apple

312-690-6003

PrimorisIR@clermontpartners.com

Source: Primoris Services Corporation

FAQ

What is the value of the new solar project by Primoris Services Corporation?

The new solar project announced by Primoris Services Corporation is valued at $260 million.

When is the expected completion date for Primoris's new solar project?

The new solar project is expected to be completed by the fourth quarter of 2023.

How much new solar business has Primoris secured in 2022?

Primoris has secured over half a billion dollars in new solar business year-to-date in 2022.

How many megawatts of solar projects is Primoris currently working on?

Primoris is currently involved in over 3,200 megawatts of solar power projects under construction.

What segment of Primoris Services Corporation secured the new solar project?

The new solar project was secured by Primoris's Energy/Renewables Segment.