Primoris Services Corporation Awarded $270 Million Solar Project

Rhea-AI Summary

Primoris Services Corporation (NASDAQ: PRIM) announced a major $270 million solar project award for the engineering, procurement, and construction of a utility-scale solar facility in the Southwest. This project aims to add approximately 500 megawatts to Primoris's portfolio, which already includes over 3,900 megawatts of solar projects under construction. Construction is set to begin in Q4 2022, with completion expected by Q4 2023.

Positive

• Awarded a solar project worth $270 million.
• Project adds 500 megawatts to existing 3,900 megawatts of solar projects.
• Construction begins in Q4 2022, completing by Q4 2023.

Negative

• None.

DALLAS--(BUSINESS WIRE)-- Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or the “Company”) today announced a solar project award with an estimated value of $270 million. The contract was secured by the Company’s Energy/Renewables Segment.

The award is for the engineering, procurement, and construction of a utility-scale solar facility in the Southwest, adding approximately 500 megawatts to over 3,900 megawatts of solar power projects which Primoris currently has under construction. Initial project construction will begin in the fourth 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, power delivery 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/20220822005724/en/

Jeremy Apple

312-690-6003

PrimorisIR@clermontpartners.com

Source: Primoris Services Corporation

FAQ

What is the value of the solar project awarded to Primoris (PRIM)?

The solar project awarded to Primoris is valued at $270 million.

When is the construction of the solar project expected to start for Primoris (PRIM)?

Construction for the solar project is expected to begin in Q4 2022.

How much capacity will the new solar project add to Primoris (PRIM)?

The new solar project will add approximately 500 megawatts of capacity.

What is the expected completion date for the new solar project by Primoris (PRIM)?

The completion of the new solar project is expected by Q4 2023.

How much solar power is Primoris (PRIM) currently constructing in total?

Primoris is currently constructing over 3,900 megawatts of solar power projects.