Primoris Services Corporation Awarded Solar Projects, Estimated Value $290 Million

Rhea-AI Summary

Primoris Services Corporation (NASDAQ: PRIM) announced securing multiple solar project awards valued at approximately $290 million. These contracts, obtained by the Energy/Renewables Segment in Q4 2022, involve engineering, procurement, and construction of utility-scale solar facilities in the Midwest. Initial construction is set for Q1 2023, aiming for completion by Q2 2024. CEO Tom McCormick emphasized that these awards enhance Primoris's geographical footprint and service diversity, reflecting strong client trust in their capabilities.

Positive

• Secured multiple solar project contracts valued at $290 million.
• Contracts focus on utility-scale solar facilities, indicating growth in renewable energy sector.
• Initial construction expected to start in Q1 2023, with completion by Q2 2024, enhancing revenue flow.
• Awards align with strategy to expand in new geographies and diversify services.

Negative

• None.

DALLAS--(BUSINESS WIRE)-- Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or the “Company”) today announced multiple solar project awards with an estimated value of $290 million. The contracts were secured by the Company’s Energy/Renewables Segment in the fourth quarter of 2022.

“These awards align with our market strategy by expanding our presence in new geographies and diversifying our scope of work with smaller utility-scale solar projects,” said Tom McCormick, President and Chief Executive Officer of Primoris. “We prioritize supporting the needs of our clients and these awards demonstrate the value our customers place on our services.”

The awards are for the engineering, procurement and construction of utility-scale solar facilities in the Midwest. The primary scope of this award includes all civil, electrical and mechanical work. Initial construction will begin in the first quarter of 2023 with completion expected in the second quarter of 2024.

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.prim.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/20230103005782/en/

Blake Holcomb

Vice President, Investor Relations

214-545-6773

bholcomb@prim.com

Source: Primoris Services Corporation

FAQ

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

Primoris announced multiple solar project awards valued at approximately $290 million.

When is the construction for the solar projects expected to begin?

Initial construction for the solar projects is set to begin in Q1 2023.

What is the expected completion date for the solar projects?

The completion of the solar projects is expected by Q2 2024.

What segment of Primoris secured the solar contracts?

The contracts were secured by Primoris's Energy/Renewables Segment.

In which geographical area will the solar facilities be constructed?

The solar facilities will be constructed in the Midwest.