Primoris Services Corporation Awarded Two Solar Projects Valued over $120 million

Rhea-AI Summary

Primoris Services Corporation (NASDAQ: PRIM) has announced two new solar project contracts worth over $120 million, awarded to its Energy/Renewables Segment. These contracts stem from prior projects mentioned during the Q2 earnings call and are expected to enhance the company's backlog.

The first project is a utility-scale solar facility in the Southwest, starting construction in Q3 2021, aiming for completion in Q3 2022. The second project is a similar facility in the Midwest, with construction also beginning in Q3 2021 and completion anticipated in Q2 2022.

Positive

• Secured two new solar contracts totaling over $120 million.
• Recent awards contribute to an expanding backlog in the Energy/Renewables segment.
• Total of three contracts executed in one week, amounting to over $220 million.

Negative

• None.

DALLAS--(BUSINESS WIRE)-- Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced two new solar awards with a combined value of over $120 million. The contracts were secured by the Company’s Energy/Renewables Segment.

“These contracts are the realization of two projects we mentioned during our second quarter earnings call that were progressing under limited notices to proceed and are excellent examples as to why we have confidence in the balance of this year as well as into 2022,” said Tom McCormick, President and Chief Executive Officer of Primoris. “We have now executed three contracts in the last week for a combined total of over $220 million that add to our backlog in the Energy/Renewables segment and we have more to come.”

• The first award is for the engineering, procurement, and construction of a utility-scale solar facility in the Southwest. The primary scope includes all civil, electrical and mechanical work. Initial construction on the project will begin in the third quarter of 2021 with completion expected in the third quarter of 2022.
• The second award is for the engineering, procurement, and construction of a utility-scale solar facility in the Midwest. The scope includes all civil, electrical and mechanical work. Initial construction on this project will begin in the third quarter of 2021 with completion expected in the second quarter of 2022.

ABOUT PRIMORIS

Primoris is one of the leading providers of specialty contracting and critical infrastructure services operating throughout the United States and Canada. Primoris provides a wide range of specialty construction services, fabrication, maintenance, and engineering services to a diversified and well-tenured blue-chip client base. 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, 2020, 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/20210826005232/en/

Brook Wootton, Vice President, Investor Relations

Primoris Services Corporation

214-545-6773, bwootton@prim.com

Source: Primoris Services Corporation

FAQ

What new contracts did Primoris Services Corporation announce?

Primoris announced two solar project contracts worth over $120 million.

How will the new contracts impact PRIM's backlog?

The contracts are expected to significantly enhance Primoris's backlog in the Energy/Renewables segment.

When is the expected completion date for the solar projects?

The first project is expected to be completed by Q3 2022, and the second by Q2 2022.

What is the total value of contracts executed by Primoris recently?

Primoris executed three contracts recently, totaling over $220 million.