Primoris Services Corporation Receives Approximately $425 Million in Solar Project Awards

Rhea-AI Summary

Primoris Services Corporation (NASDAQ: PRIM) announced two significant solar project awards valued at $425 million through its Energy/Renewables Segment. These contracts aim to enhance the company's solar project backlog, targeting $1 billion as previously discussed in earnings. Construction will initiate in Q2 2022, with project completion projected for Q3 2023. Primoris specializes in infrastructure services across the utility and energy sectors throughout the U.S. and Canada, emphasizing growth in utility-scale solar and other renewable markets.

Positive

• Secured two solar project awards worth $425 million.
• Targets $1 billion solar project backlog, indicating strong market demand.
• Initial construction slated for Q2 2022, enhancing revenue prospects.

Negative

• None.

DALLAS--(BUSINESS WIRE)-- Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced two solar project awards with an estimated value of $425 million. The contracts were secured by the Company’s Energy/Renewables Segment.

“These new contracts bring us closer to the $1 billion in solar project backlog we projected in our earnings discussion earlier this month,” said Tom McCormick, President and Chief Executive Officer of Primoris. “Building on our record of successful execution, our Energy/Renewables team continues to add new clients to our roster and new projects.”

These awards are for the engineering, procurement and construction of utility-scale solar facilities in the Southwest. Initial project construction will begin in the second quarter of 2022 for both contracts with completion of the projects 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, 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/20211130005049/en/

Brook Wootton, Vice President, Investor Relations

Primoris Services Corporation

214-545-6773, bwootton@prim.com

Source: Primoris Services Corporation

FAQ

What are the details of the solar projects awarded to Primoris (PRIM)?

Primoris Services Corporation has announced two solar project awards valued at $425 million, which will be part of its Energy/Renewables Segment.

What is the projected backlog for Primoris after these new contracts?

With these contracts, Primoris aims to reach a solar project backlog of $1 billion as discussed earlier this month.

When will construction for the new solar projects begin?

Construction for the awarded solar projects is expected to begin in the second quarter of 2022.

What is the expected completion date for the solar projects?

The completion of the solar projects is anticipated in the third quarter of 2023.