Primoris Services Corporation Receives Solar Project Awards Estimated Value $230 Million

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Primoris Services Corporation announces $230 million solar project awards

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• Primoris Services Corporation has received solar project awards worth approximately $230 million. The contracts were secured in Q3 2023. This demonstrates the confidence of clients in Primoris' expertise in solar project construction.

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• None.

 

DALLAS--(BUSINESS WIRE)-- Primoris Services Corporation (NYSE: PRIM) (“Primoris” or the “Company”) announced today it received solar project awards with a combined value of approximately $230 million. The contracts were secured by the Company’s Energy Segment in the third quarter of 2023.

“Our clients continue to demonstrate confidence in our expertise to exceed essential requirements in the construction of solar projects by partnering with us on new projects,” said Tom McCormick, President and Chief Executive Officer of Primoris. “We take pride in our ability to win repeat work with our existing customers, while also building relationships with new customers on the strength of our reputation in the solar construction market.”

The awards are for the engineering, procurement and construction of three utility-scale solar facilities located in the Southwest. Initial construction for all projects will begin in the fourth quarter of 2023 with completion of the projects expected in the second half of 2024.

About Primoris

Primoris Services Corporation is a premier specialty contractor providing critical infrastructure services to the utility, energy, and renewables markets throughout the United States and Canada. Built on a foundation of trust, we deliver a range of engineering, construction, and maintenance services that power, connect, and enhance society. On projects spanning utility-scale solar, renewables, power delivery, communications, and transportation infrastructure, we offer unmatched value to our clients, a safe and entrepreneurial culture to our employees, and innovation and excellence to our communities. To learn more, visit www.prim.com and follow us on social media at @PrimorisServicesCorporation.

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, 2022, 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/20231011044187/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 received by Primoris Services Corporation?

The solar project awards received by Primoris Services Corporation have a combined value of approximately $230 million.

When were the contracts secured by Primoris Services Corporation?

The contracts were secured by Primoris Services Corporation in the third quarter of 2023.

When will the construction of the projects begin and when are they expected to be completed?

The initial construction for all projects will start in the fourth quarter of 2023, and the projects are expected to be completed in the second half of 2024.

In which region are the three utility-scale solar facilities located?

The three utility-scale solar facilities are located in the Southwest.