Primoris Services Corporation Receives Solar Project Award

Rhea-AI Summary

Primoris Services Corporation (NASDAQ: PRIM) has secured a significant solar project contract valued at $130 million, awarded to its Energy/Renewables Segment. Construction is slated to commence in Q1 2022, aiming for completion by Q4 2022. CEO Tom McCormick emphasized the importance of repeat client business, showcasing strong customer relationships. This project marks their fourth collaboration with the client, reflecting their successful execution in the renewable energy sector.

Positive

• Secured a $130 million solar project contract, enhancing revenue potential.
• Demonstrates strong customer relationships with repeat business.
• Project completion expected by Q4 2022, contributing to growth.

Negative

• None.

Estimated Value of $130 Million

DALLAS--(BUSINESS WIRE)-- Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced a solar project award with an estimated value of $130 million. The contract was secured by the Company’s Energy/Renewables Segment.

“This is a significant contract, not just by its size, but for what it says about the strength of our customer relationships,” said Tom McCormick, President and Chief Executive Officer of Primoris. “Being chosen by clients on a repeat basis – in this case for our fourth project – is a real point of pride for our entire team in this partnership. For our renewables team especially, it demonstrates our ability to successfully execute our work.”

The award is for the engineering, procurement and construction of a utility-scale solar facility in the Southwest. Initial project construction will begin in the first quarter of 2022 with completion of the project expected in the fourth quarter of 2022.

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/20211104005302/en/

Brook Wootton, Vice President, Investor Relations

Primoris Services Corporation

214-545-6773, bwootton@prim.com

Source: Primoris Services Corporation

FAQ

What is the value of the solar project awarded to Primoris?

The solar project awarded to Primoris is valued at $130 million.

When will construction of the solar project begin?

Construction of the solar project is scheduled to begin in Q1 2022.

When is the expected completion date for the solar project?

The expected completion date for the solar project is Q4 2022.

Which segment of Primoris secured the solar project award?

The solar project was secured by Primoris' Energy/Renewables Segment.

How many projects has Primoris completed with the client?

This solar project marks the fourth collaboration between Primoris and the client.