Primoris Services Corporation Secures Solar Project Valued Over $370 Million

Rhea-AI Summary

Primoris Services Corporation (NASDAQ: PRIM) has secured a solar contract valued over $370 million from its Energy/Renewables Segment. This contract boosts their solar project backlog to exceed $1 billion. Construction is set to begin in Q2 2022, with completion anticipated by Q4 2023. The company’s diversified services in utility, energy/renewables, and pipeline markets position it for long-term growth.

Positive

• Secured a solar contract valued at over $370 million.
• Solar project backlog now exceeds $1 billion.
• Construction to start in Q2 2022 with expected completion in Q4 2023.

Negative

• None.

DALLAS--(BUSINESS WIRE)-- Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced a solar award with an estimated value of more than $370 million. The contract was secured by the Company’s Energy/Renewables Segment.

“Our proven ability to execute best-in-class utility-scale solar projects continues to attract repeat business,” said Tom McCormick, President and Chief Executive Officer of Primoris. “With this new contract, our solar project backlog now exceeds $1 billion as we move into 2022.”

The award is for the engineering, procurement and construction of a utility-scale solar facility on the West Coast. Initial project construction will begin in the second quarter of 2022 with completion of the project expected in the fourth 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/20211215005713/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 contract Primoris has secured?

The solar contract secured by Primoris is valued at over $370 million.

When will the construction of the solar project begin?

Construction of the solar project is expected to begin in the second quarter of 2022.

What is Primoris's current solar project backlog?

Primoris's solar project backlog now exceeds $1 billion.

When is the expected completion date for the solar project?

The completion of the solar project is anticipated by the fourth quarter of 2023.