Infrastructure and Energy Alternatives, Inc. Announces Two Wind Construction Project Awards in Texas Totaling $115M
INDIANAPOLIS, Dec. 10, 2019 (GLOBE NEWSWIRE) -- Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“IEA” or the “Company”), a leading infrastructure construction company with specialized energy and heavy civil expertise, today announced a pair of substantial wind energy project awards in Texas.
Together, the awards are valued at more than $115 million.
One award is for construction of the Raymond Wind Farm in Willacy and Cameron counties. The project’s planned 91 Vestas turbines will generate 200 megawatts of power. The contract is valued at approximately $53 million.
The other award in Texas is for the West Raymond Wind Farm in Willacy, Hidalgo and Cameron counties. The approximate $62 million project involves 109 Vestas turbines that will produce nearly 240 megawatts of power.
The power generated by the two wind farms will be delivered into the Texas electrical grid. Work on both projects is scheduled to begin in December with full operation by December 2020. The scope of IEA’s work includes construction of project roads, WTG foundations, and erection of turbines.
Both contracts were secured by IEA Constructors, a division of IEA that manages utility-scale energy and heavy civil infrastructure projects.
RWE Renewables Americas LLC, a division of German-based RWE AG, is lead developer on the projects. The company develops, owns, and operates renewable energy projects across the United States. Its parent, RWE AG, is among the world’s largest owners of renewable power projects.
“We’re excited to move forward with two more South Texas wind farms this year, consolidating our position as a leader of Texas coastal wind,” said Silvia Ortin, COO Onshore Wind and Solar PV Americas, RWE Renewables. “These windfarms represent an investment of more than $500 million in the local area, furthering RWE's strategy for renewables growth in the U.S. market.”
JP Roehm, IEA’s Chief Executive Officer, said Texas is now and is expected to continue to prove a leading driver of wind energy projects, given both its commitment to renewable energy and its vast geography.
According to the American Wind Energy Association’s third-quarter 2019 report, 19 states now have more than 1,000 megawatts under construction or in advanced development. Texas leads all other states and is home to 19% of the total development pipeline, followed by Wyoming (11%), Oklahoma (7%), Iowa, (6%), and Virginia (6%).
Texas led third-quarter capacity additions with 1,232 megawatts. For the year through Sept. 30, Texas also lead the country in installations with 2,129 megawatts.
“Texas clearly is a very important state for wind energy development,” Roehm said. “We are committed to working closely with developers such as RWE to continue the momentum there and meet the robust demand for wind energy in Texas and throughout North America.”
IEA has assembled more than 7,200 wind turbines across North America.
About IEA
IEA is a leading infrastructure construction company with specialized energy and heavy civil expertise. Headquartered in Indianapolis, Indiana, with operations throughout the country, IEA’s service offering spans the entire construction process. The company offers a full spectrum of delivery models including full engineering, procurement, and construction, turnkey, design-build, balance of plant, and subcontracting services. IEA is one of three Tier 1 wind energy contractors in the United States and has completed more than 200 wind and solar projects across North America. In the heavy civil space, IEA offers a number of specialty services including environmental remediation, industrial maintenance, specialty transportation infrastructure and other site development for public and private projects. For more information, please visit IEA’s website at or follow IEA on Facebook, LinkedIn and Twitter for the latest company news and events.
About RWE Renewables
RWE Renewables, the newest subsidiary of the RWE Group, is one of the world's leading renewable energy companies. With around 3,500 employees, the company has onshore and offshore wind farms, photovoltaic plants and battery storage facilities with a combined capacity of more than 9 gigawatts. RWE Renewables is driving the expansion of renewable energy in more than 15 countries on four continents. For further growth an annual investment budget of €1.5 billion net is available. When adding in possible partnerships, the investment budget could reach up to €3 billion. The focus is on the Americas, the core markets in Europe and the Asia-Pacific region.
Forward Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as “anticipate,” “expect,” “could,” “may,” “intend,” “plan” and “believe,” among others, generally identify forward-looking statements. These forward-looking statements are based on currently available operating, financial, economic and other information, and are subject to a number of risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. A variety of factors, many of which are beyond our control, could cause actual future results or events to differ materially from those projected in the forward-looking statements in this release. For a full description of the risks and uncertainties which could cause actual results to differ from our forward-looking statements, please refer to IEA’s periodic filings with the Securities & Exchange Commission including those described as “Risk Factors” in IEA’s annual report on Form 10-K filed on March 14, 2019, and quarterly reports on Form 10-Q filed during 2019. IEA does not undertake any obligation to update forward-looking statements whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
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