INDIANAPOLIS, Nov. 20, 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 an approximately $50 million wind energy project award in Oklahoma.
The award is for construction of the Boiling Springs Wind Farm in Woodward County in northwest Oklahoma. The 148 megawatts of power generated by the project’s planned 60 GE WTG turbines will be delivered into the Oklahoma electrical grid.
Work on the Boiling Springs project is scheduled to begin in November with full operation by December 2020. The scope of IEA’s work will include construction of project roads, WTG foundations, the MV collection system, 138kV project substation and a 10.7-mile, 138kV transmission line.
The contract was 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 project. 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 break ground on new territory in Oklahoma with our first project in the Southwest Power Pool,” said Silvia Ortin, COO Onshore Wind and Solar PV Americas, RWE Renewables. “Boiling Springs is an example of RWE’s strong focus on the U.S. market, delivering clean energy for the state and significant economic benefits to the local area.”
“Oklahoma is an increasingly important state for wind energy development, and Boiling Springs is a great example of this,” said JP Roehm, IEA’s Chief Executive Officer. “As a leading builder of wind energy projects, IEA is committed to meeting continued strong demand in states such as Oklahoma and across North America.”
According to the American Wind Energy Association, Oklahoma ranks among the top 10 states in the U.S. for wind power capacity under construction or in advanced development, with nearly 2,000 wind-generated megawatts.
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 www.iea.net 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 20 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.
Contact
Andrew Layman
Chief Financial Officer
Andrew.Layman@iea.net
765-828-2580
Financial Profiles, Inc.
Larry Clark, Senior Vice President
lclark@finprofiles.com
310-622-8223