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INDIANAPOLIS, Oct. 16, 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 new wind energy project award valued at approximately $67 million.
The award is for construction of the Richland Wind Farm in Sac County in western Iowa. This is a 130-megawatt project. The power generated by the project’s planned 53 GE WTG turbines will be delivered into the Iowa electrical grid.
Work on the Richland project is scheduled to begin in October with full operation by September 2020. The scope of IEA’s work includes all engineering, procurement and construction of project roads, WTG foundations, the MV collection system and the project substation.
“The Richland project demonstrates Iowa’s strong and ongoing commitment to wind energy,” said JP Roehm, IEA’s Chief Executive Officer. “The state is already home to nearly 9,000 installed megawatts, and there are more than 1,100 additional megawatts currently under construction there.”
According to the American Wind Energy Association second-quarter market report, Iowa is second only to Texas in installed wind-generated megawatts. There were 8,957 megawatts of installed wind power capacity in Iowa as of June 30, the report said, with another 1,122 megawatts under construction.
IEA is a leading builder of wind energy projects in the U.S. The Company has assembled more than 7,200 wind turbines across North America.
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.
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.
Chief Financial Officer
Financial Profiles, Inc.
Larry Clark, Senior Vice President