Infrastructure and Energy Alternatives, Inc. Announces $98 Million Wind Construction Project in Nebraska
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INDIANAPOLIS, Aug. 06, 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 $98 million.
The award is for construction of the Milligan 1 Wind Farm in Saline County in southeast Nebraska. This is a 300-megawatt project that is expected to provide enough energy to power up to 115,000 homes. The power generated by the project’s planned 99 turbines will be delivered into the Southwest Power Pool electrical grid.
The wind farm, which is located near Nebraska’s capital city of Lincoln, will draw upon power generated from a combination of Vestas V110, Siemens 129 and Siemens 145 turbines.
Work on the Milligan 1 project is scheduled to begin in September with full operation by November 2020.
EDF Renewables North America is the lead developer on the project. The company is a market leading independent power producer and service provider with over 30 years of expertise in renewable energy. The company delivers grid-scale power: wind (onshore and offshore), solar photovoltaic, and storage projects; distributed solutions: solar, solar+storage, EV charging and energy management; and asset optimization: technical, operational, and commercial skills to maximize performance of generating projects. EDF Renewables’ North American portfolio consists of 16 GW of developed projects and 10 GW under service contracts. EDF Renewables North America is a subsidiary of EDF Renewables, the dedicated renewable energy affiliate of the EDF Group.
The scope of IEA’s work on Milligan 1 Wind includes engineering and construction of the turbine foundations, turbine access roads, MV collection system, wind turbine installation and construction of the on-site operations and maintenance building.
“This significant new project in Nebraska is indicative of the ongoing strong demand for wind power that we are experiencing this year,” said JP Roehm, IEA’s Chief Executive Officer.
The U.S. wind power industry increased its overall capacity by 8 percent in 2018 to 96,433 megawatts. That more than doubled the capacity level at the start of this decade and is enough to power more than 30 million homes, according to the American Wind Energy Association. A 2019 McKinsey & Company forecast called for continued growth in renewable energy investments, including wind, for several years: The share of renewables in global power generation could grow from around 25% today to 50% by 2035 and 75% by 2050.
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 10-K filed on March 14, 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
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Larry Clark, Senior Vice President