Willdan Awarded Two New $60 Million Contracts with California Department of General Services
September 08 2017 - 8:00AM
Business Wire
Willdan Group, Inc. (NASDAQ: WLDN) today announced that it has
been awarded two new master contracts to perform energy-efficiency
and water-conservation upgrades in facilities managed by the State
of California’s Department of General Services (DGS). Each contract
has a $60 million ceiling over an eight-year time period. The
contracts are designed by the State of California to help achieve
the energy and water consumption goals of Executive Order B-18-12,
which includes a 20% reduction by 2020. California is the eighth
state to select Willdan for this type of energy efficiency contract
vehicle.
“These new programs represent a significant opportunity to
expand our services to the State of California," said Tom Brisbin,
Willdan's CEO. "Projects under each program are expected to be
assigned over the next 24 months and completed within the
eight-year duration of the master contracts. As we receive project
assignments, we will have more visibility on the timing and scope
of the revenue impact of these programs in the coming years."
One of the contracts applies to “large” DGS facilities –
generally defined as facilities with peak demand exceeding 200 kW
and floor area 50,000 square feet or greater. The other applies to
“small” facilities – generally defined as facilities with peak
demand below 200 kW and floor area of less than 50,000 square
feet.
Master contracts for the energy-efficiency and
water-conservation upgrades were awarded to five firms, with
projects in DGS facilities to be awarded to each firm on a
rotational basis. Within each master contract, Willdan will be
called upon to provide preliminary assessments, investment grade
audits, implementation services, and measurement & verification
of energy savings for DGS facilities. Willdan will negotiate
project-level contracts for subject facilities under the master
contracts.
Specific scopes of work will be developed as part of
project-level contracts. Likely measures to be included in those
contracts include installation and expansion of building automation
control systems; implementation of solar and other renewable energy
sources; upgrades of lighting systems to LED; upgrades to outdated
heating and air conditioning systems; water conservation; and other
cost-savings measures.
About Willdan
Willdan provides professional consulting and technical services
to utilities, public agencies and private industry throughout the
United States. The Company's service offerings span a broad set of
complementary disciplines that include energy efficiency and
sustainability, engineering and planning, financial and economic
consulting, and national preparedness. Willdan provides integrated
technical solutions to extend the reach and resources of its
clients, and provides all services through its subsidiaries
specialized in each segment. For additional information, visit
Willdan's website at www.willdan.com.
Forward-Looking Statements
Statements in this press release that are not purely historical,
including statements regarding Willdan's intentions, hopes,
beliefs, expectations, representations, projections, estimates,
plans or predictions of the future are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. The forward-looking statements involve risks and
uncertainties including, but not limited to, the risk that Willdan
will not be able to expand its services or meet the needs of
customers in markets in which it operates. It is important to note
that Willdan's actual results could differ materially from those in
any such forward-looking statements. Factors that could cause
actual results to differ materially include, but are not limited
to, a slowdown in the local and regional economies of the states
where Willdan conducts business and the loss of or inability to
hire additional qualified professionals. Willdan's business could
be affected by a number of other factors, including the risk
factors listed from time to time in Willdan's SEC reports
including, but not limited to, the Annual Report on Form 10-K filed
for the year ended January 1, 2016. Willdan cautions investors not
to place undue reliance on the forward-looking statements contained
in this press release. Willdan disclaims any obligation to, and
does not undertake to, update or revise any forward-looking
statements in this press release.
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version on businesswire.com: http://www.businesswire.com/news/home/20170908005133/en/
Willdan Group, Inc.Stacy McLaughlinChief Financial
Officer714-940-6300smclaughlin@willdan.comorInvestor/Media
ContactFinancial Profiles, Inc.Tony Rossi,
310-622-8221trossi@finprofiles.com
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