Infrastructure and Energy Alternatives, Inc. Awarded $70 Million Wind Repower Contract in Illinois
July 01 2021 - 9:00AM
Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“IEA”
or the “Company”), a leading infrastructure construction company
with renewable energy and specialty civil expertise, today
announced that the Company has been awarded the Big Sky Repower
balance of plant (“BOP”) project valued at approximately $70
million. Vitol, a leading energy company awarded the project to
White Construction, a subsidiary of IEA that manages utility-scale
renewable energy and heavy civil infrastructure projects.
The award is for the repowering of a 240
megawatt (MW) utility-scale wind farm in the Bureau and Lee
Counties of Illinois. Work on repowering the Big Sky Wind Farm will
begin in August 2021 and is expected to be completed in July 2022.
IEA will self-perform all of the engineering, procurement and
construction needs of the project, including full decommissioning
and foundation removal of five wind turbine generators (WTG) and
the repowering of 109 WTGs, including the replacement of nacelles,
hubs, blades and adaptor rings. By the end of the construction, it
is expected that the project will increase the wind farm’s annual
output by approximately 60 percent.
Roughly 40 gigawatts (GW) of U.S. wind power
capacity, including that of the Big Sky Wind Farm, are over a
decade old. With wind farm lifespans of typically 20 years, the
U.S. repowering market continues to grow. Wood Mackenzie reports
that the United States ranks fourth amongst the top 20 wind
repowering markets by capacity, with 6.1 GW of wind power expected
to be repowered between 2026 and 2030. The National Renewable
Energy Lab estimates that the market for repowering will reach $25
billion by 2030.
“White Construction originally built the Big Sky
Wind Farm in 2010, and we are very excited to partner with Vitol to
repower this project,” said JP Roehm, IEA’s President and Chief
Executive Officer. “As the wind energy industry matures and turbine
technology improves, we anticipate repowering projects will become
more common—it's a great way to increase clean energy production
without having to construct a new farm from scratch.”
Wind turbine repowering includes the dismantling
and replacement of turbine equipment. In certain instances, not all
of the equipment needs to be replaced and existing towers are
leveraged as will be the case with Big Sky. Illinois, where the
project is based, is one of the United States’ key wind generators
with wind farms dating back nearly two decades. Since the opening
of its first wind farm in 2003, Illinois now powers over 6,500 MW
of wind and solar combined, ranking it sixth in the country for
total renewable generation and storage according to the most recent
data available from the American Clean Power Association.
To date, IEA has constructed more than 20 GW of renewable energy
projects across North America. The Company was ranked second for
wind construction amongst Engineering News-Record’s 2020 Top 400
Contractors. For more information on IEA’s ENR rankings please
visit enr.com.
About IEA
Infrastructure and Energy Alternatives, Inc. is
a leading infrastructure construction company with renewable energy
and specialty 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 the larger
providers in the renewable energy industry and has completed more
than 240 utility scale 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 Vitol
Vitol is a leader in the energy sector with a
presence across the spectrum; from oil through to power, renewables
and carbon. It trades around 7 million barrels per day of crude oil
and products, and charters around 6,650 ship voyages every year.
Vitol’s clients include national oil companies, multinationals,
leading industrial companies and utilities. Founded in Rotterdam in
1966, today Vitol serves clients from some 40 offices worldwide and
is invested in energy assets globally including: circa 16mm3 of
storage globally, 500 k b/d of refining capacity, 7,000 service
stations and a growing portfolio of transitional and renewable
energy assets. Revenues in 2020 were $140 billion. Vitol is
investing across the energy transition having committed over $1
billion to renewable projects. For more information:
www.vitol.com.
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 8, 2021 and any quarterly
reports on Form 10-Q filed thereafter. 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:
Kimberly EsterkinADDO Investor
Relationsiea@addo.com310-829-5400
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