Infrastructure and Energy Alternatives, Inc. Secures $126 Million Construction Project with Illinois Department of Transporta...
July 20 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 was awarded a $126 million construction
contract from the Illinois Department of Transportation
(“IDOT”). Work under the contract will be performed by
IEA's William Charles Construction and White Construction
subsidiaries.
The contract is for the reconstruction of the
I-57 and I-74 interchange and replacement of the existing, full
cloverleaf interchange with a semi-directional interchange composed
of two directional flyovers, two loop ramps and two outer ramps in
Champaign-Urbana, Illinois. Work on the project is expected to
begin in August 2021 and to be completed in November 2023. The
proposed improvements include pavement and shoulder milling and
resurfacing, ramp reconfiguration and pavement, construction of six
new ramps and six new bridges as well as drainage and safety
improvements among other items required to complete the planned
improvements.
This project is part of the Rebuild Illinois
capital program under which the state will be investing $33.2
billion into Illinois’ transportation system over a six-year period
to improve safety, create jobs and promote economic
growth. Under the plan, nearly 2,800 miles of Illinois roads
and 7.9 million square feet of state bridges will be revamped or
reconstructed. The I-57/I-74 interchange reconstruction is one of
the largest investments being made into Central Illinois under the
Rebuild Illinois program and will remake a critical freight
juncture that serves nearly 40,000 passenger vehicles and more than
8,000 trucks a day.
“IEA is proud to support IDOT and the state of
Illinois in their efforts to enhance transportation infrastructure
in the Champaign-Urbana area,” said Brian Hummer, IEA’s Executive
Vice President. “We look forward to working with the state
government to help improve traffic flow and safety for Central
Illinois.”
IEA ranks as a top 20 highway contractor in the
U.S. amongst Engineering News-Record’s 2020 Top 400
Contractors. For more information on IEA’s transportation 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.
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 Esterkin |
ADDO Investor Relations |
iea@addo.com |
310-829-5400 |
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