Argan, Inc.’s Wholly Owned Subsidiary Gemma Power Systems Enters into an EPC Contract for a 650 MW Power Project in Connect...
March 12 2020 - 4:15PM
Business Wire
Argan, Inc. (NYSE: AGX) (“Argan” or the “Company”)
announced that recently its wholly owned subsidiary, Gemma Power
Systems (”Gemma”), entered into an engineering, procurement and
construction (“EPC”) services contract with NTE Connecticut, LLC to
construct Killingly Energy Center, a 650 MW natural gas-fired power
plant in Killingly, Connecticut. The power train will be provided
by Mitsubishi Hitachi Power Systems Americas, Inc. (“MHPS”) which
will utilize an M501JAC gas turbine and a TC2F steam turbine in a
multi-shaft configuration. The facility is being developed by NTE
Energy, LLC (“NTE”). Construction activities are scheduled to start
in 2020.
“This will be the fourth project for the team of NTE, MHPS and
Gemma and we are thrilled to have the opportunity to design and
build another state-of-the-art energy project and to have it
located in our home state of Connecticut. This project provides
Gemma with another opportunity to use Connecticut labor which has
successfully supported Gemma on past projects,” said Charles
Collins, IV, Co-President of Gemma Power Systems.
Argan anticipates adding the project to backlog closer to its
expected start date when the project achieves remaining key
development milestones and obtains financing commitments.
About Argan, Inc.
Argan’s primary business is providing a full range of services
to the power industry including the renewable energy sector.
Argan’s service offerings focus primarily on the engineering,
procurement and construction of natural gas-fired power plants,
along with related commissioning, operations management,
maintenance, project development and consulting services, through
its Gemma Power Systems and Atlantic Projects Company operations.
Argan also owns SMC Infrastructure Solutions, which provides
telecommunications infrastructure services, and The Roberts
Company, which is a fully integrated fabrication, construction and
industrial plant services company.
Certain matters discussed in this press release may constitute
forward-looking statements within the meaning of the federal
securities laws and are subject to risks and uncertainties
including, but not limited to, the Company’s successful addition of
new contracts to project backlog, the Company’s receipt of
corresponding notices to proceed with contract activities and the
Company’s ability to successfully complete the projects that it
obtains. The Company has entered into several EPC contracts that
have not started and may not start as planned due to market and
other circumstances out of the Company’s control. Actual results
and the timing of certain events could differ materially from those
projected in or contemplated by the forward-looking statements due
to a number of factors detailed from time to time in Argan’s
filings with the SEC. In addition, reference is hereby made to
cautionary statements with respect to risk factors set forth in the
Company’s most recent reports on Forms 10-K and 10-Q, and in other
SEC filings.
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version on businesswire.com: https://www.businesswire.com/news/home/20200312005801/en/
Company Contact: Rainer Bosselmann 301.315.0027
Investor Relations Contact: David Watson 301.315.0027
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