- Aecon share valued at $147 million added to fourth quarter 2022 backlog
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TORONTO, Dec. 6, 2022
/CNW/ - Aecon Group Inc. (TSX: ARE) announced today that
Aecon-EBC General Partnership (AEGP), a consortium between Aecon
(60%) and EBC (40%) in which Aecon is the lead partner, has been
awarded the first phase of a $245
million two-phase civil construction contract for the John
Hart Dam Seismic Upgrade project in Campbell River, British Columbia. The scope of
work involves upgrading earth stabilizing infrastructure to improve
the seismic resiliency of the existing John
Hart Dam. Aecon's share of the contract will be added to its
Construction segment backlog in the fourth quarter of 2022.
An Early Contractor Involvement (ECI) phase will commence in the
fourth quarter of 2022 to collaboratively plan and prepare for
construction. Upon successful completion of the ECI phase and
following BC Hydro's final project decision, BC Hydro intends to
issue authorization to proceed with construction, which is expected
to commence in the third quarter of 2023 with anticipated
completion by the end of 2026.
An Aecon-led joint venture completed the John Hart Generating
Station Replacement project in 2019, which included the
construction of a new water intake, the replacement of three
penstocks with a tunnel, and the construction of a new underground
generating station and water bypass facility. The innovative
project was the first hydroelectric Public-Private Partnership (P3)
in Canada and was recognized with
the 2018 Tunnelling Association of Canada Award of Excellence.
"This project will ensure the continued supply of safe, reliable
power for surrounding communities and adds another signature
project to our diverse backlog in Western
Canada – underscoring our preeminent reputation as the
preferred contractor for complex civil construction," said
Jean-Louis Servranckx, President and
Chief Executive Officer, Aecon Group Inc. "We are proud of the
critical role Aecon played in successfully delivering the John Hart
Generating Station Replacement project and we look forward to
working with our partner while further strengthening our
relationship with BC Hydro through this collaborative
approach."
Dividend
Aecon's next quarterly dividend of 18.5
cents per share will be paid on January 4, 2023 to shareholders of record as of
December 23, 2022.
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About Aecon
As a Canadian leader in construction and infrastructure
development with global expertise, Aecon Group Inc. (TSX: ARE)
strives to be the number one Canadian infrastructure company and is
proud to be recognized as one of the Best Employers and Best 50
Corporate Citizens in Canada.
Aecon safely, profitably and sustainably delivers integrated
solutions to private and public-sector clients through its
Construction segment in the Civil, Urban Transportation, Nuclear,
Utility and Industrial sectors, and provides project development,
financing, investment and management services through its
Concessions segment. Join our online community on Twitter,
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Statement on Forward-Looking
Information
The information in this press release includes certain
forward-looking statements. These forward-looking statements are
based on currently available competitive, financial and economic
data and operating plans but are subject to risks and
uncertainties. In addition to events beyond Aecon's control, there
are factors which could cause actual or future results, performance
or achievements to differ materially from those expressed or
inferred herein, as discussed in greater detail in Section 13 –
"Risk Factors" in the Management's Discussion and Analysis filed on
March 1, 2022, in respect of the
period ended September 30, 2022, and
filed on October 26, 2022. Except as
required by applicable securities laws, forward-looking statements
speak only as of the date on which they are made. Aecon undertakes
no obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise, except as required by applicable law and the
forward-looking statements contained herein are expressly qualified
in their entirety by the cautionary statement.
SOURCE Aecon Group Inc.