IEA Revs Up EPC Portfolio with $4.7 Billion in Wind, Solar Projects as Demand Grows
Infrastructure and Energy Alternatives Incorporated (IEA) (NASDAQ:IEA) (Indianapolis, Indiana), which has constructed more than 20 gigawatts (GW) of renewable energy-generation projects in North America, recently added a trio of wind-energy projects to its portfolio. The engineering, procurement and construction (EPC) provider has weathered the pandemic storm and added significantly to its backlog, as more U.S. states vow to adopt more clean energy. Industrial Info is tracking more than $4.7 billion in active projects involving IEA Constructors and White Construction, both subsidiaries of IEA; almost all of these projects are nearing or under construction.
The three wind-energy projects are based in Illinois, where wind accounts for 7.6% of all energy produced in the state, according to the American Wind Energy Association. At the end of last year, Cordelio Power (Toronto, Ontario) awarded White Construction an EPC contract for its estimated $190 million Glacier Sands Windfarm in Mason City. The facility, which is slated for completion in the fourth quarter, would generate 185 megawatts (MW) from 43 Vestas turbines. For more information, see Industrial Info's project report.
Also in Illinois, Algonquin Power & Utilities Corporation (NYSE:AQN) (Oakville, Ontario) awarded IEA Constructors an EPC contract for its estimated $110 million Phase II project at the Shady Oaks Windfarm in Compton, which would generate 118 MW from 22 Siemens turbines; and Apex Clean Energy Incorporated (Charlottesville, Virginia) awarded IEA Constructors an EPC contract for its estimated $420 million Lincoln Land Windfarm in Alexander, which would generate 300 MW from 107 General Electric (NYSE:GE) turbines. The projects are slated to wrap up in the fourth quarter and first-quarter 2021, respectively. For more information, see Industrial Info's reports on the Shady Oaks and Lincoln Land projects.
In a quarterly earnings-related conference call shortly before the Illinois projects were announced, IEA executives acknowledged the COVID-19 pandemic had slowed the final approval process for some of the projects in the company's backlog. Nonetheless, executives said IEA's bidding activity was at "very high levels."
Earlier in 2020, IEA announced it had been awarded a contract from EDP Renewables North America LLC (Houston, Texas) for the estimated $574 million Indiana Crossroads Windfarm in Chalmers, Indiana, which is expected to generate 302 MW from 80 GE turbines, upon completion scheduled for the end of the year. For more information, see Industrial Info's project report.
Executives said IEA is actively bidding on EPC projects from solar-generation companies--particularly in Texas and Georgia, both of which rank in the top 10 U.S. states for total installed solar capacity. The states are expected to see 4 GW and 2 GW of solar energy installations over the next five years, according to the Solar Energy Industries Association.
Silicon Ranch Corporation (Nashville, Tennessee) awarded White Construction an EPC contract for its estimated $55 million solar farm in Lumpkin, Georgia, which is designed to generate 100 MW from 300,000 First Solar (NASDAQ:FSLR) photovoltaic (PV) modules. The project is set to kick off toward the end of the first quarter and wrap up at the end of the year. For more information, see Industrial Info's project report.
White Construction also is at work on American Electric Power Company Incorporated's (NYSE:AEP) (Columbus, Ohio) $30 million St. Joseph Solar Facility in Mishawaka, Indiana. The facility is expected to generate 20 MW from 60,000 First Solar PV panels. For more information, see Industrial Info's project report.