Primoris Services Corporation Announces Solar Investment and Renewable EPC Awards
- BW Primoris, part of the Civil segment, is investing approximately
$22 millionto acquire a portfolio of solar projects in a California School Districtfrom the developers, Spear Point Energy, LLC, and PFMG Solar, LLC. This investment amount includes the cost of Primoris Renewable Energy's EPC work on the projects. The solar projects are expected to generate a 25-year recurring revenue stream from the District's signed power purchase agreement. As an investment in a renewable energy project, the solar assets should provide Primoris with investment tax credits valued at over $5 million.
- Primoris Renewable Energy was awarded three contracts, valued at approximately
$25 million, to engineer, procure, and/or construct solar power systems by Spear Point Energy, LLC, and PFMG Solar, LLC, who develop solar projects for utilities, government, and commercial customers. The work will be spread across twenty-three sites and will have a total solar generating capacity of approximately 7.6 megawatts. The two external contracts are valued at approximately $8 million. The work for the Primoris-owned facilities will be recognized as intercompany revenue.
- Work is scheduled to commence in the third quarter of 2017 and to be completed in the first quarter of 2018.
Founded in 1960, Primoris, through various subsidiaries, has grown to become one of the largest publicly traded specialty construction and infrastructure companies in
This press release contains certain forward-looking statements, including with regard to the Company's future performance. Words such as "estimated," "believes," "expects," "projects," "may," and "future" or similar expressions are intended to identify forward-looking statements. Forward-looking statements inherently involve known and unknown risks, uncertainties, and other factors, including without limitation, those described in this press release and those detailed in the "Risk Factors" section and other portions of our Annual Report on Form 10-K for the period ended
Kate TholkingDirector of Investor Relations (214) 740-5615 firstname.lastname@example.org
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