HENDERSON, Colo., Oct. 20, 2021 (GLOBE NEWSWIRE) — MYR Group Inc. (“MYR Group”) (NASDAQ: MYRG), a leading specialty contractor holding company serving the electrical utility infrastructure, commercial and industrial construction markets in the United States and Western Canada, announced that CSI Electrical Contractors (CSI), a subsidiary of MYR Group, has signed a contract with a renewable energy developer for a large-scale solar project located in California. The project consists of a 110 MWDC solar photovoltaic (PV) system and a 280 MWh battery energy storage system (BESS). The contract is valued at over $100 million.
Under the contract, CSI will provide engineering, procurement and construction (EPC) services. We expect the project to start in the spring of 2022 and preconstruction activities to begin immediately. The end of the project is scheduled for early 2023.
“We are proud to be involved in this critical project which will leverage our extensive EPC and industry experience as we continue to deliver utility-scale facilities and interconnections,” said Rick Swartz, Chairman and CEO of MYR Group. He added, “This project builds on the capabilities of CSI’s established renewable energy team and strong portfolio, and further supports our long-term strategy to elevate our position in renewable energy. We look forward to delivering a sustainable project that will help California meet its renewable energy goals and maximize access to clean, reliable energy.
About MYR Group Inc.
MYR Group is a leading specialty contractor holding company serving the electric utility infrastructure, commercial and industrial construction markets across the United States and Western Canada that have the experience and expertise to carry out electrical installations of any type and size. Their comprehensive services on power transmission and distribution networks and substation installations include design, engineering, procurement, construction, upgrade, maintenance and repair services. Transmission and distribution customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, facility owners industrialists and other entrepreneurs. Commercial and industrial electrical contracting services are provided to general contractors, commercial and industrial facility owners, local governments and developers. For more information, visit myrgroup.com.
This press release (and any oral statements relating to the subject matter of this press release) contain forward-looking statements intended to qualify for the “safe harbor rule” of liability established by the Private Securities Litigation Reform Act of 1995. include, but are not limited to: the anticipated cost of the work under this project, which includes services beyond the services expected to be performed by MYR and CSI; the scope, services, terms and results of the project to be performed, and anticipated time frames for contract award and project completion, together with statements reflecting expectations, intentions, assumptions or beliefs regarding future events and other statements that do not relate strictly to historical or current facts. Although the management of MYR believes that the expectations reflected in these forward-looking statements are reasonable, it cannot guarantee that these expectations will prove to be correct. These statements may be affected by inaccurate assumptions and by a variety of risks and uncertainties that are difficult to predict or beyond our control, including, among other things, the award of the contract for the project and the final terms of the contract relating to the project; the proper execution and completion of the contract and the project, including the achievement of expected efficiencies; failure to realize the expected value of the contract; total project costs, which include permits, engineering, materials and construction, may be higher or lower than estimates; the possibility of the occurrence of damages, delays in schedule or defects in performance, including as a result of warranty claims after completion; the failure of CSI’s subcontractors and materials suppliers to perform their obligations, including warranty obligations, under their subcontracts; adverse changes in economic conditions and trends in the relevant markets; future growth of the electric utility industry; delays or changes in project scope; our customer’s inability to pay for the Services; the cancellation and termination clauses present in the contract; and other factors affecting the respective parties’ business generally, including the risks detailed in MYR’s Annual Report on Form 10-K for the year ended December 31, 2020, MYR’s subsequent Quarterly Reports on Form 10-K Q and any other MYR documents filed with the Securities and Exchange Commission (SEC). Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may differ materially from those expressed or implied by the forward-looking statements. For a discussion of these risks, uncertainties and assumptions, investors are referred to MYR’s filings with the SEC which are available on MYR’s website at myrgroup.com or through the collection system and SEC’s Electronic Data Analysis Facility (EDGAR) at sec.gov. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. MYR does not undertake and expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. MYR further expressly disclaims any written or oral statements made regarding the subject matter of this press release by any third party.
Betty R. Johnson, Chief Financial Officer, MYR Group Inc., (847) 290-1891, [email protected]
David Gutierrez, Dresner Corporate Services, (312) 780-7204, [email protected]