MYR Group Inc. CSI Electrical Contractors subsidiary wins major solar EPC contract
HENDERSON, Colorado, October 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 the 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 solar photovoltaic (PV) energy storage system of 110 MWDC and 280 MWh (BESS). The contract is valued at over $ 100 million.
Under the contract, CSI will provide engineering, procurement and construction (EPC) services. We anticipate that the project will begin in the spring of 2022 and that pre-construction activities will begin immediately. The end of the project is scheduled for early 2023.
“We are proud to be involved in this vital project which will leverage our extensive EPC and industry experience as we continue to provide utility scale facilities and interconnections,” said Rick Swartz, Chairman and Chief Executive Officer of the 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 the renewable space. 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 holding company of leading specialty contractors serving the electric utility, commercial and industrial construction infrastructure markets across the United States and Western Canada, who own the experience and expertise necessary to carry out electrical installations of any type and size. Their comprehensive services on power transmission and distribution networks and substation facilities include design, engineering, procurement, construction, upgrading, 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 manufacturers and other entrepreneurs. Commercial and industrial electricity procurement services are provided to general contractors, owners of commercial and industrial facilities, local governments and developers. For more information, visit myrgroup.com.
This press release (and any oral statement regarding the subject matter of this press release) contains forward-looking statements intended to qualify for the “safe harbor” of liability established by the Private Securities Litigation Reform Act of 1995. Statements Prospects include: but are not limited to: the expected cost of work under this project, which includes services beyond the services expected to be performed by MYR and CSI; the scope, services, conditions and results of the project to be performed, and the expected time frames for contract award and completion of the project, as well as statements reflecting any expectations, intentions, assumptions or beliefs about future events and other statements that are not strictly related 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 which are difficult to predict or beyond our control, including, among others, 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 efficiency gains; failure to realize the anticipated value of the contract; total project costs, which include permits, engineering, materials and construction, may be higher or lower than estimated; the possibility of incurring damage, schedule delays or performance deficiencies, including due to warranty claims after completion; failure by CSI’s subcontractors and equipment suppliers to meet their obligations, including warranty obligations, under their subcontracts; adverse changes in economic conditions and trends in relevant markets; the future growth of the electric utility industry; delays or changes in the scope of the project; our client’s inability to pay for the services; cancellation and termination provisions in the contract; and other factors affecting the activities of the respective parties in general, 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- Q and any other MYR document filed with the Securities and Exchange Commission (SEC). If one or more of these risks materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from those expressed or implied in the forward-looking statements. For a discussion of these risks, uncertainties and assumptions, investors are referred to the MYR documents filed with the SEC which are available on the MYR website at myrgroup.com or through the collection system of SEC electronic data and analysis (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 forward-looking statements, whether as a result of new information, future events or otherwise. MYR further expressly disclaims any written or oral statement made by a third party regarding the subject matter of this press release.
Betty R. Johnson, Chief Financial Officer, MYR Group Inc., (847) 290-1891, [email protected]
David Gutierrez, Dresner Corporate Services, (312) 780-7204, [email protected]