HENDERSON, Colo., April 14, 2022 (GLOBE NEWSWIRE) — MYR Group Inc. (“MYR Group”) (NASDAQ: MYRG), a leading specialty contractor holding company serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced that MYR Energy Services, Inc. (MYRE ), a subsidiary of the MYR Group, has signed a contract with Con Edison Clean Energy Businesses, Inc. (ConEdison CEB) for the Timberland solar project located in Georgia. The project consists of a 194 MWdc/140 MWac solar photovoltaic (PV) development and a new 345 kV substation. The contract is valued at over $100 million.
Under the contract, MYRE will provide engineering, procurement and construction (EPC) services to install more than 380,000 solar modules on a 1,300-acre site and provide construction of the associated substation. The project will begin in the spring of 2022 and preconstruction activities will begin immediately. Completion of the project is scheduled for the end of 2023.
“MYR Group is proud to play an important role in this important project, leveraging our technical expertise to deliver superior construction and further strengthening our position in the clean energy market,” said Rick Swartz, Chairman and CEO of MYR Group. “This award reflects the strong relationship we have developed with ConEdison CEB and we look forward to strengthening our partnership with them on large scale turnkey solar projects. As an industry leader, we are committed to delivering projects that support continued investments in clean energy, improving grid resiliency and modernizing aging infrastructure.
About MYR Group Inc.
MYR Group is a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets across the United States and Canada who have the experience and expertise needed to carry out electrical installations of all types and sizes. Their comprehensive services on electrical transmission, distribution networks, substation installations and clean energy projects include design, engineering, procurement, construction, upgrade, maintenance and repair. 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. Through their commercial and industrial division, comprehensive services include electrical design, installation, maintenance and repair on commercial, industrial and clean energy projects. Services are provided to general contractors, owners of commercial and industrial facilities, local governments and developers. For more information, visit myrgroup.com.
About Con Edison Clean Energy Businesses, Inc.
Con Edison Clean Energy Businesses, Inc. (ConEdison CEB) offers a comprehensive portfolio of energy-related solutions, including the development, construction and operation of utility-scale and behind-the-meter renewable energy , battery storage, energy marketing and asset management services, and energy efficiency. services. Based in Valhalla, New York, ConEdison CEB is part of the Consolidated Edison, Inc. (NYSE: ED) family of companies, with a history dating back to 1823. Consolidated Edison, Inc. is the second-largest owner of solar power and operator in North America.
This press release (and any oral statements regarding the subject matter of this press release) contain forward-looking statements intended to qualify for the “safe harbor” of liability established by the Private Securities Litigation Reform Act of 1995. forward-looking statements include, but are not limited to: the anticipated cost of work under this project, which includes services beyond the services expected to be performed by MYR and MYRE; 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 MYRE’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, 2021, 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, Electronic Data Analysis and Retrieval (EDGAR) from the SEC 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@example.com
David Gutierrez, Dresner Corporate Services, (312) 780-7204, firstname.lastname@example.org