Primoris Services (PRIM) Announces Solar Awards Valued $50 Million

Primoris Services Corporation (NASDAQ: PRIM) today announced two new solar awards with a total combined value of approximately $50 million. The contracts were secured by Primoris Renewable Energy, part of the Power, Industrial, and Engineering segment.

• The awards are for the engineering, procurement, and construction of two solar facilities in southeast Texas.

• The scope of work includes constructing the foundations, electrical, mechanical, and civil scopes of work. Other work includes all engineering, some procurement, and site control.

• Primoris Renewable Energy is partnering with Primoris I&M to perform the civil work.

• Limited Notices to Proceed (“LNTP”) were signed in the first quarter of 2020 for the projects, and approximately $16 million of the $50 million contract value was booked as backlog related to the LNTPs in the first quarter. Historically, Primoris’ LNTPs for solar projects have resulted in contracts for the execution of the entire project.

• The contract value in excess of the initial LNTP value will be booked as backlog in the second quarter.

• The initial phase of work commenced in the first quarter of 2020. It is anticipated that construction on the entire project will be completed in the fourth quarter of 2020.

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