Benzinga | Jan 26, 2021 09:10AM EST

Primoris Service Reports New Solar Project With Initial Value $19M, Expected Final Contract Value $200M+

Primoris Services Corporation (NASDAQ Global Select: PRIM) ("Primoris" or "Company") today announced the award of a Limited Notice to Proceed ("LNTP") for a new solar project with an initial value of $19 million and an anticipated final contract value over $200 million. The contract was secured by the Company's Energy Segment.

* The LNTP is for the initial engineering work on a utility-scale solar facility in the Southeast region of the United States.

* The issuance of LNTPs which support the initial engineering, site investigation, long-lead procurement items and cost optimization activities for utility-scale projects are common for the Company's customers. Historically, Primoris' LNTP's, for solar projects, have resulted in contracts for the entire project. Primoris will only include the $19 million for the LNTP in the Company's backlog and will not include the entire contract value until the final contract is fully executed.

* The initial phase of work will commence in the second quarter of 2021, with construction on the project anticipated to be complete by the end of 2022.