GlobeNewswire Inc | Jul 20, 2021 09:00AM EDT

July 20, 2021

INDIANAPOLIS, July 20, 2021 (GLOBE NEWSWIRE) -- Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (IEA or the Company), a leading infrastructure construction company with renewable energy and specialty civil expertise, today announced that the Company was awarded a $126 million construction contract from the Illinois Department of Transportation (IDOT).Work under the contractwill be performed by IEA's William Charles Construction and White Construction subsidiaries.

The contract is for the reconstruction of the I-57 and I-74 interchange and replacement of the existing, full cloverleaf interchange with a semi-directional interchange composed of two directional flyovers, two loop ramps and two outer ramps in Champaign-Urbana, Illinois. Work on the project is expected to begin in August 2021 and to be completed in November 2023. The proposed improvements include pavement and shoulder milling and resurfacing, ramp reconfiguration and pavement, construction of six new ramps and six new bridges as well as drainage and safety improvements among other items required to complete the planned improvements.

This project is part of the Rebuild Illinois capital program under which the state will be investing $33.2 billion into Illinois transportation system over a six-year period to improve safety, create jobs and promote economic growth.Under the plan, nearly 2,800 miles of Illinois roads and 7.9 million square feet of state bridges will be revamped or reconstructed. The I-57/I-74 interchange reconstruction is one of the largest investments being made into Central Illinois under the Rebuild Illinois program and will remake a critical freight juncture that serves nearly 40,000 passenger vehicles and more than 8,000 trucks a day.

IEA is proud to support IDOT and the state of Illinois in their efforts to enhance transportation infrastructure in the Champaign-Urbana area, said Brian Hummer, IEAs Executive Vice President. We look forward to working with the state government to help improve traffic flow and safety for Central Illinois.

IEA ranks as a top 20 highway contractor in the U.S.amongst Engineering News-Records 2020 Top 400 Contractors. For more information on IEAs transportation rankings, please visit enr.com.

About IEA

Infrastructure and Energy Alternatives, Inc. is a leading infrastructure construction company with renewable energy and specialty civil expertise. Headquartered in Indianapolis, Indiana, with operations throughout the country, IEAs service offering spans the entire construction process. The Company offers a full spectrum of delivery models including full engineering, procurement, and construction, turnkey, design-build, balance of plant, and subcontracting services. IEA is one of the larger providers in the renewable energy industry and has completed more than 240 utility scale wind and solar projects across North America. In the heavy-civil space, IEA offers a number of specialty services including environmental remediation, industrial maintenance, specialty transportation infrastructure and other site development for public and private projects. For more information, please visit IEAs website at www.iea.net or follow IEA on Facebook, LinkedIn and Twitter for the latest company news and events.

Forward Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as anticipate, expect, could, may, intend, plan and believe, among others, generally identify forward-looking statements. These forward-looking statements are based on currently available operating, financial, economic and other information, and are subject to a number of risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. A variety of factors, many of which are beyond our control, could cause actual future results or events to differ materially from those projected in the forward-looking statements in this release. For a full description of the risks and uncertainties which could cause actual results to differ from our forward-looking statements, please refer to IEAs periodic filings with the Securities & Exchange Commission including those described as Risk Factors in IEAs annual report on Form 10-K filed on March 8, 2021 and any quarterly reports on Form 10-Q filed thereafter. IEA does not undertake any obligation to update forward-looking statements whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Contact:

Kimberly EsterkinADDO Investor Relationsiea@addo.com310-829-5400