Benzinga | Jul 22, 2021 03:31PM EDT

IEA Bags Coal Ash Removal Contract by Dominion Energy

* Infrastructure & Energy Alternatives Inc (NASDAQ:IEA) has been awarded the Chesterfield Coal Ash Removal contract at the Chesterfield Power Station in Virginia by Dominion Energy Inc (NYSE:D) to IEA's subsidiary Saiia Construction, which specializes in industrial heavy civil construction for the power generation, aggregate mining, and pulp and paper sectors.

* The financial terms of the contract were not disclosed.

* During the 2019 Virginia General Assembly, legislation requires Dominion Energy to remove all coal ash totaling ~15 million cubic yards at the Chesterfield Power Station.

* Saiia Construction has been tasked with the closure of the Upper and Lower Ash Ponds at Chesterfield.

* Work began in May and is expected to take ~3 years to complete. Contract size not disclosed.

* Price action: IEA shares are trading lower by 1.81% at $12.45 on the last check Thursday.