Benzinga | Oct 21, 2021 04:16PM EDT

Argan's Wholly Owned Subsidiary Atlantic Projects Company Enters Into Engineering And Construction Contract For A 660mw Power Project In Northern Ireland

Argan, Inc. (NYSE:AGX) ("Argan" or the "Company") announces that its wholly owned subsidiary, Atlantic Projects Company ("APC"), recently entered into an engineering and construction services contract with EPUKI London, UK, to construct a 2 x 330 MW natural gas-fired power plant in Carrickfergus, Belfast, Northern Ireland. The power trains will be provided by Siemens Energy which will utilize SGT5-4000F gas turbines. The facility is being developed by EPNI Energy Limited. A notice to proceed has been received with certain project activities having commenced. The overall project completion date is expected in the latter half of 2023.

"This is a major investment by EPUKI which will create a significant new electricity generation asset for the island of Ireland. We are delighted to have been chosen by EPUKI to provide engineering and construction services for this strategic project and we look forward to its successful delivery," said Billy Nolan, Managing Director, Atlantic Projects Company.

This is APC's largest project to date under Argan's ownership. Argan anticipates adding this project to backlog with immediate effect.