Quanta Services Awarded Contracts for Two Solar Tracking Facilities Totaling 40 MWac
HOUSTON, Feb. 6, 2013 /PRNewswire/ -- Quanta Services, Inc. (NYSE: PWR) today announced that its subsidiary, Quanta Power Generation, Inc., has been selected by Con Edison Development (CED) to engineer, procure and construct two photovoltaic (PV) facilities totaling approximately 40 megawatts (MWac) located in Kings and Tulare counties, Calif.
Under the terms of the contracts with SPS White River LLC and SPS Corcoran LLC, both of which are special purpose entity (SPE) subsidiaries of CED, Quanta will provide comprehensive design, engineering, procurement and installation services for all equipment required for the two 20MWac projects. Pre-construction activities began in October 2012 and the projects are expected to be completed in 2013. Combined, the facilities will use approximately 176,000 polycrystalline PV solar modules mounted to a single-axis tracking system and span more than 350 acres.
"These solar facilities are expected to support the local economy through job creation and generation of clean, renewable power," said Jim O'Neil, president and chief executive officer of Quanta Services. "We are proud to apply our engineering, procurement and construction expertise to this project."
About Quanta Services and Quanta Power Generation
Quanta Services, Inc. (NYSE: PWR) is a leading specialized contracting services company, delivering infrastructure solutions for the electric power, natural gas and pipeline industries. The company's comprehensive services include designing, installing, repairing and maintaining network infrastructure. Additionally, Quanta licenses point-to-point fiber optic telecommunications infrastructure in select markets and offers related design, procurement, construction and maintenance services. With operations throughout North America and in select international markets, Quanta has the manpower, resources and expertise to complete projects that are local, regional, national or international in scope. For more information, visit www.quantaservices.com.
Quanta Power Generation, Inc., a subsidiary of Quanta Services, is a full-service engineering, procurement and construction (EPC) provider. The company offers a unique approach to traditional EPC models in a new era of power generation. Its portfolio encompasses expertise in clean energy sources such as solar, geothermal, natural gas and biofuels.
About Consolidated Edison Development
Launched in 1997, Con Edison Development focuses on the development, ownership and operation of renewable and energy infrastructure projects. Through acquisitions and development, CED has owned, operated and marketed over 2000 MW of electric generating facilities. The company has proven expertise in engineering and construction management, start-up and commissioning.
Con Edison Development is a subsidiary of Consolidated Edison, Inc. (NYSE: ED), one of the nation's largest investor-owned energy companies, with approximately $13 billion in annual revenues and $40 billion in assets. More information can be obtained by calling 914-993-2185. You can also visit the Consolidated Edison, Inc. website at www.conedison.com.
Forward-Looking Statements This press release (and any oral statements regarding the subject matter of this press release) contains forward-looking statements intended to qualify for the "safe harbor" from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to: any expected value of the contracts with SPS White River LLC and SPS Corcoran LLC, the scope, services, term, completion date and results of the projects awarded under the agreements and the impact of the projects on the local economy and generation of renewable energy, as well as statements reflecting expectations, intentions, assumptions or beliefs about future events and other statements that do not relate strictly to historical or current facts. Although Quanta's management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements can be affected by inaccurate assumptions and by a variety of risks and uncertainties that are difficult to predict or beyond our control, including, among others, the effects of industry, economic or political conditions outside the control of Quanta; successful performance and completion of the contract and the project awarded thereunder; failure to realize the anticipated value of the contracts or projects; the potential for incurrence of damages or other claims for schedule delays or performance shortfalls, including as a result of warranty claims following completion; the failure of Quanta's subcontractors to perform their obligations, including warranty obligations, under their subcontracts; adverse changes in economic conditions and trends in relevant markets; future growth in the electric utility and renewable energy industries; delays, reductions in scope or cancellations of the contracts or projects awarded thereunder; the inability of customers to pay for services; cancellation and termination provisions present in the contracts; and other factors affecting the business of the Quanta generally, including risks detailed in Quanta's Annual Report on Form 10-K for the year ended December 31, 2011, Quanta's Quarterly Reports on Form 10-Q for each quarter ended in fiscal year 2012 and any other documents of Quanta filed with the Securities and Exchange Commission (SEC). Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. Quanta does not undertake and expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Quanta further expressly disclaims any written or oral statements made regarding the subject matter of this press release by any third party. For a discussion of these risks, uncertainties and assumptions, investors are urged to refer to Quanta's documents filed with the SEC that are available through the company's web site at www.quantaservices.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at www.sec.gov.
Kip Rupp, CFA
SOURCE Quanta Services, Inc.
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