HOUSTON, Oct. 26, 2011 /PRNewswire/ -- Quanta Services, Inc. (NYSE: PWR) today announced that it has secured a contract to provide comprehensive engineering, procurement and construction (EPC) services for the Atwell Island Solar Generation Facility Project. The project is a 20 megawatt utility-scale solar installation for SPS Atwell LLC, a project company partly owned by Samsung C&T America, Inc. Located near the city of Alpaugh in Tulare County, Calif., the project was developed by Samsung C&T America and is expected to be a significant contributor to the local community through the creation of local jobs and the generation of clean, renewable power.
"We look forward to showcasing our industry-leading EPC capabilities on this project, and are excited to play a significant role in making this project for Samsung a success," said Jim O'Neil, president and chief executive officer of Quanta Services.
Engineering of the project is underway with construction expected to start by the end of October with project completion anticipated in August 2012.
About Quanta Services
Quanta Services is a leading specialized contracting services company, delivering infrastructure solutions for the electric power, natural gas and pipeline and telecommunication industries. The company's comprehensive services include designing, installing, repairing and maintaining network infrastructure nationwide. 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, Quanta has the manpower, resources and expertise to complete projects that are local, regional, national or international in scope.
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 contract with SPS Atwell, the scope, services, term and results of the project awarded under the agreement and the impact of the project on the local economy, 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, successful performance and completion of the contract and the project awarded thereunder; failure to realize the anticipated value of the contract; 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 contract or project awarded thereunder; dependence on fixed-price contracts and the potential to incur losses with respect to this contract; the inability of customers to pay for services; cancellation and termination provisions present in the contract; 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, 2010, Quanta's Quarterly Reports on Form 10-Q for each quarter ended in fiscal year 2011 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. You 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.
Quanta Services, Inc.
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