Babcock & Wilcox Solar Energy, Inc. Awarded Community Solar Contracts Totaling $20 Million
31 July 2023 - 8:30PM
Business Wire
Babcock & Wilcox Enterprises, Inc. (B&W) (NYSE: BW)
announced today that its subsidiary, Babcock & Wilcox Solar
Energy, Inc., has been awarded contracts totaling more than $20
million by Summit Ridge Energy, LLC, for the engineering,
procurement and construction (EPC) of 25 megawatts of community
solar energy projects in Illinois.
B&W has successfully executed multiple projects for Summit
Ridge Energy, including a $15 million community solar project
announced in March 2023 and a $20 million project announced in
2022.
“We value our strong, ongoing relationship with Summit Ridge
Energy and are excited to develop more projects in the future as we
look to grow and expand B&W’s presence in the community solar
industry,” said Jimmy Morgan, Executive Vice President and Chief
Operating Officer, B&W. “We appreciate the confidence Summit
Ridge Energy has shown in B&W’s installation, site coordination
and project management expertise and look forward to continuing to
work together.”
B&W will engineer, procure and construct the six
photovoltaic solar projects, with completion scheduled for
2024.
“As Summit Ridge Energy continues to expand our solar leadership
in Illinois, we’re pleased to partner with B&W on another EPC
contract,” said Raj Soi, Executive Vice President of Operations,
Summit Ridge Energy. “We are proud of our work to create new jobs
in Illinois, invest in the local economy and provide solar power
savings to more than 20,000 households and businesses.”
With more than 100 solar projects installed, B&W offers
reliable system design, construction and optimized system
integration. B&W is committed to providing forward-thinking
solar solutions, outstanding service, and quality construction with
safety as a top priority.
Summit Ridge Energy is the largest commercial solar developer
and owner-operator in Illinois, with an energy portfolio of more
than 250 megawatts across the state. Summit Ridge Energy has
invested over $900 million in Illinois through the development and
acquisition of 116 individual solar farms, located across 35
counties. These projects have employed more than 3,500 construction
workers and provide solar power savings to more than 20,000
Illinois ratepayers.
About Babcock & Wilcox
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises,
Inc. is a leader in energy and environmental products and services
for power and industrial markets worldwide. Follow us on LinkedIn
and learn more at babcock.com.
About Summit Ridge Energy
Launched in 2017, Summit Ridge Energy is the nation’s leading
commercial solar company. Through its strategic partnerships and
project financing expertise, the company develops and acquires
pre-operational projects within the rapidly growing solar energy
and battery storage sectors. In the past six years, Summit Ridge
Energy has deployed over $1.6B USD into clean energy assets. With a
development pipeline of more than 2 GW, Summit Ridge Energy will
have more than 400 MW of PV online by the end of 2023, providing
solar power to 50,000 homes. Learn more at srenergy.com and follow
us on LinkedIn and Twitter.
Forward-Looking Statements
B&W cautions that this release contains forward-looking
statements, including, without limitation, statements relating to
contracts to engineer, procure and construct six community solar
energy projects in Illinois. These forward-looking statements are
based on management’s current expectations and involve a number of
risks and uncertainties. For a more complete discussion of these
risk factors, see our filings with the Securities and Exchange
Commission, including our most recent annual report on Form 10-K.
If one or more of these risks or other risks materialize, actual
results may vary materially from those expressed. We caution
readers not to place undue reliance on these forward-looking
statements, which speak only as of the date of this release, and we
undertake no obligation to update or revise any forward-looking
statement, except to the extent required by applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230731465282/en/
Investor Contact: Investor Relations Babcock & Wilcox
704.625.4944 investors@babcock.com
Media Contact: Ryan Cornell Public Relations Babcock
& Wilcox 330.860.1345 rscornell@babcock.com
Media Contact: Theo Carroll Summit Ridge Energy
press@srenergy.com
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