DALLAS, June 01, 2020 (GLOBE NEWSWIRE) -- Primoris Services Corporation (NASDAQ Global Select: PRIM) today announced the award of a Limited Notice to Proceed for a new solar project with an initial value of $10 million and an anticipated final contract value of over $100 million. The contract was secured by Primoris Renewable Energy, part of the Power, Industrial, & Engineering segment.

• The LNTP is for the initial engineering work on a utility-scale solar facility in the Southwest.
• It is very typical for our clients in the solar industry to issue LNTPs to support initial engineering, site investigation, long lead procurement items, and cost optimization activities at the beginning of utility-scale projects. Historically, Primoris’ LNTPs for solar projects have resulted in contracts for the execution of the entire project. We should note that Primoris has only taken the value of the LNTP into backlog and will not place the entire contract value into backlog until the final contract is fully executed.
• The initial phase of work will commence in the third quarter of 2020. It is anticipated that construction on the entire project will be completed in the third quarter of 2021.

ABOUT PRIMORIS

Founded in 1960, Primoris, through various subsidiaries, has grown to become one of the leading providers of specialty contracting services operating mainly in the United States and Canada. Primoris provides a wide range of specialty construction services, fabrication, maintenance, replacement, and engineering services to a diversified base of customers. The Company’s national footprint extends from Florida, along the Gulf Coast, through California, into the Pacific Northwest and into Canada. For additional information, please visit www.prim.com.