Infrastructure and Energy Alternatives, Inc. (IEA) recently announced commencement of building a solar farm in Texas. IEA is a leading infrastructure construction company that specializes in civil expertise and focuses on renewable energy. Its subsidiary IEA Constructors secured a $77 million contract to construct solar farm project including affiliated works. Those include engineering services, procurements and construction of the project. The subsidiary firm deals in utility-scale renewable energy project and also manages heavy civil infrastructure projects.
The photovoltaic plant at Texas is under construction at the moment and likely to be completed June next year. IEA will perform all electrical, civil and mechanical work at the construction site in Texas by itself.
Texas has increasingly adopted solar energy production in recent years. That took the US State to leading positions as it is fifth largest state in solar infrastructures. Texas is also at fourth position in creating solar jobs and invested $6.5 billion in solar projects so far.
The US state is set to install more solar capacities in next five years. Those will be providing additional 4GW of energy, according to a report by the Solar Energy Industries Association.
Texas is currently has some of the largest solar projects in the United States. For the reason IEA has especially focusing on this US state. This will help the company to get hold of the market building up more solar farms, said Joe Broom, IEA’s Senior Vice President of Solar Construction Operations.
In the first half of this year, company secured contracts worth $233 million for solar projects. Company sees the solar markets expanding not only in the key market of Texas but all over the United States in near future. Even in the face of expiring investment tax credit, solar energy still has economical potential. Experts still viewing it as prospective dominating player in the renewable energy source by 2023, Broom added.
IEA built several solar projects across the United States and Canada in last 10 years. Total capacity of those solar farms exceeds a gigawatt of energy.
The company announced quarterly results on August 10. Since then its performance is buoying in the green. Stock price at publication was up 4.83%.