Infrastructure and Energy Alternatives, Inc. (NASDAQ:IEA) ("IEA" or the "Company"), a leading infrastructure company with renewable energy and specialty civil expertise, today announced it was awarded a $126 million contract from the Illinois Department of Transportation ("IDOT"). The project will be jointly executed by White Construction and William Charles Construction, both wholly owned subsidiaries of IEA.
The project covers phase two of the reconstruction of the I-57 and I-74 interchange in Champaign County, Illinois. The project includes pavement reconstruction, lane additions, and replacement of existing bridges. Work under the contract is expected to begin in July 2022 with an estimated completion date in June 2024. IEA was awarded the initial $126 million contract in July 2021, with work under the first phase of the contract on track to be completed in November 2023.
The project is part of the Rebuild Illinois Capital Plan, a six-year, $45 billion program focused on investments in critical infrastructure across multiple areas in the state. Rebuild Illinois is the largest capital program in the state's history and is estimated to create and support 540,000 jobs over the life of the plan. This is the state's first truly multimodal infrastructure program, with investments across every aspect and mode of transportation, including roads, bridges, mass transit, rail, and ports.
"IEA is proud to continue its partnership with the Illinois Department of Transportation on this important project that is part of the landmark Rebuild Illinois program," said Brian Hummer, IEA's Executive Vice President. "We look forward to safely and efficiently completing this project and continuing to support Illinois as it upgrades its critical transportation infrastructure."