Quanta Services, Inc. (NYSE: PWR) announced that Quanta Power Generation, Inc., a Quanta Services company, was selected by Anchorage Municipal Light & Power for the George M. Sullivan Plant 2 Generation Replacement Project in Anchorage, Alaska. Under the terms of the contract, signed in December 2013, Quanta Power Generation will provide engineering, procurement and construction (EPC) services for all equipment and facilities for the 120 Megawatt (MW) plant.
"Quanta Power Generation was chosen from a field of good EPC contractors to build our project," said project manager, Eugene Ori. "As a publicly owned utility, ML&P follows rigorous procurement procedures and Quanta proved to have the best team, solutions, and competitive pricing in meeting our requirements. With the Quanta team, we are confident and are looking forward to building a 'flagship' power generation plant that proves to be the most cost effective and energy efficient plant in Alaska."
"Quanta can self-perform all aspects of a power plant EPC project by leveraging the combined track record, experience and strength of its operating units," said Jim O'Neil, president and chief executive officer of Quanta Services. "Quanta has operated in Alaska for several decades and brings a strong local presence with experience to manage the weather and logistical challenges of the area."
Engineering and procurement activities will begin soon and construction of the plant is expected to be complete in September 2016. The facility is designed in a 2x1 combined-cycle configuration and will utilize GE LM6000 combustion turbine technology. This plant is expected to achieve significant reductions in natural gas use and emissions, while improving the heating of the municipal water supply and providing additional generation capacity to meet Anchorage's power needs.
About Quanta Power Generation and Quanta Services
Quanta Power Generation (QPG) is a full service engineering, procurement, and construction services provider to the power generation industry for solar, geothermal, natural gas, biofuel and other generation projects. For more information, visit www.quantapower.net.
Quanta Services is a leading specialized contracting services company, delivering infrastructure solutions for the electric power and natural gas and pipeline industries. Quanta's comprehensive services include designing, installing, repairing and maintaining energy infrastructure. Additionally, Quanta licenses point-to-point fiber optic telecommunications infrastructure in certain markets and offers related design, procurement, construction and maintenance services. With operations throughout North America and in certain international markets, Quanta has the manpower, resources and expertise to safely complete projects that are local, regional, national or international in scope. For more information, visit www.quantaservices.com.
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 Anchorage Municipal Light & Power Company, the scope, services, terms and results of the project awarded under the contract, the anticipated commencement and completion dates for the project, the safety or success of the project, the cost effectiveness or energy efficiency of the plant, the impact of the project on natural gas use, emissions and generation capacity, and prospective growth in the demand for power and related infrastructure, 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, the effects of industry, economic or political conditions outside of the control of Quanta; successful performance and completion of the contract and the project awarded thereunder; failure to realize the anticipated value of the contract or the project; the potential for incurrence of damages or other claims for schedule delays or performance shortfalls, including as a result of warranty claims following completion of the project; the failure of 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 the project awarded thereunder, including as a result of weather, regulatory or environmental issues; 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, 2012, Quanta's Quarterly Reports on Form 10-Q for the applicable quarters in 2013 and any other documents filed by Quanta 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. Investors 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.