Southern California Edison Selects Quanta Services for Eldorado-Ivanpah Transmission Project and Red Bluff Substation Project
HOUSTON, Aug. 28, 2012 /PRNewswire/ — Quanta Services, Inc. (NYSE: PWR) today announced that Southern California Edison (SCE) selected PAR Electrical Contractors, Inc. (PAR), a Quanta Services company, to install transmission infrastructure for SCE’s Eldorado-Ivanpah Transmission Project. Quanta’s scope of services for the project includes the replacement of a portion of an existing 115-kilovolt electric transmission line with 35 miles of double-circuit, 220-kilovolt electric transmission line. The line will connect a new SCE substation to the Eldorado Substation, near Boulder City, Nev. Construction on the transmission line is underway with completion estimated by July 2013. The Eldorado-Ivanpah Transmission Project is expected to provide the electrical facilities and additional transmission capacity to interconnect and deliver up to 1,400 megawatts of new renewable energy being generated near the southern California-Nevada border.
In addition, SCE selected PAR to construct its Red Bluff Substation Project near the town of Desert Center in eastern Riverside County, Calif. Under the contract, the company will construct the new 500/220-kilovolt Red Bluff Substation. The project includes construction of two parallel transmission line segments to connect the new Red Bluff Substation to the existing Devers-Palo Verde 500-kilovolt transmission line and to the new Devers-Colorado River 500-kilovolt transmission line, which PAR is currently installing. Upon completion, which is estimated to be by the end of 2013, the Red Bluff Substation Project is expected to provide the electric infrastructure needed to interconnect the area’s existing and future renewable generation facilities to the transmission grid.
“We appreciate the continued confidence that SCE has in Quanta’s ability to provide electric power infrastructure services for these projects and to assist SCE in delivering electricity from renewable sources to the region’s power grid and demand centers,” said Jim O’Neil, president and chief executive officer of Quanta Services. “We have worked together for many years and these projects expand on the electric power infrastructure projects we have underway for SCE.”
About Quanta Services
Quanta Services is a leading specialized contracting services company, delivering infrastructure solutions for the electric power, natural gas and pipeline and telecommunication industries in North American and certain international markets. Quanta’s comprehensive services include designing, installing, repairing and maintaining network 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 select international markets, Quanta has the manpower, resources and expertise to complete projects that are local, regional, national or international in scope.
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 contracts with Southern California Edison, the scope, services, terms and results of the projects awarded under the contracts, the anticipated completion dates for the projects, and the impact of the projects on the electric power grid, interconnectivity and infrastructure reliability, 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, successful performance and completion of the contracts and the projects awarded thereunder; failure to realize the anticipated value of the contracts or the projects; 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 projects; the failure of Quanta’s 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 contracts or the projects awarded thereunder, including as a result of weather, regulatory or environmental issues; dependence on fixed-price contracts and the potential to incur losses with respect to the projects; the inability of customers to pay for services; cancellation and termination provisions present in the contracts; 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, 2011, Quanta’s Quarterly Reports on Form 10-Q for the applicable quarters in 2012 and any other documents of Quanta filed 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.
Contacts: Investors: Media: Kip Rupp, CFA Reba Reid 713-341-7260 713-985-6443
SOURCE Quanta Services, Inc.