IEA Bags Coal Ash Removal Contract by Dominion Energy

Infrastructure & Energy Alternatives Inc IEA has been awarded the Chesterfield Coal Ash Removal contract at the Chesterfield Power Station in Virginia by Dominion Energy Inc D to IEA’s subsidiary Saiia Construction, which specializes in industrial heavy civil construction for the power generation, aggregate mining, and pulp and paper sectors.
The financial terms of the contract were not disclosed.
During the 2019 Virginia General Assembly, legislation requires Dominion Energy to remove all coal ash totaling ~15 million cubic yards at the Chesterfield Power Station.
Saiia Construction has been tasked with the closure of the Upper and Lower Ash Ponds at Chesterfield.
Work began in May and is expected to take ~3 years to complete. Contract size not disclosed.
Price action: IEA shares are trading lower by 1.81% at $12.45 on the last check Thursday.