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>>> Quanta Services Selected for Colorado's Power Pathway Transmission Project


PR Newswire

December 22, 2022


https://finance.yahoo.com/news/quanta-services-selected-colorados-power-115500892.html


Project Expected to Extend Through 2027, Supporting Multi-Year Visibility and Growth Opportunities

HOUSTON, Dec. 22, 2022 /PRNewswire/ -- Quanta Services, Inc. (NYSE: PWR) announced today that it has been selected by Xcel Energy as its prime constructor to manage all construction activities for the Colorado's Power Pathway high-voltage electric transmission project in Colorado. Quanta's scope of work on the project consists of the construction of approximately 610 miles of 345 kV transmission infrastructure, consisting of up to six segments and spanning more than a dozen counties, primarily in eastern Colorado, and includes the installation of four new substations and the expansion of four existing substations. The project is designed to increase the reliability of the state's power grid and enable future renewable energy development in Colorado, including approximately 5,500 megawatts of new wind, solar and other resources that Xcel Energy plans to add through 2030.

Duke Austin, President and Chief Executive Officer of Quanta Services commented, "Quanta has enjoyed a long-standing relationship with Xcel Energy and this project builds on our partnership. The project represents an innovative model and collaborative approach with Xcel Energy that we believe is a ground-breaking path for Quanta to continue to provide collaborative infrastructure solutions to our customers. As a result, we believe our design and constructability plan enhances safety during construction and positions us to provide schedule, quality and cost certainty for this important project."

"We are excited to move forward with Quanta Services on the Colorado's Power Pathway project, a monumental investment to build reliability in our transmission system and enable access to significant renewable energy resources in Colorado," said Robert Kenney, president of Xcel Energy-Colorado. "We look forward to collaborating with Quanta as we advance this critical project."

Certain segments of the project are expected to be completed in 2025, with other segments expected to be completed in 2026 and 2027. Preconstruction activities are expected to begin immediately, with construction on the first segment scheduled to begin in mid-2023. Quanta expects to include the estimated revenue for the project in the remaining performance obligations and backlog associated with its Renewable Energy Infrastructure Solutions segment for the fourth quarter of 2022.

About Quanta Services

Quanta is a leading specialized contracting services company, delivering comprehensive infrastructure solutions for the utility, renewable energy, communications, pipeline and energy industries. Quanta's comprehensive services include designing, installing, repairing and maintaining energy and communications infrastructure. With operations throughout the United States, Canada, Australia and select other 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.

About Xcel Energy

Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit xcelenergy.com or follow us on Twitter and Facebook.

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