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Akanksha Bakshi

IEA Bags $126M Follow-On Contract From Illinois Department Of Transportation

IEA Illinois IDOT Nasdaq

Infrastructure & Energy Alternatives Inc (NASDAQ:IEA) has secured a $126 million follow-on contract from the Illinois Department of Transportation (IDOT).
IEA received the initial $126 million contract in July 2021, with work under the contract's first phase on track to be completed in November 2023.
White Construction and William Charles Construction, wholly-owned IEA subsidiaries, will execute the project.
The project covers phase two of the reconstruction of the I-57 and I-74 interchange in Champaign County, Illinois. It includes pavement reconstruction, lane additions, and replacement of existing bridges.
Work is expected to begin in July 2022, with an estimated completion date in June 2024.
Price Action: IEA shares are trading higher by 1.81% at $8.99 on the last check Thursday.

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