Babcock & Wilcox Renewable Awarded Solar Installation Contracts for Illinois Projects Totaling More Than $20 Million

Babcock & Wilcox (B&W) (NYSE: BW) announced today that its B&W Renewable segment has been awarded contracts totaling more than $20 million by Summit Ridge Energy (SRE) to provide engineering, procurement, and construction services for seven community solar projects in Illinois.

When complete, the seven photovoltaic solar farms will provide approximately 20 megawatts of power for homes and business in Northern and Central Illinois.

"The demand for solar energy is growing in the United States as communities and utilities look to reduce their greenhouse gas emissions and provide clean, sustainable energy for residents," said B&W Executive Vice President and Chief Operating Officer Jimmy Morgan. "With a strong depth of experience and expertise, B&W is well-positioned to provide world-class solar installation services to U.S. solar customers for both community and utility-scale solar projects."

"We’re excited to work with SRE, one of the largest community solar providers in the U.S., to deliver reliable, zero-emission power for their customers," Morgan said.

"SRE is proud to continue its legacy shaping Illinois as a leading clean energy market and happy to partner with B&W to make it happen," said Summit Ridge Energy Chief Executive Officer Steve Raeder. "Americans across the country are looking for reliable, resilient and clean energy to power their lives. It is critical that the industry continue to answer this demand and find new ways to ensure all Americans are able to take part in the energy transition."

Engineering for the projects is currently underway and completion of the projects are scheduled for the first quarter of 2023.

B&W is an experienced leader in commercial, industrial, and utility solar installations and is committed to providing forward-thinking solutions, outstanding service, and quality construction with safety as a top priority. Our expertise is demonstrated in the reliability of our system design and construction, verified solar production and optimized system integration.

About B&W

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc., is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow us on Twitter @BabcockWilcox and learn more at www.babcock.com.

About B&W Renewable

Babcock & Wilcox Renewable offers cost-effective technologies for efficient and environmentally sustainable power and heat generation, including waste-to-energy, biomass energy, black liquor systems for the pulp and paper industry, and solar installation services. B&W Renewable’s leading technologies support a circular economy, diverting waste from landfills to use for power generation and replacing fossil fuels, while recovering metals and reducing emissions.

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the awarding of contracts for solar installation projects in Illinois, as well as the growth of the U.S. solar energy market. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

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