Babcock & Wilcox Solar Energy, Inc. Awarded Illinois Community Solar Installation Contracts by Summit Ridge Energy Totaling More Than $15 Million

Babcock & Wilcox Enterprises, Inc. (B&W) (NYSE: BW) announced today that its subsidiary, Babcock & Wilcox Solar Energy, Inc., has been awarded contracts totaling more than $15 million by Summit Ridge Energy, LLC (SRE), a leading commercial solar company in the U.S., to engineer, procure and construct five community solar power installations in Illinois.

B&W will also manage subcontractors, site coordination and supervision and the electrical tie-ins to the grid. The projects, totaling approximately 15 megawatts, are scheduled for completion in 2023.

This is the second set of contracts awarded to B&W by SRE, which is the solar energy market leader in Illinois. In August 2022, B&W was awarded contracts totaling more than $20 million to build seven photovoltaic solar farms.

“The market for community solar projects in the U.S. is growing substantially thanks to high demand for affordable, clean energy, as well as state and federal incentives for renewable energy, including for solar power,” said Joe Buckler, B&W Senior Vice President, Clean Energy. “In particular, the recently signed U.S. Inflation Reduction Act includes provisions for all types of solar projects, including community solar, that are driving increased interest in development.”

“B&W has extensive expertise in managing and executing both utility-scale and community solar projects and we’re excited to work with our customer, SRE, to help deliver clean, zero-carbon energy to communities in Illinois,” Buckler said.

“Solar projects like these are providing clean, reliable and affordable power to people across Illinois and the United States. As the market leader in Illinois, SRE is proud to continue shaping the state as a major clean energy market,” said Raj Soi, Executive Vice President of Operations, Summit Ridge Energy. “We’re excited to build on our strong relationship with B&W and support the state of Illinois as it leads the national energy transition.”

B&W’s solar expertise is demonstrated in the reliability of our system design and construction, verified solar production and optimized system integration, as well as being named one of the top 30 EPC contractors in the U.S. solar industry by Solar Power World.

About Babcock & Wilcox

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc. is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com.

About Summit Ridge Energy

Launched in 2017, Summit Ridge Energy is the nation’s leading commercial solar company. Through its strategic partnerships and project financing expertise, the company develops and acquires pre-operational projects within the rapidly growing solar energy and battery storage sectors. In the past five years, SRE has deployed over $1.6B USD into clean energy assets. This year, SRE will have more than 400 MW of PV online, providing solar power to 50,000 homes.

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to contracts to engineer, procure and construct five community power installations in Illinois. 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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