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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowInfrastructure and Energy Alternatives Inc., an Indianapolis-based company that designs and builds wind farms and other energy projects, is buying three smaller companies for $235 million.
The acquisitions are the first for IEA since it went public this spring, and signal that the company is pushing hard for more growth in the booming renewable energy sector. The company builds wind-energy projects around the United States, including the 9,000-acre Benton County Wind Farm north of Lafayette, along U.S. 41.
IEA said it acquired Augusta, Georgia-based ACC Cos. and its Birmingham, Alabama-based subsidiary Saiia Construction Co. for $145 million, and is buying Rockford, Illinois-based William Charles Construction Group for $90 million.
The company said the acquisitions will help position it for “significant opportunities” across the construction and remediation markets.
Saiia specializes in environmental remediation and industrial maintenance in the power generation, mining and mineral, and pulp and paper end-markets. The ACC Cos. provide heavy and light civil infrastructure services for public and private projects. William Charles provides civil construction services, including for electrical power and environmental remediation.
The deals are expected to add more than $600 million in annual revenue for IEA, which would roughly double the Indianapolis company’s revenue base. IEA rang up revenue of $602.6 million in 2016.
The acquisition of Saiia and ACC closed in September. The acquisition of William Charles is expected to close in the fourth quarter.
IEA Energy estimates it builds 30 percent of the infrastructure in the U.S. wind energy market. The company, which employs about 2,000 workers during peak construction season, has erected more than 7,200 wind turbines.
IEA has built itself into one of the nation’s largest providers of renewable energy. It has completed more than 190 wind and solar projects in 35 states, including more than 14 gigawatts of wind-energy generating capacity—enough to power 10 million homes.
IEA is based at 2647 Waterfront Parkway East Drive on the west side. The company, founded in 1947 in the Indiana town of Clinton as White Trucking, was bought by private equity firm Oaktree Capital Management in 2011 and went public this spring.
IEA shares were down 4.3 percent Friday morning amid a big market selloff, to $10.20 per share.
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