New York City-based M III Acquisition Corp. (MIII), a special-purpose acquisition company, has closed its merger with IEA Services LLC, a U.S. provider of infrastructure solutions for the renewable energy, traditional power and civil infrastructure industries.
Currently, IEA, which is based out of Indianapolis, is focused primarily on the wind energy industry. The company, specializing in providing complete EPC services throughout the U.S., has completed more than 190 wind and solar projects in 35 states, including more than 14 GW of wind energy generating capacity and more than 700 MW of utility-scale solar generating capacity. IEA has a current total backlog of contracted and awarded wind projects of $1.1 billion, including more than $643 million for 2018.
“We are very pleased to have consummated this transaction and appreciate the support of MIII’s stockholders,” comments Mohsin Y. Meghji, chairman of the company. “IEA is a leading developer of 21st-century energy infrastructure that is well-positioned to capitalize on increasing wind and solar engineering and construction opportunities, as well as a broad range of projects in the heavy civil infrastructure space. We are excited about IEA’s growth prospects and look forward to building a strong public company which will create long-term value for its stockholders.”
JP Roehm, president, CEO and a director of the company, adds, “Our team is enthusiastic about this important milestone in IEA’s development. We plan to use the elevated profile we expect from our NASDAQ listing and public currency to further expand our industry presence and seek to build long-term value for our shareholders. We believe IEA has the No. 1 U.S. market share among EPCs for wind, and we are confident in our ability to continue to grow our wind energy business and leverage our expertise and relationships to deliver infrastructure solutions in other areas, including solar, traditional power generation and civil infrastructure.”
