Babcock & Wilcox News

(AKRON, Ohio – January 25, 2024) – Babcock & Wilcox Enterprises, Inc. (B&W) (NYSE: BW) announced today that its subsidiary, Babcock & Wilcox Solar Energy, Inc. (B&W Solar), has been awarded contracts by Cypress Creek Renewables, LLC to implement three utility-scale photovoltaic solar power installations totaling 75 megawatts in western Pennsylvania.

When complete, each solar installation will be capable of generating approximately 25 megawatts of clean, zero-carbon energy – enough to power around 10,000 homes – while creating nearly 90 construction jobs for the duration of the projects. Site work for the first project began in November 2023, and work for the second and third projects is scheduled to begin in March 2024. All three facilities are anticipated to be operational in 2024.

“Solar energy is a key part of the energy future in the U.S. and around the world, and we’re pleased to work with Cypress Creek Renewables to bring clean, net-zero carbon power to the residents of western Pennsylvania,” said Jimmy Morgan, Executive Vice President and Chief Operating Officer, B&W. “B&W has many decades of construction and large project management expertise, and we are well-positioned to help our customers deploy solar installations across the country.”

“Cypress Creek is excited to be part of the clean energy transition in Pennsylvania,” Rebecca Cranna, Chief Operating Officer of Cypress Creek said. “We look forward to working with B&W to get these projects over the finish line as we work toward a more sustainable future with facilities that provide long-term benefits in the communities that host us, the state of Pennsylvania, and beyond.”

"Our pre-construction and engineering teams collaborated with Cypress Creek Renewables early in the process to develop an effective and efficient energy solution to complete the development of these three 25-megawatt installations," said Tony Dorazio, President, B&W Solar. "Over the past several months, we have strengthened our operations platform and are capable of delivering larger utility-scale projects. We also partnered with some of the leading equipment suppliers and subcontractors to augment our solar operational expertise and we look forward to working together to maintain overall project schedules and maximize operational performance. We’re excited about working with Cypress Creek Renewables on these outstanding projects."

With more than 100 operational installations of clean solar power production, the B&W Solar team is highly experienced in commercial, industrial and community solar project execution, and is committed to safety, outstanding service, quality delivery and construction.

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 Cypress Creek Renewables

Cypress Creek Renewables is a leading renewables developer and independent power producer. It develops, finances, owns, and operates utility-scale and distributed solar and energy storage projects across the United States with a mission to power a sustainable future, one project at a time. Since inception, Cypress Creek has developed 12GW of solar projects. Today it owns more than 2GW of solar and has a 30GW solar and storage pipeline. Cypress Creek’s leading O&M services business, Cypress Creek Solutions, operates and maintains more than 4GW of solar projects for customers across 24 states. For more information about Cypress Creek, please visit ccrenew.com.

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 three solar power installations in Pennsylvania. 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.