Aecon Consortium awarded multibillion-dollar power project contract in Alberta

Aecon’s $1.7 billion share of contract will be added to third quarter 2026 backlog- TORONTO, July 02, 2026 (GLOBE NEWSWIRE) -- Aecon Group Inc. (TSX: ARE) (“Aecon”) announced today that TRA, a consortium with Técnicas Reunidas Alberta, Inc. in which Aecon holds a majority share, has been awarded a multibillion-dollar contract by Greenlight Electricity Centre Limited Partnership, comprised of Pembina Pipeline Corporation, Morgan Stanley Infrastructure Partners, and Kineticor Asset Management, for the Greenlight Electricity Centre (“GLEC”) project in Sturgeon County, Alberta. Aecon’s $1.7 billion share of the contract value will be added to its Construction segment backlog in the third quarter of 2026. The contract award follows the completion of early engineering and development work, further strengthens Aecon’s multi-year revenue visibility, and expands its role in delivering critical power infrastructure to support accelerating demand from Artificial Intelligence (“AI”), digital infrastructure, data centres and broader electrification trends.

The GLEC will be a 932 MW natural gas-fired combined cycle power generation facility that serves a major data centre development. The site has the potential to be expanded to a permitted generation capacity of 1,864 MW. GLEC is being developed to supply electricity to a co-located data centre and is anticipated to be one of Alberta’s largest new sources of dispatchable power generation – supporting accelerating energy demand.           “The rapid advancement of AI infrastructure, data centres, digital transformation and economic growth are driving one of the most significant power infrastructure investment cycles, and unprecedented demand for power generation in North America,” said Jean-Louis Servranckx, President and Chief Executive Officer, Aecon Group Inc. “This contract award reflects Aecon’s multidisciplinary capabilities – supporting digital sovereignty and safely delivering large-scale, mission-critical infrastructure in sectors benefiting from long-term demand for power generation and grid expansion.” TRA’s consortium partners have significant expertise delivering large-scale power generation solutions and will support all phases of delivery, including engineering, procurement, construction execution and commissioning – providing benefits for all partners.

The construction scope includes civil works for existing and future power islands, as well as piping, mechanical, structural, electrical and instrumentation work for the balance of plant, gas metering station, switchyard and substation. Construction is expected to commence in the third quarter of 2026, with anticipated completion in 2030. “Executing a project of this scale requires world-class expertise. Working with our partner and client, Aecon’s execution discipline and experience building complex industrial and power infrastructure projects will be critical to safety, quality, schedule and cost performance,” said Thomas Clochard, Executive Vice President and Chief Operating Officer, Aecon Group Inc. “Aecon is purpose-built to bring its diverse expertise to harness significant opportunities across the power generation, transmission and distribution, communications and digital infrastructure value chain.” Aecon’s major gas and power infrastructure experience includes the TC Energy Napanee Generating Station, the East Windsor Cogeneration and Capital Power Expansion projects, and the Portlands Energy Centre in Ontario, as well as the Spy Hill Peaking Station in Saskatchewan.

Aecon has augmented its power infrastructure capabilities and capacity across North America through recent strategic acquisitions, strengthening its self-perform solutions and driving growth. Through United Engineers and Constructors, an Aecon Company, Aecon’s portfolio of related projects also includes the Ameren Big Hollow and Castle Bluff projects in Missouri, and the Tennessee Valley Authority Johnsonville Cogeneration project in Tennessee – in addition to its diverse range of conventional power and nuclear work. Further project information is available on the  Greenlight Electricity Centre website.

About Aecon Aecon Group Inc. (TSX: ARE) is a North American construction and infrastructure development company with global experience. Aecon delivers integrated solutions to private and public-sector clients through its Construction segment in the Civil, Urban Transportation, Nuclear, Utility and Industrial sectors, and provides project development, financing, investment, management, and operations and maintenance services through its Concessions segment. Join our online community on X, LinkedIn, Facebook, and Instagram @AeconGroupInc.

About Técnicas Reunidas Técnicas Reunidas is a leading Spanish global engineering firm, with over 60 years of experience executing over 1,000 industrial plants around the world and presence in 25 countries – specializing in the design and construction of industrial plants dedicated to the production of clean fuels, natural gas and petrochemical plants. Técnicas Reunidas has been present in Canada since 2012. It has a permanent office in Calgary with resident engineering teams and has carried out more than 20 technical studies and EPC (engineering, procurement, and construction) projects for major companies in the country, including ongoing Front-End Engineering Design services for the development of compressor stations.

About Greenlight Electricity Centre Limited Partnership Greenlight Electricity Centre Limited Partnership is a partnership between Pembina Pipeline Corporation (47.5%), Morgan Stanley Infrastructure Partners (47.5%) and Kineticor Asset Management (5%), For more information, please visit greenlightelectricitycentre.ca For further information: Adam Borgatti SVP, Corporate Development and Investor Relations 416-297-2600 ir@aecon.com Nicole Court Vice President, Corporate Affairs and Communications 416-297-2600 corpaffairs@aecon.com Statement on Forward-Looking Information The information in this press release includes certain forward-looking statements which may constitute forward-looking information under applicable securities laws. These forward-looking statements are based on currently available competitive, financial and economic data and operating plans but are subject to risks and uncertainties. Forward-looking statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, ongoing objectives, strategies and outlook for Aecon, including statements regarding: the expected scope, execution and delivery of all phases of the project; the anticipated peak workforce requirements; the anticipated generation capacity, performance and potential expansion of the GLEC project, and its expected role as a significant source of dispatchable power generation in Alberta; the anticipated economic benefits to the local economy, including benefits to local businesses, suppliers and Indigenous communities; and the expected expansion of Aecon's role in delivering critical power infrastructure.

Forward-looking statements may in some cases be identified by words such as "may," "will," "expects," "target," "future," "plans," "believes," "anticipates," "estimates," "projects," "intends," "should" or the negative of these terms, or similar expressions. In addition to events beyond Aecon's control, there are factors which could cause actual or future results, performance or achievements to differ materially from those expressed or inferred herein including, but not limited to, the risk of not being able to meet contractual schedules and other performance requirements; the risks associated with a third party's, including Aecon’s joint venture partner, client, and suppliers, failure to perform; the risk of not being able to meet its labour needs at reasonable costs; the risk of not being able to address any supply chain issues which may arise; the risk of the anticipated benefits from the project not being fully realized; the risk of not being able to commence construction or achieve the anticipated in-service date as scheduled; the risk that the potential expansion of permitted generation capacity does not proceed as anticipated; the risk that anticipated demand from AI, data centres, digital infrastructure and electrification trends does not materialize as expected; the risk of not being able to finalize the commercial matters as anticipated; and the risk of not being able to execute the construction, commissioning and subsequent project phases as anticipated. These forward-looking statements are based on a variety of factors and assumptions including but not limited to that: none of the risks identified above materialize, there are no unforeseen changes to economic and market conditions and no significant events occur outside the ordinary course of business.

These assumptions are based on information currently available to Aecon, including information obtained from third-party sources. While Aecon believes that such third-party sources are reliable sources of information, Aecon has not independently verified the information. Aecon has not ascertained the validity or accuracy of the underlying economic assumptions contained in such information from third-party sources and hereby disclaims any responsibility or liability whatsoever in respect of any information obtained from third-party sources.

Risk factors are discussed in greater detail in Section 13 - "Risk Factors" in Aecon’s 2025 Management’s Discussion and Analysis for the fiscal year ended December 31, 2025 and Aecon’s Management’s Discussion and Analysis for the fiscal quarter ended March 31, 2026, each filed on SEDAR+ (www.sedarplus.ca). Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Aecon undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Globe Newswire July 2, 2026 - 7:29 AM PDT News by QuoteMedia www.quotemedia.com