Ernst & Young to fund construction of windfarms in Texas

UK-based multinational professional services group Ernst & Young has announced that it will fund the construction of two large-scale windfarms in Texas through virtual power purchase agreements. The company claims that the two windfarms, which are expected to be operational by mid-2020, will generate enough clean energy to offset the greenhouse gas emissions of its US business.
EY Americas director of environmental sustainability Leisha John said: These agreements actively address the environmental impact of our business and will become the cornerstone of our low carbon strategy, yielding significant economic and risk mitigation benefits. We are proud to join other leading organizations who believe we must harness our influence and scale to drive measurable progress for our planet and future generations. We hope it will inspire others to think of innovative ways they can contribute to a more sustainable environment.

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Engineering Tech, Construction

Comfort Systems USA Announces Acquisition

Business Wire | February 01, 2024

Comfort Systems USA, Inc. today announced that it has closed its previously announced transaction to acquire Summit Industrial Construction, LLC (“Summit”) headquartered in Houston, Texas. As previously disclosed, Summit is a specialty industrial mechanical contractor offering engineering, design-assist and turnkey, direct hire construction services of modular systems serving the advanced technology, power, and industrial sectors. Summit’s capabilities encompass a wide range of modular and site-based construction, including process piping, equipment setting, large pipe rack trestles, and related steel erection and specialty concrete work. Summit is a trusted supplier to some of the world’s largest advanced technology, power and industrial companies and is currently deployed on several major chip fabrication projects. Initially, Summit is expected to contribute annualized revenues of approximately $375 million to $400 million, and earnings before interest, taxes, depreciation, and amortization of $35 million to $40 million. In light of the amortization expense, Summit is expected to make a neutral to slightly accretive contribution to earnings per share in 2024 and 2025. Brian Lane, Comfort Systems USA’s Chief Executive Officer, commented, “We are delighted to announce the closing of our agreement to acquire Summit, an extremely capable provider of modular and other complex mechanical services. Summit brings a stellar reputation as a modular technology leader in growing end markets, including multiple ongoing and large semiconductor projects. We are happy to welcome Summit’s wonderful leadership team and excellent production and craft workers across many states, and we are confident Summit will continue to innovate and grow as a part of our network of world-class contracting companies. We are grateful that Summit has chosen to become part of Comfort Systems USA.”

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