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4-Traders Homepage  >  Equities  >  Nyse  >  Fluor Corporation (NEW)    FLR

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Fluor Corporation (NEW) : Pike to be Subcontractor to Fluor for Clean Line Energy 800-Mile Transmission Line

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12/13/2011 | 03:25pm CEST

MOUNT AIRY, N.C., Dec. 13, 2011 /PRNewswire/ -- Pike Electric Corporation (NYSE: PIKE), one of the nation's leading energy solutions providers, announced today that it will be a subcontractor to Fluor (NYSE: FLR) for the proposed Plains & Eastern Clean Line LLC project, which is an 800-mile high-voltage direct current (HVDC) transmission line from Oklahoma to Tennessee and is currently in the development and permitting stages.

Fluor, which announced today that it has signed a memorandum of understanding with Plains and Eastern Clean Line LLC, an affiliate of Clean Line Energy Partners LLC, will provide development support, preliminary engineering, procurement and construction services (EPC) for the project. After the project has received all permits and regulatory and financial approvals, Fluor and Pike will provide the full EPC services for the transmission line project. The Plains & Eastern Clean Line will consist of approximately 800 miles of overhead HVDC transmission lines that will deliver 3,500 megawatts of power from Oklahoma, Texas and Kansas to the southeastern United States.

"We are excited to bring our full suite of services to this important renewable energy project. The partnership of Pike, Fluor and Clean Line ensures qualified talent at all levels will be working to make this HVDC transmission line project a success," said Eric Pike, Chairman and CEO of Pike Electric Corporation.

The completion of the Plains & Eastern Clean Line transmission project will make possible an estimated $7 billion of new renewable energy projects that otherwise may not be built due to limitations of the existing electric transmission grid. The Plains & Eastern Clean Line will create thousands of jobs and increase state and local tax revenues. The project is expected to take several years to fully permit and could begin commercial operation as early as 2017.

About Clean Line Energy Partners

Clean Line's mission is to connect abundant, renewable energy resources to areas that have a high demand for clean, reliable energy. Clean Line is developing a series of long distance high voltage direct current transmission projects to move renewable energy to market. For more information please visit www.cleanlineenergy.com.

About Fluor Corporation

Fluor Corporation designs, builds and maintains many of the world's most challenging and complex projects. Through its global network of offices on six continents, the company provides comprehensive capabilities and world-class expertise in the fields of engineering, procurement, construction, commissioning, operations, maintenance and project management. Headquartered in Irving, Texas, Fluor is a FORTUNE 200 company and had revenue of $20.8 billion in 2010. For more information, visit www.fluor.com.

About Pike Electric Corporation

Pike Electric Corporation is a leading provider of energy solutions to over 200 customers in the United States and abroad. Our comprehensive services include facilities planning and siting, permitting, engineering, design, installation, maintenance and repair of power delivery systems, including renewable energy projects. Our common stock is traded on the New York Stock Exchange under the symbol PIKE. For more information, visit www.pike.com.

SOURCE Pike Electric Corporation

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