Primoris Services Corporation has significantly bolstered its project backlog, announcing a series of new contract awards collectively valued at approximately $1.1 billion. This substantial influx, secured in January 2026, reinforces the company’s standing within the competitive renewable energy infrastructure sector. A central component of this new business is the company’s selection as the engineering, procurement, and construction contractor for the Lucy Solar Project in Texas.
A Landmark Solar Development
The Lucy Solar Project, a 350-megawatt facility to be constructed in Concho County, Texas, represents a major operational milestone. With an estimated investment value of $524 million, the solar farm is projected to generate roughly 926 gigawatt-hours of clean electricity annually. Construction activities are already underway, targeting a commercial operational date in mid-2027.
This solar award forms the cornerstone of the recent $1.1 billion in new work, which provides a considerable boost to the company’s order book as it concludes its 2025 reporting cycle.
Financial Targets and Leadership Context
Operationally, Primoris continues to derive its strength from core utilities and energy segments. For the full 2025 fiscal year, management has maintained its target for a gross margin ranging between 10.0% and 12.0%. The robust growth reported in the third quarter of 2025 was attributed primarily to sustained high demand within these key divisions.
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The current quarter also marks the first full period under the leadership of Chief Executive Officer Koti Vadlamudi. He assumed the role in November, following an extensive career in infrastructure, succeeding Interim CEO David King. King remains with the company in his capacity as Chairman of the Board.
Awaiting Year-End Results
Market participants are now looking ahead to the scheduled release of Primoris’s fourth-quarter and full-year 2025 financial results. The company is expected to report these figures on Monday, February 23, 2026. This disclosure will provide critical insight into whether the strong demand across its core businesses successfully translated into profitability that meets the previously stated margin objectives.
Key Project & Financial Details:
* Flagship Project: Lucy Solar Project, a 350 MW facility in Texas
* Project Investment: Approximately $524 million
* Total New Awards (Jan 2026): ~$1.1 billion
* Next Key Date: Q4 & FY 2025 earnings expected February 23, 2026
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