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IST awarded two contracts totaling $22 million

Jan 28, 2010

Toronto, Ontario – January 28, 2010: Aecon Group Inc. (“Aecon”) (TSX:ARE) announced today that its wholly-owned subsidiary Innovative Steam Technologies (IST), has been awarded two contracts valued at over $22 million to supply its Once-Through Steam Generators (OTSG) to S&W Energy Solutions for a project in Ghana and to British Columbia Hydro and Power Authority.

Under the terms of the first contract, IST will design and supply four OTSG units for S&W Energy Solutions.  The units will recover waste heat from four 25MW gas turbines at the Takoradi Combined Cycle plant located near Takoradi, Ghana. These four units are IST’s first in Ghana, and second in Africa. The OTSGs are scheduled for an October 2010 delivery.

Under the terms of the second contract, IST will design and supply one OTSG unit to B.C. Hydro and Power Authority, a public utility company in British Columbia. The OTSG will recover waste heat from one LM6000 engine at B.C. Hydro’s facility in Fort Nelson, which is being converted from a simple cycle steam injection plant to a full combined cycle facility.  The unit is scheduled for a March 2011 delivery. 

“These contracts bring IST's total sale of OTSG units to 150 units in 19 countries on six continents,” said Bob Dautovich. “IST’s product advantages are driving sales of these units -- OTSG technology improves the efficiency of our customers' power plants, while being better for the environment.”

Innovative Steam Technologies is a world leader in the design and fabrication of Once-Through Steam Generators and is a wholly-owned subsidiary of Aecon Group Inc.

Aecon Group Inc. is Canada’s largest publicly traded construction and infrastructure development company. Aecon and its subsidiaries provide services to private and public sector clients throughout Canada and on a selected basis internationally. Aecon is pleased to be recognized as one of the 50 Best Employers in Canada as published by Report on Business Magazine.