Climate Change Data

Environmental Metrics

Climate Goals & Targets

Environmental Challenges

• Increased labor and subcontractor costs on certain EPC projects.
• Slowdown in new business awards to GPS potentially due to uncertainty surrounding regulatory support for coal, increased renewable energy capacity, and improvements in renewable energy storage solutions.
• Pipeline approval delays due to environmental activism.
• Goodwill impairment at TRC due to decreased revenues and operating losses.

Mitigation Strategies

• Cautious optimism about future project awards and revenue growth.
• Securing new EPC contracts (e.g., Reidsville Energy Center).
• Pursuit of new construction projects and investments in project development.
• Goodwill impairment loss recorded at TRC.

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Not disclosed

Environmental Achievements

• Not disclosed

Social Achievements

• Not disclosed

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Supply chain disruptions
• Increased material costs
• Project owner confidence impacted by supply chain uncertainties
• Political challenges from constituencies opposing clean energy infrastructure projects
• Difficulty in obtaining project equity financing
• Environmentalist opposition against fossil fuel energy projects causing delays

Mitigation Strategies

• Procuring majority of equipment and construction supplies during early phases of projects (for major fixed-price contracts)
• Holding quotes related to materials for very short periods (industrial fabrication and field services)
• Pursuing renewable energy projects to diversify revenue streams
• Integrating hydrogen-burning capabilities into natural gas-fired power plants

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Regulatory changes
• Market shifts
• Risk of power plants becoming stranded assets

Opportunities

• Development of energy-efficient products
• Growth in renewable energy sector

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• environmental, health and safety
• corporate social responsibility
• corporate governance
• sustainability

Environmental Achievements

• Investments in solar energy funds to secure portions of the available investment tax credits and tax depreciation, which facilitated the construction and deployment of multiple solar arrays
• Lighting and other energy efficiency upgrades at the office building that we own
• Agreement to build a solar carport at our Glastonbury, Connecticut office

Social Achievements

• Employees from all levels of our Company have participated in projects such as Habitat for Humanity, Toys for Tots, school supply drives and Company-sponsored youth programs, while supporting meaningful apprenticeships and internships within our companies

Governance Achievements

• Formation of an ESG subcommittee of our board of directors in Fiscal 2021, elevated to full committee status in Fiscal 2023

Climate Goals & Targets

Environmental Challenges

• Supply chain disruptions due to the global COVID-19 pandemic and the war in Ukraine
• Labor shortages in the construction industry
• Uncertainty in the capital markets caused by multiple factors including delayed capacity auctions, mounting public and political opposition to fossil-fuel energy projects and rising interest rates
• Continuing disruptions to capacity auctions and corresponding prices
• Increased corporate taxes in the future due to the Global Minimum Tax and GILTI provision
• Potential for violations of the Foreign Corrupt Practices Act and similar anti-bribery laws
• Failure to protect management information systems against security breaches
• Shortage of skilled craft labor

Mitigation Strategies

• Working closely with project owners, OEMs and other equipment suppliers to minimize major adverse effects on project delivery schedules
• Obtaining the delivery of solar panels from other sources
• Protections in our contracts with major customers that provide certain relief that helps to mitigate certain financial risks
• Maintaining a substantial amount of cash, cash equivalents and short-term investments
• Having a commitment from the Bank to issue irrevocable standby letters of credit
• Implementing a number of different safety measures, including COVID-19 on-site testing at major job sites, remote work, staggered shifts in various offices, contract tracing and quarantines
• Directing a meaningful portion of our business development efforts to winning projects for the erection of utility-scale wind farms and solar fields and for the construction of other renewable energy projects
• Maintaining programs with the primary purpose of implementing effective health, safety and environmental procedures throughout our Company
• Cybersecurity insurance policy

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Environmental, Social, and Governance (ESG)
• Sustainability
• Renewable Energy
• Safety
• Community Investment
• Board Diversity

Environmental Achievements

• Completed Maple Hill Solar project, avoiding over 100,000 tons of CO2 emissions per year.
• Completed Guernsey Power Station, a cost-efficient, fuel-efficient power plant that protects air quality and conserves water.
• 83% of $757 million project backlog supports the low-carbon economy as of January 31, 2024.

Social Achievements

• Maintained OSHA reportable incident rates significantly better than the national average.
• Increased quarterly cash dividend by 20% from $0.25 to $0.30 per share in October 2023.
• Share repurchases of approximately $12 million during Fiscal 2024.

Governance Achievements

• 70% of the board qualifies as independent.
• Amended Clawback Policy to comply with new SEC compensation recovery standards.
• Continued stockholder engagement and received positive feedback regarding changes to executive compensation program.

Climate Goals & Targets

Environmental Challenges

• Significant global supply chain disruptions
• Inflationary challenges

Mitigation Strategies

• Conservative capital allocation approach
• Strengthened senior management with new hires
• Introduced deferred compensation plan to retain experienced staff

Supply Chain Management

Climate-Related Risks & Opportunities

Opportunities

• Development of energy-efficient products

Environmental Metrics

ESG Focus Areas

• Low-carbon/zero-carbon emissions
• Renewable energy
• Sustainable power generation

Environmental Achievements

• Not disclosed

Social Achievements

• Not disclosed

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Not disclosed

Mitigation Strategies

• Not disclosed

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Low-carbon/zero-carbon emissions
• Renewable energy

Environmental Achievements

• Not disclosed

Social Achievements

• Not disclosed

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Not disclosed

Mitigation Strategies

• Not disclosed

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Low-carbon/zero-carbon emissions
• Renewable energy
• Sustainable infrastructure

Environmental Achievements

• Executing EPC contracts for solar and battery storage projects (160 MW of electrical power and 22 MWh of energy storage)
• Executing EPC contract for a 950MW natural gas-fired power plant (contributes to meeting electricity demand and reducing reliance on coal)

Social Achievements

• Not disclosed

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Not disclosed

Mitigation Strategies

• Not disclosed

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Low-carbon/zero-carbon emissions
• Renewable energy
• Sustainable infrastructure

Environmental Achievements

• Executing EPC services contracts for natural gas-fired power plants and solar energy facilities contributing to a low-carbon economy.
• Largest solar project to date (405 MW) under construction.

Social Achievements

• Not disclosed

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Not disclosed

Mitigation Strategies

• Not disclosed

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed