-Substantial completion achieved on-time and on-budget for Unit 6 refurbishment-

TORONTO, May 11, 2023 /CNW/ - Aecon Group Inc. (TSX: ARE) ("Aecon" or the "Company") announced today that Shoreline Power Group, a joint venture between Aecon, SNC-Lavalin and United Engineers & Constructors in which Aecon is the lead partner, has been awarded a $1.3 billion Fuel Channel and Feeder Replacement (FCFR) contract by Bruce Power for Units 4, 5, 7 and 8 at the Bruce Nuclear Generating Station in Tiverton, Ontario. Planning work is expected to commence in the second quarter of 2023, with construction expected to begin in the first quarter of 2025 and completion anticipated in 2032. Aecon's $1 billion share of the contract is being added to its Construction segment backlog in the second quarter of 2023.

The award for Bruce Power's four remaining units comes as Shoreline Power Group and Bruce Power also achieved substantial completion on the Unit 6 refurbishment on-time and on-budget, remaining on track to return the unit to service in the fourth quarter of 2023. As work continues to progress on Unit 3, the joint venture is now contracted to execute FCFR work on all six of Bruce Power's units, which will extend the life of the site to 2064 through the Bruce Power Major Component Replacement (MCR) program.

"This contract award underscores the success of our long-term partnership with Bruce Power and we are proud to achieve substantial completion on Unit 6," said Jean-Louis Servranckx, President and Chief Executive Officer, Aecon Group Inc. "Aecon is proud to deliver infrastructure that supports a net-zero future, creates economic benefits and helps ensure the supply of clean and reliable electricity to meet Ontario's growing energy demands. The success of the Unit 6 refurbishment is a testament to the incredible work of our dedicated teams and trades. We look forward to working with our partners, SNC-Lavalin and United, as we move forward executing the remainder of this critical project with an unwavering commitment to safety, quality, schedule and cost performance."

The scope of FCFR work for all units includes internal reactor inspections, the removal and replacement of fuel channels and feeder tubes, as well as project management, construction management and field execution.

Aecon Group Inc. (TSX: ARE) is a national Canadian construction and infrastructure development company with global experience and is proud to be recognized as one of the Best 50 Corporate Citizens in Canada. Aecon delivers integrated solutions to private and public-sector clients through its Construction segment in the Civil, Urban Transportation, Nuclear, Utility and Industrial sectors, and provides project development, financing, investment and management services through its Concessions segment. Join our online community on Twitter, LinkedIn, Facebook and Instagram @AeconGroupInc.

Statement on Forward-Looking Information

The information in this press release includes certain forward-looking statements which may constitute forward-looking information under applicable securities laws. These forward-looking statements are based on currently available competitive, financial and economic data and operating plans but are subject to risks and uncertainties. Forward-looking statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, ongoing objectives, strategies and outlook for Aecon. Forward-looking statements may in some cases be identified by words such as "may," "will," "expects," "target," "future," "plans," "believes," "anticipates," "estimates," "projects," "intends," "should" or the negative of these terms, or similar expressions. In addition to events beyond Aecon's control, there are factors which could cause actual or future results, performance or achievements to differ materially from those expressed or inferred herein including, but not limited to: the risk of not being able to meet contractual schedules and other performance requirements; the risk of not being able to meet its labour needs; and various other risk factors as further described in Aecon's filings with the securities regulatory authorities which are available under Aecon's profile on SEDAR (www.sedar.com) including the risk factors described in Section 13 - "Risk Factors" in Aecon's December 31, 2022 Management's Discussion and Analysis filed on SEDAR (www.sedar.com) on February 28, 2023. 

These forward-looking statements are based on a variety of factors and assumptions including, but not limited to that: none of the risks identified above materialize, there are no unforeseen changes to economic and market conditions, and no significant events occur outside the ordinary course of business. These assumptions are based on information currently available to Aecon, including information obtained from third-party sources. While the Company believes that such third-party sources are reliable sources of information, the Company has not independently verified the information. The Company has not ascertained the validity or accuracy of the underlying economic assumptions contained in such information from third-party sources and hereby disclaims any responsibility or liability whatsoever in respect of any information obtained from third-party sources.

Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Aecon undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

SOURCE Aecon Group Inc.

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