Today, Argan Inc. (NYSE:AGX), a construction and engineering services company with a market capitalization of $1.77 billion and impressive 200% one-year return, announced that its subsidiary, Atlantic Projects Company, has secured a significant contract to build a 300 MW biofuel power plant in County Kerry, Ireland. According to InvestingPro analysis, the company appears undervalued at current levels, with strong financial health metrics. The contract, awarded by SSE (LON:SSE) Thermal, part of the integrated energy group SSE plc, will be included in Argan's fiscal year-end backlog.
The Tarbert Next (LON:NXT) Generation Power Station will feature Ansaldo Energia’s AE94.3A turbine, which is designed to operate on 100% sustainable biofuels with the capability for future conversion to hydrogen. This development aligns with Ireland's commitment to energy security and the transition to a renewable energy system.
Preparatory groundwork has begun, with full-scale construction expected to commence later in the year. The project aims for completion by the end of 2027. This new plant represents a strategic step for Argan as it expands its portfolio in the renewable energy sector.
The information in this article is based on a press release statement.
