Argan (AGX) said Thursday that its Gemma Power Systems unit signed an engineering, procurement and construction, or EPC, services contract with Sandow Lakes Energy for a natural gas-fired plant in Lee County, Texas.
The plant will be developed and owned by a unit of Sandow Lakes Energy and will be capable of providing power to 800,000 homes in the Electric Reliability Council of Texas, Argan said.
Construction is slated to start this summer and is expected to be completed in 2028, the company said.
Financial details weren't provided.
Argan shares were rising past 10% in recent trading.
Price: 157.87, Change: +14.88, Percent Change: +10.40
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