Gemma Power Systems finalizes EPC Contract for a 475 MW Power Project in North Carolina

Gemma Power Systems, LLC (GPS) has entered into an Engineering,
Procurement and Construction (EPC) services contract with NTE Carolinas
II, LLC, an affiliate of NTE Energy, to construct a 475 MW
state-of-the-art natural gas-fired power plant in Rockingham County,
North Carolina.

The NTE Reidsville Energy Center is similar to two previous projects
being constructed by GPS for NTE; the Kings Mountain Energy Center, in
Kings Mountain, NC and the Middletown Energy Center in Middletown, OH.
Both projects are scheduled to be completed in 2018.

“We’re pleased to have reached agreement to design and build another
state-of-the-art energy project for NTE, to serve the citizens of North
Carolina,” said William F. Griffin, Jr., Chief Executive Officer of
Gemma Power Systems. “NTE has done a fantastic job developing these
projects and we look forward to continuing our successful relationship,”
Griffin said.

The Reidsville project will employ approximately 300 craft workers at
the peak of construction and provide approximately 25 to 30 permanent
jobs for the area.

The NTE Reidsville project features an advanced class Mitsubishi Hitachi
Power Systems Americas M501GAC combustion turbine generator, a Vogt
Power International supplementary-fired heat recovery steam generator
and a Toshiba America Energy Systems steam turbine generator.

About Gemma Power Systems

Gemma Power Systems, a wholly owned subsidiary of Argan
Inc. (NYSE: AGX), is a leading Engineering, Procurement and
Construction (EPC) company providing innovative solutions for the power
and renewable energy industry. Our wide-ranging and comprehensive
experience comprises 14,500 MW of installed capacity including combined
cycle and simple cycle gas turbine generating plants, biomass, solar
facilities, wind farms, biofuel plants and environmental facilities.
Additional information about Gemma Power Systems can be found at www.gemmapower.com.
Follow Gemma on Twitter @gemmapwr.

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