-$815 million contract award follows completion of collaborative development phase- -$815 million co...


TORONTO, July  17, 2026  (GLOBE NEWSWIRE) -- Aecon Group Inc. (TSX: ARE) ("Aecon") announced today that Red River Biosolids Partners, an Aecon-led consortium with MWH Constructors and Oscar Renda Contracting, in which each partner holds a 33.3% interest, has completed the collaborative development phase and has been awarded an $815 million contract by the City of Winnipeg for the North End Water Pollution Control Centre (“NEWPCC”) Sewage Treatment Plant Upgrade – Biosolids Facilities progressive design-build project in Manitoba. Stantec is providing design services. Aecon’s share of the contract value will be added to its Construction segment backlog in the third quarter of 2026.  During the development phase, Red River Biosolids Partners advanced design and cost elements of the project. The construction phase will now begin to deliver new biosolids facilities and modifications to the existing facilities. Upgraded facilities operations are expected to commence in the fourth quarter of 2030, with final construction completion anticipated in the second quarter of 2031.  "The Winnipeg North End Sewage Treatment Plant is undergoing one of the largest water infrastructure upgrades in North America and this contract reflects the trust our clients place in Aecon to play an integral role in multiple stages of complex projects – harnessing decades of diverse industrial and water infrastructure experience,” said Jean-Louis Servranckx, President and Chief Executive Officer, Aecon Group Inc.   “The completion of the development phase demonstrates the effective collaboration between Aecon, our partners and the City of Winnipeg to advance this critical project that will significantly enhance efficiency and expand the plant’s operating capacity to serve growing populations,” said Thomas Clochard, Executive Vice President and Chief Operating Officer, Aecon Group Inc. “We look forward to carrying the momentum from our work on the plant’s Headworks Facilities project to drive safety and execution excellence during the construction phase.”  The plant is Winnipeg’s largest and oldest wastewater treatment facility, responsible for treating 70% of the city’s wastewater and all biosolids. The upgrades will help meet environmental regulations, protect waterways, and expand water treatment capacity, while supporting employment and economic growth.  Water is a critical resource with significant requirements for ongoing investment, and Aecon is a leading delivery partner with expertise from over 300 water infrastructure projects. Aecon’s sector experience includes the ongoing Red-Seine-Rat Wastewater Treatment Facility in Manitoba, the Giant Mine Remediation project in Northwest Territories, and the Buffalo Pound Water Treatment Plant project in Saskatchewan. Aecon also completed the Regina Wastewater Treatment Plant in Saskatchewan, and the Annacis Island Wastewater Treatment Plant and Comox Valley Water Treatment Plant projects in British Columbia. Aecon’s portfolio of work in the United States through Bodell Construction, an Aecon Company, includes the ongoing Green River Wastewater Treatment Plant Replacement in Wyoming, recently awarded work at the Walnut Creek Wastewater Treatment Facility in Texas, and the Duchesne Valley Water Treatment Plant project delivered in Utah.  Further information about the project is available on the City of Winnipeg’s website.  About Aecon  Aecon Group Inc. (TSX: ARE) is a North American construction and infrastructure development company with global experience. 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, management, and operations and maintenance services through its Concessions segment. Join our online community on X, LinkedIn, Facebook, and Instagram @AeconGroupInc.  About Red River Biosolids Partners  Red River Biosolids Partners is a consortium comprised of Aecon, MWH Constructors Canada Ltd. (“MWH Constructors”), and Oscar Renda Contracting of Canada Inc., a subsidiary of Southland Holdings, Inc. (NYSE American: SLND and SLND WS) (“Oscar Renda Contracting”), in which each partner holds a 33.3% interest.  For further information:   Adam BorgattiSVP, Corporate Development and Investor Relations416-297-2600ir@aecon.com  Nicole CourtVice President, Corporate Affairs and Communications416-297-2600corpaffairs@aecon.com  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, including statements regarding: the expected scope, execution and delivery of the project; the anticipated timing of the various phases and completion of the project; the anticipated environmental, infrastructure, employment and economic benefits associated with the project; and the expected expansion of Aecon's role in delivering water infrastructure projects across North America. 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 risks associated with a third party's failure to perform; the risk of not being able to meet labour requirements at reasonable costs; the risk of supply chain disruptions, material shortages or cost escalation; the risk of changes in project scope, timing, commercial arrangements or regulatory requirements; the risk that the anticipated benefits of the project are not realized to the extent anticipated; the risk that construction does not commence or the project is not completed on the anticipated schedule; and the risk that Aecon is unable to realize the anticipated strategic benefits arising from its participation in the project. These forward-looking statements are based on a variety of factors and assumptions including, but not limited to, that: all required approvals and permits are maintained or obtained as required; consortium partners, the design services provider, the client and other project participants perform their obligations as anticipated; none of the risks identified above materialize; and there are no unforeseen changes to economic, market or regulatory 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 Aecon believes that such third-party sources are reliable sources of information, Aecon has not independently verified the information. Aecon 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.  Risk factors are discussed in greater detail in Section 13 - "Risk Factors" in Aecon's 2025 Management's Discussion and Analysis for the fiscal year ended December 31, 2025 and Aecon's Management's Discussion and Analysis for the fiscal quarter ended March 31, 2026, each filed on SEDAR+ (www.sedarplus.ca). 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.  
            

SLND

Aecon consortium awarded contract for the Winnipeg North End Sewage Treatment Plant Upgrade – Biosolids Facilities progressive design-build project

Aecon Winnipeg biosolids contract boosts backlog; SLND-linked exposure grows

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>-$815 million contract award follows completion of collaborative development phase- -$815 million co...</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Aecon Group&#039;s Red River Biosolids Partners secured an $815 million biosolids facilities upgrade for Winnipeg&#039;s NEWPCC, with Aecon&#039;s 33.3% share added to its backlog in Q3 2026. The project runs through 2031, with operations beginning around 2030. As Oscar Renda Contracting is a SLND subsidiary, SLND gains indirect backlog exposure, underscoring a meaningful, long-term revenue opportunity tied to a major North American water infra program.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Aecon-led Red River Biosolids Partners win an $815M Winnipeg project.</li><li>Aecon backlog to reflect the 33.3% share in Q3 2026.</li><li>Construction through 2031; operations start 4Q2029/2030; completion 2Q2031.</li><li>Oscar Renda Contracting (SLND) gains indirect backlog exposure via 33.3% stake; Stantec designs.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Aecon Group Inc. (ARE)</strong>: Led consortium; 33.3% stake; backlog impact expected in Q3 2026.</li><li><strong>Oscar Renda Contracting (SLND)</strong>: Subsidiary of Southland Holdings; 33.3% stake; direct backlog exposure via project.</li><li><strong>Southland Holdings, Inc. (SLND)</strong>: Parent of Oscar Renda; potential uplift from large infrastructure backlog.</li><li><strong>Stantec Inc. (STN)</strong>: Providing design services; project signals broader North American water infra demand.</li></ul>
  </section>

  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>Category: Corporate Developments. The award underscores strategic expansion in North American water infrastructure and adds long-term backlog visibility for the involved public companies, notably SLND via Oscar Renda.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Backlog addition of ~$271.5M to Aecon; indirect uplift to SLND.</li><li>Long, multi-year project timeline (2026–2031) provides extended earnings visibility.</li><li>Designer involvement by Stantec expands cross-border water infrastructure exposure.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>$815 million contract awarded for the NEWPCC biosolids upgrade.</li><li>Consortium members each hold 33.3% stakes: Aecon, MWH Constructors, Oscar Renda Contracting.</li><li>Aecon backlog to reflect the contract value in Q3 2026.</li><li>Construction runs through 2031; operations start in 2030.</li><li>Winnipeg plant treats 70% of the city&#039;s wastewater and all biosolids.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Over the next 12–18 months, SLND benefits from backlog exposure via its stake in the consortium.</p>
  </section>
</section>


<article>
  <header>
    <h2>Aecon-Led Red River Biosolids Partners Awarded $815 Million Winnipeg Biosolids Facility Upgrade</h2>
  </header>

  <section>
    <p>
      TORONTO, July 17, 2026 — Aecon Group Inc. (TSX: <strong>ARE</strong>) announced that Red River Biosolids Partners, an Aecon‑led consortium with MWH Constructors and Oscar Renda Contracting, in which each partner holds a <strong>33.3%</strong> interest, has completed the collaborative development phase and has been awarded an <strong>$815 million</strong> contract by the City of Winnipeg for the North End Water Pollution Control Centre (<em>NEWPCC</em>) Sewage Treatment Plant Upgrade – Biosolids Facilities progressive design-build project in Manitoba. Stantec is providing design services. Aecon’s share of the contract value will be added to its Construction segment backlog in the <strong>third quarter of 2026</strong>.
    </p>
  </section>

  <section aria-label="Project scope and timeline">
    <h3>Project scope and timeline</h3>
    <ul>
      <li>Red River Biosolids Partners advanced design and cost elements during the development phase; the construction phase will now begin to deliver new biosolids facilities and modifications to the existing facilities.</li>
      <li>Upgraded facilities operations are expected to commence in the <strong>fourth quarter of 2030</strong>, with final construction completion anticipated in the <strong>second quarter of 2031</strong>.</li>
      <li>The Winnipeg plant is the city’s largest and oldest wastewater treatment facility, responsible for treating <strong>70%</strong> of the city’s wastewater and all biosolids.</li>
      <li>The upgrades aim to meet environmental regulations, protect waterways, and expand water treatment capacity, while supporting employment and economic growth.</li>
      <li>Aecon brings extensive experience from more than <strong>300</strong> water infrastructure projects.</li>
      <li>Stantec is providing design services for the project.</li>
    </ul>
  </section>

  <section aria-label="Executive quotes">
    <h3>Executive perspectives on the Winnipeg upgrade</h3>
    <blockquote>
      <p>“The Winnipeg North End Sewage Treatment Plant is undergoing one of the largest water infrastructure upgrades in North America and this contract reflects the trust our clients place in Aecon to play an integral role in multiple stages of complex projects – harnessing decades of diverse industrial and water infrastructure experience,” said Jean‑Louis Servranckx, President and Chief Executive Officer, Aecon Group Inc.</p>
    </blockquote>
    <blockquote>
      <p>“The completion of the development phase demonstrates the effective collaboration between Aecon, our partners and the City of Winnipeg to advance this critical project that will significantly enhance efficiency and expand the plant’s operating capacity to serve growing populations,” said Thomas Clochard, Executive Vice President and Chief Operating Officer, Aecon Group Inc.</p>
    </blockquote>
    <blockquote>
      <p>“We look forward to carrying the momentum from our work on the plant’s Headworks Facilities project to drive safety and execution excellence during the construction phase.”</p>
    </blockquote>
  </section>

  <section aria-label="Plant significance and regional impact">
    <h3>Plant significance and regional impact</h3>
    <p>
      The North End Wastewater Treatment Plant is Winnipeg’s largest and oldest wastewater facility, responsible for treating <strong>70% </strong>of the city's wastewater and all biosolids. The upgrades are designed to meet environmental regulations, protect waterways, and expand water treatment capacity, while supporting local employment and broader economic growth.
    </p>
    <p>
      Water is a critical resource with significant requirements for ongoing investment, and Aecon is positioned as a leading delivery partner with experience from over <strong>300</strong> water infrastructure projects.
    </p>
  </section>

  <section aria-label="Aecon portfolio and related projects">
    <h3>Aecon’s broader water Infrastructure portfolio</h3>
    <ul>
      <li>Ongoing Red‑Seine‑Rat Wastewater Treatment Facility in Manitoba</li>
      <li>Giant Mine Remediation project in Northwest Territories</li>
      <li>Buffalo Pound Water Treatment Plant project in Saskatchewan</li>
      <li>Regina Wastewater Treatment Plant in Saskatchewan</li>
      <li>Annacis Island Wastewater Treatment Plant and Comox Valley Water Treatment Plant projects in British Columbia</li>
      <li>United States projects through Bodell Construction, an Aecon Company, including Green River Wastewater Treatment Plant Replacement in Wyoming</li>
      <li>Recently awarded work at the Walnut Creek Wastewater Treatment Facility in Texas</li>
      <li>Duchesne Valley Water Treatment Plant project delivered in Utah</li>
    </ul>
  </section>

  <section aria-label="About the parties and stock symbol">
    <h3>Parties to the consortium and stock information</h3>
    <p>
      <strong>Red River Biosolids Partners</strong> is a consortium comprised of Aecon, MWH Constructors Canada Ltd. (<em>“MWH Constructors”</em>), and Oscar Renda Contracting of Canada Inc., a subsidiary of Southland Holdings, Inc. (<strong>NYSE American: SLND</strong> and <strong>SLND WS</strong>) (<em>“Oscar Renda Contracting”</em>), in which each partner holds a 33.3% interest.
    </p>
    <p>
      For additional project details, Aecon’s Investor Relations team can be reached at the contact information below.
    </p>
  </section>

  <section aria-label="Company information and contacts">
    <h3>Contact information</h3>
    <p><strong>Adam Borgatti</strong>, SVP, Corporate Development and Investor Relations — 416-297-2600 — ir@aecon.com</p>
    <p><strong>Nicole Court</strong>, Vice President, Corporate Affairs and Communications — 416-297-2600 — corpaffairs@aecon.com</p>
  </section>

  <section aria-label="Forward-looking information and risk factors">
    <h3>Forward-looking information and risk considerations</h3>
    <p>
      The information in this press release includes certain forward-looking statements which may constitute forward-looking information under applicable securities laws. These 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, including statements regarding the expected scope, execution and delivery of the project; the anticipated timing of the various phases and completion of the project; the anticipated environmental, infrastructure, employment and economic benefits associated with the project; and the expected expansion of Aecon's role in delivering water infrastructure projects across North America.
    </p>
    <p>
      These statements are subject to risks and uncertainties, including labour, supply chain, regulatory changes, and other factors described in Aecon’s public filings. The company cautions readers that the foregoing list of risk factors is not exhaustive.
    </p>
  </section>
</article>

Aecon Group's Red River Biosolids Partners secured an $815 million biosolids facilities upgrade for Winnipeg's NEWPCC, with Aecon's 33.3% share added to its backlog in Q3 2026. The project runs through 2031, with operations beginning around 2030. As Oscar Renda Contracting is a SLND subsidiary, SLND gains indirect backlog exposure, underscoring a meaningful, long-term revenue opportunity tied to a major North American water infra program.

Aecon consortium awarded contract for the Winnipeg North End Sewage Treatment Plant Upgrade – Biosolids Facilities progressive design-build project

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Corporate Developments

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