Fluor moves forward with next face of EPC services for Centinela facility Fluor Corporation announced that Centinela Solar Energy, LLC, a member of LS Power Group, has issued a notice-to-proceed for Phase 2 of the Centinela Solar Energy Facility, a new nominal 170-megawatt solar photovoltaic facility located in Southern California. Fluor received its initial notice-to-proceed from LS Power in September 2012 and began construction in December 2012. Phase 2 is the final phase to be released to Fluor under its lump-sum engineering, procurement and construction contract for the project. The company will book the undisclosed second phase value in the first quarter of 2013.
Fluor downgraded to Underperform from Buy at BofA/Merrill As previously reported, BofA/Merrill assumed coverage on Fluor with an Underperform rating from a Buy rating. The firm sees better value elsewhere in the sector and expects double-digit backlog decline and peak earnings in 2015. Price target is $51.