Ultrasystems Inc., an Irvine engineering and construction company specializing in electrical power facilities, told securities analysts at a New York luncheon Wednesday that it has nine projects under development in its Power & Environmental Systems Group that will require an estimated $375 million in capital.
Most of the projects, which are in various stages of development, are located on the East Coast, including four coal-fired plants in the mid-Atlantic region, wood-fueled plants in Vermont and Mississippi and a waste-to-energy plant in Michigan.
James P. Kelly, president of the group developing the projects, said the company is considering several other prospects, including plants fueled with wood and natural gas. "We do not expect to close every one of these projects, but we do expect, realistically, to obtain financing for some $200 million during 1988 and at least that amount in 1989," Kelly said.
The announcement had little effect on Ultrasystems stock, which closed at $10.375 a share, down 62.5 cents for the day, in light trading Wednesday on the American Stock Exchange.