$680 million for Shaw

today announced that it has been awarded an engineering, procurement and construction (EPC) contract by Cleco Corporation's subsidiary,

, to build a new 600 MW electricity generating plant.

The new plant will incorporate circulating fluidised bed (CFB) technology in two 300 MW units supplying steam to a single steam turbine generator. The new facility will be located at Cleco's Rodemacher Power Station near Boyce, Louisiana and is scheduled to be completed by mid-2009 with a total cost of approximately $1 billion.

Shaw's EPC contract, which does not include owner-supplied components and financing costs of the project, is valued at approximately $680 million.

J.M. Bernhard, Jr., Chairman and Chief Executive Officer of Shaw, said, "This new clean-energy technology plant which will be capable of using petroleum coke, coal and other fuels to generate power in an environmentally sound and cost-effective process.”

Mr. Bernhard continued, "Using CFB technology, Cleco's new plant will be one of the cleanest of its type in the world and will provide economical energy solutions to all of Cleco's customers. Shaw's ability to engineer clean and efficient electricity generation using multiple solid fuels provides a workable solution as an alternative to the higher cost fuels and allows our clients to meet their business objectives effectively."