Ameresco, Inc. - AMRC STOCK NEWS

Ameresco (NYSE: AMRC) announced the SOLSTICE microgrid project in partnership with the City of Edmundston and Edmundston Energy. The project, valued at $8 million, will be the largest rooftop solar installation in the Atlantic region, featuring a 1 MW solar capacity combined with a 2 MWh battery energy storage system.

The installation will be located on the Jean-Daigle Centre and Sports Pavilion roofs, designed to offset approximately 360 metric tons of CO₂ annually. The system will provide backup power to essential community facilities and is scheduled to become operational in summer 2025. The project supports Edmundston's 2024-2028 Environmental Action Plan and creates local jobs while building renewable energy expertise within the community.

ComEd and Ameresco have inaugurated their 160th community solar project in northern Illinois, located at a former landfill in Belvidere. The project features two solar arrays spanning 34 acres with over 9,600 solar modules, generating 3.5 megawatts (MW) of power. Boone County is subscribing to 36% of the generated energy for its public facilities, while various commercial customers make up the remaining subscribers.

The project allows subscribers to earn credits on their electric bills and potentially reduce electricity costs by up to 10% annually. As part of Illinois' Climate and Equitable Jobs Act (CEJA), the project supports the state's goal of reaching 40% renewable energy by 2030 and 50% by 2040. The installation is particularly significant as Belvidere is an Equity Investment Eligible Community (EIEC), promoting workforce inclusion from equity eligible individuals.

Ameresco (NYSE: AMRC) and Republic Services (NYSE: RSG) announced the start of commercial operations at their joint venture landfill gas (LFG) to renewable natural gas (RNG) plant at Republic Services' Roxana Landfill in Edwardsville, Illinois. The facility, one of North America's largest, processes 6,000 SCFM of raw landfill gas and is expected to produce 1.4M Dekatherms annually.

The project will reduce CO2 emissions by over 82,000 metric tons yearly, equivalent to removing 5,000 passenger vehicles or the energy consumption of 2,500 homes. The RNG will be injected into Energy Transfer's natural gas pipeline, supporting Illinois' goal of achieving 40% renewable energy by 2030 and 100% clean energy by 2050.

Ameresco (NYSE: AMRC) announced a collaboration with UCI Health to install two solar photovoltaic arrays for the nation's first all-electric, zero-emission hospital campus. The project includes 1.4 MW capacity solar arrays expected to generate over 2.3 million kWh of clean energy in the first year, equivalent to powering 200 homes. Ameresco will handle design, engineering, financing, construction, and maintenance under a 25-year power purchase agreement (PPA). The medical campus, featuring a 144-bed acute care hospital, is set to open in 2025 and aims to achieve carbon neutrality with 100% clean energy.

Ameresco has reported its Q3 2024 financial results, showing a 49% increase in total revenue to $500.9 million. This growth was driven by a 59% rise in project revenue. The company's total project backlog increased by 22% year-over-year (Y/Y) to $4.5 billion, with a 56% rise in contracted backlog to $1.9 billion. Ameresco placed a record 209 MWe of energy assets into operation year-to-date, surpassing their full-year guidance. New contracts contributed to a $180 million Y/Y increase in the O&M backlog. The company reaffirmed its 2024 guidance.

Q3 financial highlights include net income of $17.6 million, GAAP EPS of $0.33, Non-GAAP EPS of $0.32, and adjusted EBITDA of $62.2 million. The company ended the quarter with $113.5 million in cash and a corporate debt of $272.5 million.

CEO George Sakellaris highlighted strong demand across all business lines and robust new business activity. The company also announced promotions of key leaders to support continued growth.

Ameresco (NYSE: AMRC) released its inaugural Empowered Futures: 2024 Clean Energy Career Report, revealing that 88% of Millennials and Gen Z prioritize values-driven work in their careers. The study found that while 74% of young workers believe developing clean energy skills would not be difficult, over 50% mistakenly think engineering or science degrees are required for the sector. Despite misconceptions, more than 80% view clean energy as a good career path. The report highlights that clean energy jobs are growing at twice the rate of overall U.S. employment, with salaries averaging 25% higher than the national median.

Ameresco (NYSE: AMRC) announced a partnership with Roseburg Urban Sanitary Authority (RUSA) to implement renewable energy solutions across their facilities. RUSA secured $2.9 million in grants from Oregon's Community Renewable Energy Grant Program for three major solar projects: an 800kW solar PV system at their wastewater treatment plant, a 50kW solar array with battery storage at administrative offices, and a 400kW floating solar system at their Natural Treatment System. These installations will offset 44%, 100%, and 64% of energy usage at respective facilities. The project includes comprehensive energy-saving measures, battery storage systems, and community education initiatives.

Bristol City Leap (BCL), a joint venture between Bristol City Council, Ameresco, and Vattenfall Heat UK, has won the 2024 Award of Distinction for Public-Private Collaboration in Cities. The 20-year initiative aims to achieve city-scale decarbonization through £1 billion in investments, with £424 million committed by 2027.

The project includes £18 million for EV charging, £2.5 million for council buildings efficiency, solar PV and heat pump installations in schools, £57 million for social housing improvements, and an £83 million renewable energy program. These initiatives are expected to reduce carbon emissions by 140,000 tonnes and install 182 MW of renewable energy over five years.

The project will generate £61.5 million in social value, create over 1,000 local jobs, and establish a £1.5 million Community Energy Fund to address fuel poverty.

Ameresco, Inc. (NYSE: AMRC) has been awarded a £3.5 million contract to implement an innovative thin film photovoltaic (PV) solution at London Stadium. The project, part of a £4.35m climate action investment, will cover 6,500 square meters and generate approximately 0.85 million kWh of clean energy annually.

The installation faces unique challenges due to the stadium's membrane roof, requiring ultra-thin solar panels with SolarEdge optimizers and inverters. This solution will maximize energy generation while integrating with architectural constraints. The contract includes 25 years of operations and maintenance services.

London Stadium, home to West Ham United FC and UK Athletics, aims to become one of the world's most sustainable live event venues. The project will significantly reduce the stadium's carbon footprint and energy costs, powering concerts and events with on-site generated energy.