Ameresco and Southern California Edison Reach Agreement on Substantial Completion Milestone for Two Battery Energy Storage Projects
Ameresco (NYSE: AMRC) has reached an agreement with Southern California Edison (SCE) on the substantial completion of two out of three battery energy storage system projects. SCE will pay approximately $110 million within seven days for this milestone, which includes a set-off of disputed liquidated damages and additional work costs. Final acceptance payments will be made upon project completion. The third project is anticipated to achieve substantial completion in Q4 2024. This agreement marks a significant step in Ameresco's cleantech integration efforts, focusing on energy efficiency and renewable energy solutions.
Ameresco (NYSE: AMRC) ha raggiunto un accordo con Southern California Edison (SCE) sul completamento sostanziale di due su tre progetti di sistemi di stoccaggio di energia tramite batterie. SCE pagherà circa 110 milioni di dollari entro sette giorni per questo traguardo, che include una compensazione per danni liquidati contestati e costi aggiuntivi per il lavoro. I pagamenti di accettazione finale verranno effettuati al completamento del progetto. Si prevede che il terzo progetto raggiunga il completamento sostanziale nel Q4 2024. Questo accordo segna un passo significativo negli sforzi di integrazione cleantech di Ameresco, concentrandosi sull'efficienza energetica e sulle soluzioni di energia rinnovabile.
Ameresco (NYSE: AMRC) ha llegado a un acuerdo con Southern California Edison (SCE) sobre la finalización sustancial de dos de tres proyectos de sistemas de almacenamiento de energía en baterías. SCE pagará aproximadamente 110 millones de dólares dentro de siete días por este hito, el cual incluye una compensación por daños liquidados en disputa y costos adicionales de trabajo. Los pagos de aceptación final se realizarán al completar el proyecto. Se anticipa que el tercer proyecto logrará la finalización sustancial en el Q4 2024. Este acuerdo marca un paso significativo en los esfuerzos de integración de cleantech de Ameresco, enfocándose en la eficiencia energética y soluciones de energía renovable.
Ameresco (NYSE: AMRC)가 Southern California Edison (SCE)와 함께 배터리 에너지 저장 시스템 프로젝트 세 개 중 두 개의 실질적 완료에 관한 계약을 체결했습니다. SCE는 이 이정표에 대해 약 1억 1천만 달러를 7일 이내에 지급할 예정이며, 여기에는 논란이 있는 액체 손해 배상 및 추가 작업 비용의 상계가 포함됩니다. 최종 수용 금액은 프로젝트 완료 시 지급됩니다. 세 번째 프로젝트는 2024년 4분기에 실질적 완료를 달성할 것으로 예상됩니다. 이 계약은 에너지 효율성과 재생 에너지 솔루션에 중점을 두고 Ameresco의 클린테크 통합 노력이 중요한 단계를 마련했다는 것을 의미합니다.
Ameresco (NYSE: AMRC) a conclu un accord avec Southern California Edison (SCE) concernant l'achèvement substantiel de deux des trois projets de systèmes de stockage d'énergie par batterie. SCE paiera environ 110 millions de dollars dans les sept jours pour cette étape, ce qui inclut une compensation des dommages liquidés contestés et des coûts de travail supplémentaires. Les paiements d'acceptation finale seront effectués à l’achèvement du projet. Le troisième projet devrait atteindre un achèvement substantiel au Q4 2024. Cet accord marque une étape significative dans les efforts d'intégration de la technologie propre dAmeresco, axés sur l'efficacité énergétique et les solutions d'énergie renouvelable.
Ameresco (NYSE: AMRC) hat eine Vereinbarung mit Southern California Edison (SCE) über den wesentlichen Abschluss von zwei von drei Batterie-Energiespeichersystemprojekten erzielt. SCE wird innerhalb von sieben Tagen etwa 110 Millionen US-Dollar für diesen Meilenstein zahlen, der einen Ausgleich für umstrittene pauschale Schadensersatzansprüche und zusätzliche Arbeitskosten umfasst. Die endgültigen Abnahmezahlungen werden nach Abschluss des Projekts erfolgen. Das dritte Projekt wird voraussichtlich im Q4 2024 wesentliche Fertigstellung erreichen. Diese Vereinbarung stellt einen bedeutenden Schritt in den Integrationsbemühungen von Ameresco im Bereich Cleantech dar, mit dem Fokus auf Energieeffizienz und erneuerbare Energielösungen.
- Agreement reached on substantial completion of two battery energy storage projects
- SCE to pay approximately $110 million within seven days
- Third project expected to reach substantial completion in Q4 2024
- Liquidated damages are still in dispute
- Additional work costs incurred
Insights
This agreement marks a significant milestone for Ameresco, showcasing their ability to deliver large-scale energy storage projects. The
The completion of two out of three projects demonstrates Ameresco's execution capabilities in the rapidly growing battery storage market. With the third project expected to reach substantial completion in Q4 2024, there's potential for additional revenue recognition in the coming year. Investors should closely monitor the resolution of the disputed liquidated damages, as it could impact the final project margins.
This development underscores the growing importance of battery energy storage systems (BESS) in the utility sector. Southern California Edison's investment in these projects reflects the increasing need for grid stability and energy management solutions in regions prone to power supply challenges. The completion of these BESS projects will likely enhance SCE's ability to manage peak demand, integrate renewable energy sources and improve overall grid resilience.
For Ameresco, this achievement solidifies their position as a key player in the cleantech and energy storage market. The successful delivery of such large-scale projects could open doors to more opportunities in the utility-scale energy storage sector, which is projected to see significant growth in the coming years as more utilities invest in grid modernization and renewable energy integration.
To learn more about the energy efficiency and renewable energy solutions offered by Ameresco, visit www.ameresco.com.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE: AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes solutions that help customers reduce costs, decarbonize to net zero, and build energy resiliency while leveraging smart, connected technologies. From implementing energy efficiency and infrastructure upgrades to developing, constructing, and operating distributed energy resources – we are a trusted sustainability partner. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, utilities, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in
Forward Looking Statements
Any statements in this press release about the timing, completion and invoicing of the SCE projects and our expectations related to our agreement with SCE including the impact of delays and any requirement to pay liquidated damages, and other statements containing the words “projects,” “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward looking statements as a result of various important factors, including: demand for our energy efficiency and renewable energy solutions; the timing of, and ability to, enter into contracts for awarded projects on the terms proposed or at all; the timing of work we do on projects where we recognize revenue on a percentage of completion basis; the ability to perform under signed contracts without delay and in accordance with their terms and related liquidated and other damages we may be subject to; the fiscal health of the government and the risk of government shutdowns; our ability to complete and operate our projects on a profitable basis and as committed to our customers; our cash flows from operations and our ability to arrange financing to fund our operations and projects; our customers’ ability to finance their projects and credit risk from our customers; our ability to comply with covenants in our existing debt agreements; the impact of macroeconomic challenges, weather related events and climate change on our business; our reliance on third parties for our construction and installation work; availability and cost of labor and equipment particularly given global supply chain challenges and global trade conflicts; global supply chain challenges, component shortages and inflationary pressures; changes in federal, state and local government policies and programs related to energy efficiency and renewable energy; the ability of customers to cancel or defer contracts included in our backlog; the output and performance of our energy plants and energy projects; cybersecurity incidents and breaches; regulatory and other risks inherent to constructing and operating energy assets; the effects of our acquisitions and joint ventures; seasonality in construction and in demand for our products and services; a customer’s decision to delay our work on, or other risks involved with, a particular project; the addition of new customers or the loss of existing customers; market price of our Class A Common stock prevailing from time to time; the nature of other investment opportunities presented to our Company from time to time; risks related to our international operation and international growth strategy; and other factors discussed in our most recent Annual Report on Form 10-K and our quarterly reports on Form 10-Q. The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
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Media Relations
Leila Dillon, 508.661.2264, news@ameresco.com
Investor Relations
Eric Prouty, Advisiry Partners, 212.750.5800, eric.prouty@advisiry.com
Lynn Morgen, Advisiry Partners, 212.750.5800, lynn.morgen@advisiry.com
Source: Ameresco, Inc.
FAQ
What is the value of the payment Ameresco (AMRC) will receive from Southern California Edison?
When is the third Ameresco (AMRC) battery energy storage project expected to be completed?
Are there any ongoing disputes between Ameresco (AMRC) and Southern California Edison regarding the projects?
How many battery energy storage system projects are involved in the agreement between Ameresco (AMRC) and Southern California Edison?
