Ameresco and the City of Somersworth Break Ground on New Hampshire’s First Landfill Solar Project to be Placed on a Superfund Site

Rhea-AI Summary

Ameresco (NYSE: AMRC) and the City of Somersworth have broken ground on New Hampshire's first landfill solar project on a Superfund site. The 2,577 kW-DC / 1,992 kW-AC solar PV installation is expected to generate over 67 million kWh in 20 years, avoiding 2,461 metric tons of CO2 annually. The project will repurpose City-owned land for renewable energy generation, with energy sold to Somersworth under the state's group net metering program. The city will receive lease payments and a Payment in Lieu of Taxes (PILOT). Construction is set to begin in mid to late August, following approvals from the U.S. EPA and NH DES.

Positive

• Ameresco secures a new solar project contract with the City of Somersworth
• Project expected to generate over 67 million kWh in 20 years
• Ameresco to receive revenue from energy sales to the City of Somersworth
• Project demonstrates Ameresco's expertise in repurposing landfills for renewable energy

Negative

• None.

Insights

Financial Analyst

This groundbreaking solar project in Somersworth represents a positive development for Ameresco (NYSE: AMRC). The 2,577 kW-DC capacity installation is expected to generate over 67 million kWh in 20 years, showcasing Ameresco's expertise in renewable energy solutions. While the financial terms aren't disclosed, the project's long-term nature suggests a stable revenue stream for the company. The use of a Superfund site for solar installation demonstrates Ameresco's ability to innovate and repurpose challenging locations, potentially opening up new market opportunities. However, investors should note that the impact on Ameresco's overall financials may be given the company's 1.82 billion revenue in 2022. The project's success could lead to similar partnerships, boosting Ameresco's reputation in the competitive cleantech sector.

Environmental Policy Expert

This project marks a significant milestone as New Hampshire's first landfill solar project on a Superfund site. It exemplifies a growing trend of repurposing contaminated lands for renewable energy generation, aligning with the EPA's RE-Powering America's Land Initiative. The project's environmental benefits are substantial, with an estimated 2,461 metric tons of CO2 avoided annually. This approach not only addresses climate change but also provides a productive use for otherwise unusable land. The collaboration between Ameresco, the City of Somersworth and regulatory bodies like the EPA and NH DES demonstrates the potential for public-private partnerships in advancing sustainable energy solutions. This model could inspire similar projects across the country, particularly in areas with land resources for renewable energy development.

Energy Market Analyst

The Somersworth project highlights the growing adoption of group net metering programs in the renewable energy sector. This arrangement allows the City to benefit from clean energy without upfront capital investment, while Ameresco secures a long-term energy offtake agreement. The project's 20-year lifespan ensures a steady revenue stream for Ameresco and predictable energy costs for Somersworth. However, investors should consider the potential impact of future changes in net metering policies on project economics. The inclusion of lease payments and a Payment in Lieu of Taxes (PILOT) to the City demonstrates a comprehensive approach to community benefits, which could enhance Ameresco's competitive position in future municipal partnerships. As the renewable energy market continues to evolve, such innovative project structures may become increasingly important for cleantech integrators like Ameresco.

New Solar PV Installation designed to Generate Over 67 Million kWh in 20 Years and Enhance Energy Sustainability in Somersworth

FRAMINGHAM, Mass. & SOMERSWORTH, N.H.--(BUSINESS WIRE)-- Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, and the City of Somersworth, today celebrated the groundbreaking of a major solar photovoltaic (PV) installation at the Somersworth Landfill. With attendance from the U.S. Environmental Protection Agency (EPA), the landmark event marked the commencement of the project, which will significantly boost the community’s sustainability efforts and repurpose City-owned land for renewable energy generation.

The ceremonial event marking the beginning of construction was held at the location of the old Somersworth Sanitary Landfill. Pictured from left to right: City of Somersworth Mayor Matt Gerding, Congressman Chris Pappas, and Ameresco's Senior Project Development Manager Ryan Fahey. (Photo: Business Wire)

The solar PV project, with a capacity of 2,577 kW-DC / 1,992 kW-AC, is expected to generate 3,523,443 kWh in its first year, equating to over 67 million kWh over the next 20 years. This production is estimated to avoid 2,461 metric tons of CO2 annually, which is the equivalent to the annual electricity use of 486 homes, removing 586 gas-powered cars from the road, or the carbon sequestered by 2,874 acres of U.S. forests in one year.

“This Solar project is an important step towards increasing sustainability efforts in our Somersworth Community and aligns with other similar efforts in our Region and in our State,” said Mayor Matt Gerding of the City of Somersworth. “It is important that we collectively welcome green energy as another element of our collective energy portfolio. On behalf of the City of Somersworth, I want to express our excitement for this long-awaited groundbreaking as it repurposes City-owned land that otherwise had very limited use. I want to express my appreciation and sincere thanks for all the hard work, effort, and collaboration put forth by our City Council and City staff with Ameresco in reaching this public-private partnership that resulted in bringing this important Solar project to fruition. I also want to acknowledge the assistance of our regulatory partners, staff from the US EPA and NH DES, in their steadfast participation and support in moving this project to reality.”

Mayor Matt Gerding continued: “This is another example of Somersworth’s drive to continue its efforts to stand alongside our sister Communities in striving to improve upon our collective movement towards a greener, cleaner future.”

The energy produced by this project will be sold to the City of Somersworth under the state’s group net metering program. The project will pay the City a lease and a Payment in Lieu of Taxes (PILOT). The project has already received the necessary permits and approvals from the U.S. Environmental Protection Agency and the New Hampshire Department of Environmental Services (NH DES), with construction expected to begin mid to late August.

Jon Mancini, Senior Vice President of Ameresco, added: “We’re proud to partner with the City of Somersworth on this innovative landfill solar project. This initiative demonstrates the potential of repurposing land for renewable energy and enhancing landfills to become more sustainable. We’re excited to begin construction and contribute to the city’s bright clean energy future.”

The onsite groundbreaking event was attended by Congressman Chris Pappas, Mayor Matt Gerding, representatives from the EPA, NH DES, City of Somersworth officials, and Ameresco executives, who all gathered to commemorate this significant step towards a more sustainable future for the city.

For additional information on Ameresco and its energy solutions, 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 Framingham, MA, Ameresco has more than 1,500 employees providing local expertise in North America and Europe. For more information, visit www.ameresco.com.

About The City of Somersworth
The City of Somersworth is located in Strafford County, New Hampshire. The population was 11,855 at the 2020 census. Somersworth has the smallest area, 10 square miles and third-lowest population of New Hampshire's 13 cities. Somersworth is known for its welcoming environment and Hilltopper pride.

The announcement of our entry into a solar energy asset arrangement is not necessarily indicative of the timing or amount of revenue from such arrangement, of the company’s overall revenue for any particular period or of trends in the company’s overall total assets in development or operation. This project was included in our previously reported assets in development as of June 30, 2024.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240812336815/en/

Ameresco: Leila Dillon, 508-661-2264, news@ameresco.com

Source: Ameresco, Inc.

FAQ

What is the capacity of Ameresco's new solar project in Somersworth, NH?

The solar PV project in Somersworth, NH has a capacity of 2,577 kW-DC / 1,992 kW-AC.

How much energy is Ameresco's Somersworth solar project expected to generate in its first year?

The Somersworth solar project is expected to generate 3,523,443 kWh in its first year of operation.

What environmental impact will Ameresco's Somersworth solar project have?

The project is estimated to avoid 2,461 metric tons of CO2 annually, equivalent to the electricity use of 486 homes or removing 586 gas-powered cars from the road.

When is construction expected to begin on Ameresco's Somersworth solar project?

Construction on the Somersworth solar project is expected to begin in mid to late August 2024.