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Ameresco Announces Phase One Completion of Energy Conservation Project with Baltimore City Public Schools
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Rhea-AI Summary
Ameresco (NYSE: AMRC) has completed the first phase of a $3.5 million energy conservation project with Baltimore City Public Schools. This initiative focused on upgrading lighting in 15 school buildings, improving energy efficiency through LED installations and occupancy sensors. The project is expected to yield a $500,000 rebate and annual savings of over $400,000 in electricity costs. Construction commenced in November 2021 and concluded in May 2022. A second phase of upgrades is in discussion, marking Ameresco's first K-12 project in Maryland.
Positive
Completion of a $3.5 million energy conservation project with Baltimore City Public Schools.
Expected annual savings of over $400,000 in electricity costs.
Projected $500,000 rebate from BGE, the local utility.
First K-12 energy conservation project in Maryland, expanding Ameresco's market presence.
Negative
None.
Implemented facility upgrades will reduce utility and operational costs
FRAMINGHAM, Mass. & BALTIMORE--(BUSINESS WIRE)--
Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced the first phase completion of its $3.5 million energy conservation project with Baltimore City Public Schools (City Schools). As part of the project, Ameresco provided facility lighting upgrades and enhancements to improve the energy efficiency of 15 school buildings within City Schools.
The project consisted of replacing existing interior and exterior lighting with LED lighting. Compared to the existing lighting, LEDs are more energy efficient, need less maintenance, and provide good quality light for students and staff. Some of the lighting also included occupancy sensors so that the lights will turn off automatically when no one is present. The project is estimated to earn City Schools a $500,000 rebate from BGE, the local utility, and save over $400,000 annually in lower electricity costs. The 15 schools include elementary, middle, and high schools located throughout Baltimore City.
“Partnering with Ameresco on this project has provided the improvements we needed. Their support and expertise helped us navigate this important project smoothly and without disturbing student learning,” said Dr. Lynette Washington, Chief Operating Officer. “From the initial investment grade audit to the completion of this first phase of work, Ameresco has helped us generate energy savings and provide enhanced learning environments for our students.”
“With the completion of this project, we continue to expand our presence as a leading provider of energy-efficient solutions to educational institutions across the country. In fact, this project marks our first K-12 energy conservation project in Maryland, and we’re eager to continue our progress of implementing energy efficient and renewable solutions across the state and fostering a cleaner world for generations to come,” said Pete Christakis, Senior Vice President, Construction and Operations, Ameresco.
Construction began in November 2021 and reached completion by May 2022. A second phase of energy efficiency upgrades will be discussed between Ameresco and City Schools in the coming months.
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 energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and the United Kingdom. Ameresco’s sustainability services in support of clients’ pursuit of Net Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.
About Baltimore City Public Schools Serving nearly 78,000 students, Baltimore City Public Schools is committed to providing world-class education through the Blueprint for Success which addresses the critical areas of student wholeness, literacy, and staff leadership. The goal of City Schools is to create learning communities where our students will learn, grow, and graduate from our high schools, college, and career ready, and equipped to succeed wherever their life may take them.
The announcement of a customer’s completion of a project contract is not necessarily indicative of the timing or amount of revenue from such contract, of the company’s overall revenue for any particular period or of trends in the company’s overall total project backlog. This project was included in our previously reported contracted backlog as of March 31, 2022.
