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Ameresco Secures $262 Million Credit Facility Increase
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Rhea-AI Summary
Ameresco, Inc. (NYSE:AMRC) has announced an amendment and restatement to its senior secured credit facility, increasing the total amount to $495 million. This includes a $262 million increase focused on supporting growth objectives, such as a design-build agreement with Southern California Edison for a 537 MW battery energy storage system. The financing, facilitated by Bank of America, enhances Ameresco's financial capacity for cleantech projects and potential acquisitions.
Positive
Increased credit facility to $495 million enhances growth potential.
Secured financing for a 537 MW battery energy storage project with Southern California Edison.
Flexible capital source fostering diversification in cleantech solutions.
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Increase brings total credit facility size to $495 million, intended to fund future growth objectives
FRAMINGHAM, Mass.--(BUSINESS WIRE)--
Ameresco, Inc., (NYSE: AMRC), a leading energy efficiency and renewable energy company, today announced it has entered into an amendment and restatement to the company’s current senior secured credit facility with a group of lenders led by Bank of America. This amendment and restatement resulted in a $262 million increase, bringing Ameresco’s credit facility total to $495 million.
The financing was secured with Bank of America and included an increase in Ameresco’s revolver to $200 million, as well as an increase to the existing term loan to $75 million and a new 18-month Delayed-Draw Term Loan A of up to $220 million. Ameresco plans to use the facility to fund various near and long-term growth objectives, including support of Ameresco’s design-build agreement with Southern California Edison’s 537 megawatt (MW) large distribution battery energy storage systems (BESS) and longer-term goals such as growth of Ameresco’s energy asset portfolio, potential acquisition opportunities and general corporate purposes.
“This large-scale facility will provide a low cost and flexible source of capital as we continue to develop and diversify our portfolio of cleantech solutions and renewable energy projects,” said Doran Hole, EVP and Chief Financial Officer, Ameresco. “We are grateful that Bank of America has continued to share our vision for a more sustainable future through energy resiliency and efficiency solutions.”
“We welcomed the opportunity to again work with our long-time client, Ameresco, Inc., and to support the continued growth of the company. The increased financial capacity behind this amendment speaks to our shared commitment for a greener future,” said Michael Palmer, Bank of America Market Executive. “At Bank of America, we help our clients access financial resources to achieve success in making the world more sustainable.”
BOFA Securities, Inc., Fifth Third Securities, Inc. and KeyBanc Capital Markets, Inc., acted as joint lead arrangers and joint bookrunners, Webster Bank N.A. acted as Co-Documentation Agent, and Bank of America, N.A., is acting as Administrative Agent for the facility.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading independent provider of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for businesses and organizations throughout North America and Europe. Ameresco’s sustainability services include upgrades to a facility’s energy infrastructure and the development, construction and operation of renewable energy plants. 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.
Safe Harbor Statement
This press release contains forward-looking statements which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially, including statements related to use of the proceeds from the facilities as well as Ameresco’s growth plans. For a list and description of risks and uncertainties, please see Ameresco's reports and other filings with the U.S. Securities and Exchange Commission. Ameresco disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
