Ameresco Secures Up to $30M Construction Loan Facility with Fifth Third Bank
Ameresco, Inc. (NYSE: AMRC) has secured a $30 million construction loan facility from Fifth Third Bank to finance its solar projects. The non-recourse facility allows for loan proceeds to be drawn for ongoing solar projects until permanent financing or project sale upon commercial operation. CFO Doran Hole emphasized the flexibility and support this funding provides amidst market challenges. The partnership highlights the continued growth in the solar market and Fifth Third's commitment to renewable energy financing.
- Secured a $30 million construction loan facility to finance solar projects.
- Non-recourse facility provides flexible capital for solar projects.
- Indicates strong market confidence from Fifth Third Bank in renewables.
- The announcement does not guarantee future availability of borrowings under the facility.
FRAMINGHAM, Mass.--(BUSINESS WIRE)--Ameresco, Inc., (NYSE: AMRC), a leading energy efficiency and renewable energy company, today announced it has closed a construction loan facility for up to
The financing was secured through a construction loan facility from Fifth Third Bank, National Association. This non-recourse facility allows Ameresco to draw loan proceeds for solar projects in construction as a bridge to their permanent financing or sale upon commercial operation.
“This innovative facility represents a flexible source of construction capital for our solar assets,” said Doran Hole, chief financial officer of Ameresco. “Fifth Third has demonstrated its continued confidence in renewables and Ameresco’s ability to move projects forward despite challenging times.”
“This financing highlights the continued growth of the solar market, and Fifth Third’s commitment to the renewable energy industry,” said Eric Cohen, group head of Renewable Energy Finance at Fifth Third Bank, N.A. “As a financer in the industry since 2012, Fifth Third is proud to help clients across the country access capital and achieve their objectives.”
To learn more about the solar energy solutions Ameresco offers, visit www.ameresco.com/solution-solar-power/.
About Ameresco, Inc.
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.
The announcement of the entry into a construction loan facility is not necessarily indicative of future availability of borrowings under such facility or of trends in the company’s overall access to financing. This facility was reflected in the company’s financial statements as of and for the period ended September 30, 2020.
