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Ameresco, Inc. (NYSE: AMRC) is a pioneering, comprehensive energy efficiency and renewable energy company. With headquarters in Framingham, Massachusetts, Ameresco operates across North America and Europe. Founded in 2000, Ameresco offers a wide array of solutions aimed at reducing costs, enhancing energy security, and shifting towards clean, renewable sources of power. The company is known for its energy audits, innovative engineering, and large-scale solar farms. Its projects span governmental, educational, utility, healthcare, and other institutional, commercial, and industrial entities.
Ameresco's core operations involve developing and managing energy efficiency solutions, utility-scale solar farms, and deep energy retrofits. The company's extensive portfolio includes solar energy products and systems such as PV panels, solar regulators, inverters, and solar-powered lighting systems. These projects not only help in reducing emissions but also contribute to significant cost savings and energy resiliency.
Recent achievements highlight Ameresco's commitment to sustainability. The company was awarded a $47 million cleantech project in partnership with Memphis Light, Gas, and Water, recognized for its innovative, cost-effective, and sustainable design. Another notable project is the energy-efficient solar arrays installation, projected to generate 230 KW in collaboration with Wakefield Municipal Gas & Light Department.
Ameresco's financial performance remains robust with a reported revenue of $298.4 million for Q1 2024. The company maintains a strong project backlog exceeding $4 billion and operates over 750 MWe of energy assets. Ameresco continues to secure new projects such as the $33 million Energy Savings Performance Contract with the U.S. National Archives and Records Administration and the 300 MW battery energy storage project in the UK.
To learn more about the innovative projects and sustainable solutions offered by Ameresco, visit their website.
Ameresco (NYSE:AMRC) reported strong Q2 2024 financial results, with total revenue increasing 33.9% to $438.0 million, led by a 44.5% growth in Projects revenue. The company achieved net income of $5.0 million and Adjusted EBITDA of $45.1 million, up 20.7% year-over-year. Ameresco's total Project Backlog reached a record $4.4 billion, up 36% from the previous year. The company placed a record 155 MWe of energy assets into operation during the quarter. However, results were impacted by $6.6 million in cost budget revisions on Southern California Edison projects. Ameresco adjusted its full-year 2024 guidance, increasing the revenue range and adjusting gross margin expectations to reflect the SCE project impact.
Ameresco (NYSE: AMRC) and United Power have completed construction of Colorado's largest distributed Battery Energy Storage System (BESS). The project includes eight advanced battery arrays providing 78.3 MW, 313.34 MWh of storage capacity across multiple sites in Adams, Broomfield, and Weld counties. This marks Ameresco's largest wholly owned BESS asset portfolio to date.
The system aims to enhance grid resilience, optimize renewable energy integration, and improve load balancing. Five sites are already operational, with the remaining three expected to be in service by summer's end. Ameresco has integrated Stem's AI-driven software for efficient operation and maintenance.
United Power's CEO, Mark A. Gabriel, emphasized the importance of these systems in creating a resilient and responsive power grid. The project represents a significant step towards a more sustainable and efficient energy future for Colorado's northern Front Range.
Ameresco (NYSE:AMRC) and United Power are celebrating the launch of a transformational Battery Energy Storage System (BESS) across Colorado's northern Front Range. The project, totaling 78.3 MW and 313.34 MWh, will enhance grid resilience and optimize energy resources for United Power's members.
A ribbon-cutting ceremony is scheduled for Monday, July 29, 2024, at 10:00 AM MDT. The BESS is spread across eight different substation sites, marking a significant advancement in utility infrastructure and energy security. Key executives, including Mark A. Gabriel from United Power and Jonathan Mancini from Ameresco, will be present for interviews.
This initiative represents a major step towards a more sustainable future for the region, showcasing the shift in the utility industry towards innovative energy solutions.
Ameresco Sunel Energy SA has begun construction on Lightsource bp's 560 MWp ENIPEAS solar project in Greece, one of Europe's largest solar sites. The project, located in Larissa and Fthiotida regions, consists of two clusters: Skopia (400 MWp) and Kalithea (160 MWp). It will install nearly 970,000 photovoltaic modules, generating 0.90 TWh of electricity annually, powering 225,000 households, and reducing CO2 emissions by 379 kt per year.
The project is expected to complete within 18 to 24 months and will significantly contribute to Greece's sustainable energy goals and economic resilience. Ameresco Sunel Energy SA, a joint venture between Ameresco, Inc. (NYSE: AMRC) and Sunel Group, is committed to supporting local communities through employment and services.
Ameresco (NYSE:AMRC) and United Power are celebrating the launch of a transformational Battery Energy Storage System (BESS) across Colorado's northern Front Range. The project, totaling 78.3 MW and 313.34 MWh, spans eight substation sites and aims to enhance grid resilience and optimize energy resources for United Power's members.
A ribbon-cutting ceremony is scheduled for July 29, 2024, at 10:00 AM MDT, highlighting this significant advancement in utility infrastructure. The event will feature key executives from both companies and provide media opportunities for interviews and B-roll footage. This initiative marks a important step towards a more sustainable future for the region's energy landscape.
Ameresco (NYSE: AMRC), a cleantech integrator, has announced a significant contract with Snohomish County Public Utility District (PUD) to build a 25-megawatt (MW) battery energy storage system (BESS) in Washington State. This project, the largest standalone battery installation in the Pacific Northwest, aims to enhance electrical system reliability and reduce energy price volatility. The 20-year capacity agreement guarantees 100 megawatt-hours (MWh) of energy storage, with a 25-year tolling agreement making Ameresco the asset owner and Snohomish PUD the exclusive customer. Construction is slated to begin in late 2024 and be operational by late 2025.
Ameresco (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, will release its second quarter 2024 financial results on August 5, 2024, after market close.
The earnings report will be accessible via the Investor Relations section of Ameresco's website.
An earnings conference call is scheduled for 4:30 p.m. EDT the same day, accompanied by supplemental financial information on a Current Report on Form 8-K.
Interested participants can pre-register for the call or listen to the live webcast available on the company's website.
An archived version of the webcast will be available for one year.
Ameresco (NYSE: AMRC), a leader in energy efficiency and renewable energy, has secured a $100M second lien debt financing from Nuveen Energy Infrastructure Credit. This move aims to bolster their balance sheet and support growth initiatives. The financing is structured with attractive, flexible terms and a competitive interest rate, helping Ameresco invest in new assets and acquisitions. The funds will pay off the remaining balance of the Delayed Draw Term Loan A and reduce the outstanding balance on the company's senior secured revolving credit facility. This financing is leverage-neutral for the quarter ending June 30, 2024. Oppenheimer & Co acted as the Lead Arranger for this transaction, which has been formalized through the 6th Amendment to Ameresco's Senior Secured Credit Facility and filed with the SEC on July 1, 2024.
Ameresco announced the completion of an advanced renewable energy system at Fort Detrick, Maryland, in partnership with the U.S. Army. This system includes a 6 MW/6 MWh battery energy storage system (BESS) integrated with an existing 18.6 MW solar energy facility. This integration enhances energy security, sustainability, and resiliency at the base while providing frequency regulation services to the local grid. The project signifies Ameresco's commitment to innovative energy solutions and aligns with the Army's goal of a sustainable and resilient energy future.
Ameresco announced the commercial operations of Kūpono Solar, a 42 MW solar and 42 MW battery storage facility at Joint Base Pearl Harbor-Hickam. This project will power 10,000 homes on O‘ahu with clean energy, reducing CO2 emissions by 50,000 tons annually. The dedication ceremony, attended by key stakeholders, underlined the project's role in stabilizing energy costs and contributing to Hawaii's 100% clean energy goal by 2045. The facility utilizes 131 acres of Navy land under a long-term lease, highlighting strong partnerships with the Navy and Hawaiian Electric.
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