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Ameresco Inc (NYSE: AMRC) provides investors and stakeholders with timely updates on its energy efficiency initiatives and renewable energy projects through this dedicated news hub. Access press releases, financial disclosures, and operational developments from North America’s leading integrated clean technology provider.
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Ameresco announced its Kūpono Solar project in Hawaii received the SEAL Environmental Initiatives Award. The project, designed for the U.S. Navy, aims to power around 10,000 homes in O‘ahu and reduce over 50,000 tons of CO2. The initiative aligns with Hawaii's goal to achieve 100% renewable energy by 2045 and the Department of Defense's energy security strategy. Benefits include energy cost stabilization, job creation, local economic boosts, and reduced carbon emissions equivalent to removing 12,000 cars annually. Ameresco expressed pride in their contribution to environmental sustainability and community support.
Ameresco announced the commencement of a $33 million Energy Savings Performance Contract (ESPC) project at the U.S. National Archives and Records Administration (NARA) sites. This initiative aims to modernize infrastructure and enhance energy efficiency in College Park, MD, and Washington, DC. Expected outcomes include annual savings of $2 million, a 72% reduction in fossil fuel use, 48% reduction in utility water use, and 28% reduction in electricity. The project features upgrades such as building automation systems, heating and cooling optimizations, LED lighting, and more. Supported by a U.S. Department of Energy grant, Ameresco will also integrate solar PVs, a new chiller, and EV charging stations. This project aligns with Executive Order-14057, targeting net-zero emissions.
Ameresco has signed a $249 million contract and long-term service agreement with Atlantic Green for the construction of one of the UK’s largest battery energy storage projects.
The 300-megawatt project, utilizing Envision Energy's Battery Energy Storage System (BESS), will commence in the first half of 2024 and connect to the grid by the end of 2026. The project aims to enhance the UK's energy security and support its net-zero carbon emissions target by 2050.
Atlantic Green, a joint venture between Nofar Energy and Interland Group, aims to develop 2 GW of battery storage capacity in the UK. This project represents a significant milestone for both Ameresco and Atlantic Green in their sustainability efforts.
Ameresco (NYSE: AMRC) has been awarded a $21 million contract by the City of Henderson to upgrade over 30,000 streetlights to LED technology, including the replacement of several hundred poles. This initiative aims to enhance safety, energy efficiency, and community well-being. The project will improve outage monitoring, response times, and overall lighting quality, making streets safer for pedestrians, cyclists, and motorists. The initiative is part of Henderson's commitment to sustainable urban development. Ameresco has a decade-long partnership with Henderson, contributing to the city's infrastructure and quality of life improvements.
Ameresco, Inc. (NYSE:AMRC) reported solid financial results for the first quarter of 2024, showing growth in all business lines, a 45% increase in contracted backlog, and over 750 MWe in owned energy assets under development. The company reaffirmed its 2024 guidance, with revenues of $298.4 million, a net loss of $2.9 million, GAAP EPS of ($0.06), and adjusted EBITDA of $30.8 million. CEO George Sakellaris highlighted significant growth opportunities, record levels of project backlog, and the strategic focus on better win rates and improved margins in core markets. Ameresco's robust results support expectations for substantial growth in 2024, with multi-year visibility on profitable revenue growth. The company also reaffirmed its full-year 2024 guidance, expecting revenue and adjusted EBITDA growth of 20% and 38% respectively.
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