Ameresco Inc Stock Price, News & Analysis

Ameresco, a cleantech integrator, reported Q3 2021 revenues of $273.7 million and net income of $17.4 million with GAAP EPS of $0.33. Despite a 10% decline in project revenue due to supply chain issues and COVID-19 delays, the company experienced a 29% increase in Energy Asset revenue. The awarded backlog grew by 31% year-over-year, reaching $2.364 billion. Ameresco announced a historic contract for a 537.5 MW battery storage system, enhancing growth prospects. FY 2021 guidance is raised, with expected revenues of $1.19 billion to $1.24 billion.

Ameresco, Inc. (NYSE: AMRC) announced the completion of a solar PV installation at the Bank of America campus in Chandler, AZ, featuring nearly 10,000 solar modules. This project is set to offset approximately 60% of the campus' annual electricity demand, reducing nearly 5,000 metric tons of CO2 emissions annually. Construction began in November 2020 and concluded in August 2021. The initiative aligns with Bank of America's commitment to carbon neutrality and aims for net-zero emissions by 2050, providing sustainable energy solutions while enhancing employee amenities.

Ameresco, Inc. (NYSE: AMRC) has secured a contract with Southern California Edison to design and construct three grid-scale battery energy storage systems in California, addressing the increasing reliability challenges posed by extreme weather. The systems, amounting to 537.5 MW capacity with a total of 2,150 MWh, are expected to enhance grid resilience and contribute towards California's clean energy goals. The project is targeted for commercial operation by August 2022.

Ameresco Inc. (NYSE: AMRC) has partnered with Trent University to enhance energy efficiency through a new Battery Energy Storage System (BESS). This initiative aims to reduce Trent's carbon footprint and bolster the provincial energy grid. The BESS will store low-cost, low-carbon energy for use during peak demand, potentially saving over $1 million annually in Global Adjustment fees. The project also includes upgrading Trent's electrical infrastructure and installing photovoltaic systems for further sustainability.

Ameresco, Inc. (NYSE:AMRC) will announce its third quarter 2021 financial results on November 1, 2021, after market close. The earnings press release will be accessible in the Investor Relations section of the Company’s website. Following the release, a conference call will be held at 4:30 p.m. ET, with access details provided for participants. An archived webcast will also be available for one year post-call. Founded in 2000, Ameresco specializes in clean technology and renewable energy solutions across North America and the UK.

Ameresco, Inc. (NYSE: AMRC) announced a $43 million Energy Savings Performance Contract (ESPC) with the United States Coast Guard for its Training Center in Petaluma, California. This will be the USCG’s first Battery Energy Storage System project and the Department of Homeland Security’s largest solar initiative. The microgrid aims to enhance energy resilience and efficiency, integrating a 5 MW solar array and an 11.6 MWh BESS. Project completion is expected by Fall 2023, with anticipated first-year cost savings exceeding $1.2 million and a reduction in electricity and propane consumption.

Prudential Private Capital has announced a significant financing package for Ameresco PV Holdings X LLC, totaling $40.7 million in senior secured fixed rate notes, $4.1 million in second lien floating rate notes, and a $60.0 million undrawn Pru-Shelf facility. This funding aims to support Ameresco's expansion and diversification of its solar project portfolio across the U.S. Prudential's investment reflects confidence in Ameresco's mission of delivering energy-efficient and renewable solutions.

Ameresco, Inc. (NYSE:AMRC) has partnered with Wells County, Indiana for a comprehensive renovation of its jail facility, expected to reduce operational costs by $560,000 annually. The project follows a detailed audit identifying critical upgrades to mechanical, electrical, and plumbing systems, including HVAC replacements and LED lighting retrofits. Construction is set to begin in October 2021 and conclude by October 2022. Improvements aim to enhance safety for both inmates and staff, particularly in addressing Covid-19 related concerns.

Ameresco, Inc. (NYSE:AMRC) announced that its Senior Vice President and CFO, Doran Hole, will participate in a panel on "Energy Efficiency Implications as IoT Brings the Cloud Back to Edge" at the Stifel ESG and Impact Summit. This event is scheduled for October 4, 2021, at 12:00pm ET. Ameresco, a leader in cleantech and renewable energy, focuses on energy efficiency and sustainability solutions across North America and the UK, supporting clients in their Net Zero goals through various energy infrastructure upgrades and renewable projects.