Ameresco Inc Stock Price, News & Analysis

Ameresco, Inc. (NYSE: AMRC) has completed a 5.3 MW-dc solar energy system at San Joaquin County’s Foothill Landfill, marking its second renewable energy project with the County. This project, funded through a power purchase agreement, features 13,770 solar modules and will generate approximately 10,473,000 kWh of electricity in its first year, reducing CO₂ emissions by 7,405 tons. The County will receive a $500,000 upfront lease payment, enhancing financial sustainability and promoting local renewable energy development.

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.

Ameresco (NYSE: AMRC) announced the completion of a citywide energy efficiency project for Virginia, Minnesota, financed by a $2.5 million Energy Savings Performance Contract. The project, initiated in January 2020 and completed in September 2020, aims to reduce the city's energy consumption by approximately 21%, equivalent to 819 metric tons of CO₂ per year. Improvements included upgrades to LED lighting, HVAC systems, and building automation across 12 city buildings. Mayor Larry Cuffe emphasized the project's dual benefits of sustainability and cost savings, enhancing municipal budgets for community investments.

Ameresco, a leader in energy efficiency and renewable energy, has announced participation in two upcoming investor conferences. On November 12, 2020, CFO Doran Hole will present at Baird’s 2020 Global Industrial Conference at 4:20 PM ET, followed by virtual investor meetings. On November 17, 2020, CEO George Sakellaris and CFO Doran Hole will engage in one-on-one meetings at the 11th Annual Craig-Hallum Alpha Select Conference. Ameresco is known for its sustainability services and has a significant presence in North America and Europe.

Ameresco, Inc. (NYSE:AMRC) reported strong Q3 2020 results, with revenues rising 33% to $282.5 million, driven by robust performance in its Federal Solutions Group. Net income surged 126% to $20 million, and adjusted EBITDA increased 54% to $36.8 million. The company raised its full-year revenue guidance to $960 million-$1 billion and non-GAAP EPS to $0.94-$1.00. With a total project backlog of $2.2 billion, Ameresco remains well-positioned amidst COVID-19 challenges, focusing on innovative energy solutions.

Ameresco, Inc. (NYSE:AMRC) announced a $4 million contract with the City of Medford to enhance energy efficiency by converting approximately 8,000 street and park lights to LED technology. This project, financed through a low-interest loan, is expected to save taxpayers on energy costs and reduce carbon emissions. The upgrades will utilize an Energy Savings Performance Contract (ESPC), allowing funding through energy savings over the contract term. Completion is anticipated in 2021, marking a significant step in Medford's energy efficiency initiatives.

Ameresco, Inc. (NYSE:AMRC) has partnered with Grants Pass School District 7 to implement an Energy Savings Performance Contract (ESPC) for upgrades at thirteen school locations. This move follows the district's unsuccessful attempts at securing voter-approved bonds. Utilizing low-interest financing, the upgrades will include improvements to lighting, HVAC, and building envelopes, funded through energy savings and utility incentives. Ameresco's Executive VP, Lou Maltezos, emphasized their commitment to enhancing infrastructure while ensuring student safety.

Ameresco, Inc. (NYSE:AMRC) announced it will release its third quarter 2020 financial results post-market on November 2, 2020. The earnings press release will be accessible in the Company's Investor Relations section. An earnings conference call will follow at 4:30 p.m. ET on the same day. Participants can join the call by dialing the provided numbers or through a live webcast on the Company's website. Founded in 2000, Ameresco is a leader in energy efficiency and renewable energy solutions across North America and Europe.