Ameresco Partners with Town of Sturbridge to Build 2.4 MW Community Solar Array
Town and Community to Benefit from New Renewable Energy Project
FRAMINGHAM, MA – December 5, 2016 – Ameresco, Inc., (NYSE:AMRC), a leading energy efficiency and renewable energy company today announced the Company has moved forward with construction of the Town of Sturbridge’s long-awaited 2.4 MW solar facility. The solar array will be located on property behind the Center at Hobbs Brook that is otherwise considered unusable land due to its location.
The multi-million-dollar solar project will provide renewable energy in support of the Town’s commitment to environmental stewardship and sustainable practices, and will help to significantly reduce energy costs. The 20-year power purchase agreement (PPA) is expected to provide millions of dollars in electricity cost savings over the duration of the contract. Under the PPA, fifty percent of annual electricity generated from the facility will be used by the Town in the form of metering credits, and the other half by the Community Solar Program which will deliver the green power to residents in the region.
“We are excited that the Town’s solar project is finally moving forward,” said Leon Gaumond, Town Administrator, Sturbridge. “This project will go a long way to meet the Town’s energy goal of increasing our alternative energy production.”
“It’s a pleasure for Ameresco to partner with the Town of Sturbridge and the greater community to build and manage this new renewable energy project,” said Michael T. Bakas, Senior Vice President, Ameresco. “We commend Town leadership for being fiscally prudent in selecting a project that will generate long-term savings and admire the community’s commitment to sustainability.”
The annual environmental benefits of this project are equivalent to the greenhouse gas emissions from 8,868 passenger vehicles driven a year or 4,433 homes’ energy use for one year.
The project is expected to be completed and operational in early 2017.
About Town of Sturbridge
Sturbridge, Massachusetts is in the center of the state, where Routes I-90 and I-84 meet, with a population of more than 9,268 and nearly 3,600 households. Sturbridge is a town of contrasts; home to Old Sturbridge Village, the largest outdoor history museum in the Northeast where visitors can step back into the 1830s. Sturbridge is also the site of a growing high tech industry, serving as the home base for the some of the pioneers in the fiber optic field. Quaint country inns and B&Bs along with modern hotels, motels, and conference centers cater to visitors. For more information, visit http://www.town.sturbridge.ma.us.
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 a customer’s entry into a project contract is not necessarily indicative of the timing or amount of revenue from such contract, of the company’s overall revenue for any particular period or of trends in the company’s overall total construction backlog. This project was included in our previously reported assets in development as of September 30, 2016.