Ameresco acquires Exelon energy service company
Framingham, MA – Ameresco, Inc., North America’s largest and fastest growing independently-held energy service company, today announced the purchase of Exelon Solutions, a subsidiary of Exelon Corporation (Chicago). The cash transaction includes the acquisition of more than $50 million in contracts and assets.
Exelon Solutions provides customers with turnkey financial and operational solutions to improve facility assets while reducing operational costs. The company’s primary focus is the government, education, healthcare, commercial and industrial markets.
Ameresco, Inc. is the industry leader in integrating renewable energy resources and risk management into a performance-based approach that maximizes the operation of its clients’ energy assets. Ameresco will assume the management of more than two dozen energy service contracts, increasing its 2005 projected revenues by an estimated 30 percent. The transaction also includes the purchase of a cogeneration project and a renewable energy project the company will construct and maintain. Ameresco plans to retain Exelon Solutions’ approximately 65 employees.
“Our purchase of this premier company complements Ameresco’s already extensive suite of energy services and expertise,” said Ameresco President and CEO George P. Sakellaris. “It enables us to provide our customers with an expanded array of comprehensive services to manage their energy assets efficiently and cost effectively.”
“The divestiture of Exelon Solutions supports Exelon's strategy of focusing on our core integrated utility business,” said George Gilmore, senior vice president of Exelon and president of Exelon Enterprises. “We are pleased to be able to sell our Solutions business to one of the industry leaders that will help them capture their many growth opportunities.”
The acquisition is part of Ameresco’s strategic business plan, giving the company a stronger presence in the Midwest while bolstering its network of offices across the continent. Exelon Solutions’ extensive experience with the U.S. government expands the scope of services that Ameresco provides under its federal infrastructure renewal and energy programs. The acquisition also strengthens Ameresco’s work with state and municipal governments as well as the company’s long-term partnerships with institutional and private customers throughout the U.S. and Canada.
Release Date: 6/29/2004
(Link opens in new window)