Ameresco to Partner with the City of Redmond for Comprehensive ESPC
FRAMINGHAM, MA and REDMOND, OR – October 29, 2014 – Ameresco, Inc. (NYSE:AMRC), a leading energy efficiency and renewable energy company, and the City of Redmond, Oregon announced today they are partnering on a comprehensive $1.2 million Energy Savings Performance Contract (ESPC) to improve City buildings and enhance efficiency. As part of the ESPC project, Ameresco conducted an energy audit on more than 272,000 square feet of building space and identified energy conservation measures that the Company will design, construct, commission, and verify. Projects include comprehensive lighting upgrades, controls upgrades and the installation of two 10 kW solar photovoltaic systems at Roberts Field. These improvements are expected to enhance comfort for building occupants and improve light quality at the facilities.
“This project reflects the City of Redmond’s ongoing commitment toward the pursuit of energy conservation and lowering operating costs,” said Bill Duerden, Director of Public Works for the City of Redmond. “Utilizing this public/private financing model leads to a triple bottom line. It helps us to replace our aging infrastructure with innovative design and construction without incurring additional capital costs. It’s a win-win-win for the City, our residents and the environment.”
The City of Redmond is expected to realize more than $100,000 annually in energy savings once the eleven projects are completed in late-spring 2015. In addition, the City expects to leverage the energy savings of the project to secure approximately $159,000 in utility incentives from the Energy Trust of Oregon.
“Partnering with Ameresco will enable us to fund much needed infrastructure upgrades and innovative energy saving projects without additional cost,” said Jason Neff, Finance Manager of the City of Redmond. “We look forward to moving ahead on this ambitious project to both improve the performance of our buildings and lower our energy costs while reducing our carbon footprint.”
“We are excited to begin work on this extensive energy efficiency project, and we applaud the City of Redmond for its leadership by exploring the different options that are expected to reduce energy consumption while becoming more sustainable,” said Louis Maltezos, Executive Vice President, Ameresco. “The City of Redmond has taken a proactive approach to upgrading its facilities in a fiscally responsible manner.”
The environmental benefits associated with the reduction of more than 1.2 million pounds of CO2 from this project is equivalent to eliminating 186 cars from the road annually.
Ameresco has a long history of partnering with counties, schools, municipalities and commercial entities to improve energy infrastructure and install renewable energy technologies. The ESPC financing model has made the budget-neutral solution an increasingly popular option for customers across North America, enabling budget-neutral energy efficiency upgrades by guaranteeing a minimum level of energy savings over the term of the contract. Ameresco coordinates the upfront project costs and the City repays that investment with their energy savings over time.
About City of Redmond, Oregon
The City of Redmond was established in 1910 and is commonly referred to as “The Hub” since it is geographically the center of Central Oregon. With a population of approximately 25,800, Redmond sits at the western edge of Oregon’s High Desert in Deschutes County, just four miles from the Deschutes River, a half-hour from the Cascade Mountains and within miles of several lakes. The area has four distinct seasons, each bringing refreshingly different weather, and offers various recreational activities, including camping, fly fishing, world class rock climbing at Smith Rock State Park, golfing, hiking and all types of winter snow sports. For more information about the City of Redmond, Oregon, please visit http://www.ci.redmond.or.us/.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. is a leading independent provider of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for facilities throughout North America. Ameresco’s 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 provides local expertise through its 69 offices in 34 states, five Canadian provinces and the United Kingdom. Ameresco has more than 900 employees. 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.