Ameresco Solar Projects Advance Renewable Energy Resources Within Rhode Island
Newly completed solar energy sites at Cumberland and Tiverton to benefit off-taker Rhode Island Airport Corporation (RIAC)
FRAMINGHAM, MA and TIVERTON AND CUMBERLAND, R.I. – March 22, 2021 – Ameresco, Inc., (NYSE: AMRC), a leading clean technology integrator specializing in energy efficiency and renewable energy, today announced that it achieved commercial operation at its solar energy site in Tiverton, Rhode Island and mechanical completion at its site in Cumberland, Rhode Island. Both milestones mark meaningful steps in the advancement of solar energy resources within the State.
Installed on a former corn field, Ameresco’s Tiverton’s solar energy site comprises over 12,000 modules with an electricity generation capacity of 4.95 MW. Through the implementation of these solutions, the Rhode Island Airport Corporation (RIAC) is expected to amass an annual cost savings of approximately $380,000 in the first year alone. While not yet at commercial operation, the solar site at Cumberland installed over 14,000 modules with an electricity generation capacity of 5.71 MW, subsequently accumulating an annual cost savings of approximately $410,000 in its first year.
RIAC has entered into a long-term agreement with Ameresco as the designated off-taker of the clean energy generated from both sites. RIAC has a long-standing history of supporting the development of various sustainable resources and environmental programs meant to minimize potential adverse impacts from airport operations.
Both solar sites further enhance Cumberland and Tiverton’s commitment to implementing reliable, cost-effective and environmentally conscious solutions. Over the years, Cumberland has prioritized various sustainability initiatives by installing energy efficient technologies in public buildings, and Tiverton has established local conservation and recycling commissions dedicated to educating community residents. These initiatives play a vital role in informing the public and strengthening the importance of renewable energy solutions.
“Our projects in Cumberland and Tiverton are prime examples of the economic and environmental benefits renewable energy solutions offer our customers. By developing and implementing over 10MW of electricity capacity and providing over $790K in annual energy savings, these projects provide a renewable energy source that directly advances the state’s commitment to clean energy expansion within their renewable energy portfolio.” said David J. Anderson, executive vice president and director at Ameresco.
Commercial operation of the Cumberland project is expected to be achieved by April 2021.
To learn more about the energy efficiency solutions offered by Ameresco, visit www.ameresco.com/energy-efficiency/.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and the United Kingdom. Ameresco’s sustainability services in support of clients’ pursuit of Net Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. 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.
About the Rhode Island Airport Corporation
The Rhode Island Airport Corporation was formed on December 9, 1992 as a semi-autonomous subsidiary of the Rhode Island Commerce Corporation to operate and maintain the state’s airport system. The powers of the corporation are vested in its seven-member board of directors, all of whom are appointed by the governor. The Rhode Island Airport Corporation is responsible for the design, construction, operation and maintenance of the six state-owned airports; and the supervision of all civil airports, landing areas, navigation facilities, air schools and flying clubs. In addition to T. F. Green Airport, the Rhode Island Airport Corporation is responsible for five general aviation airports throughout the state: Block Island, Newport, North Central, Quonset and Westerly. For more information visit RIAC at https://www.pvdairport.com/.
The announcement of Ameresco’s completion of a renewable energy asset project is not necessarily indicative of the timing or amount of revenue from the energy asset, of the company’s overall revenue for any particular period or of trends in the company’s overall total assets in development or operation. The Tiverton site was included in our previously reported operating assets and the Cumberland site was included in our previously reported assets in development as of December 31, 2020.