SOMERSWORTH, N.H. - The City of Somersworth, in partnership with cleantech integrator Ameresco, Inc. (NYSE:AMRC), has initiated construction on a substantial solar photovoltaic (PV) installation at the Somersworth Landfill, a project poised to significantly contribute to local sustainability efforts. The groundbreaking event, which took place recently, was celebrated by city officials, Ameresco representatives, and members of the U.S. Environmental Protection Agency (EPA).
The solar PV installation, boasting a capacity of 2,577 kW-DC / 1,992 kW-AC, is projected to produce 3,523,443 kWh in its first year, totaling over 67 million kWh over the span of two decades. The energy output is estimated to offset 2,461 metric tons of CO2 emissions annually, akin to the electricity consumption of 486 homes or the removal of 586 gas-powered cars from the roads.
This initiative is an integral component of Somersworth's broader commitment to green energy, as expressed by Mayor Matt Gerding. The project also represents a public-private partnership between the City of Somersworth and Ameresco, which aims to transform underutilized city-owned land into a source of renewable energy.
Under the state's group net metering program, the energy generated by the solar project will be sold to the City of Somersworth, which will benefit from a lease and a Payment in Lieu of Taxes (PILOT). All necessary permits and approvals for the project have been secured from the EPA and the New Hampshire Department of Environmental Services (NH DES), with construction anticipated to begin in mid to late August.
Jon Mancini, Senior Vice President of Ameresco, remarked on the partnership's dedication to sustainability and the repurposing of landfill space for renewable energy generation. The project is expected to contribute to Somersworth's clean energy future.
The information in this article is based on a press release statement.
In other recent news, Ameresco, a leading clean technology integrator, has been at the center of several significant developments. The company recently adjusted its fiscal year 2024 EBITDA guidance by 2% due to cost overruns from Southern California Edison projects, according to Piper Sandler. Despite this, Ameresco's adjusted CFO saw a significant increase, and the company's corporate leverage decreased slightly.
Ameresco also secured a $100 million second lien debt financing from Nuveen Energy Infrastructure Credit, which will provide a solid financial base for the firm's growth ambitions. In addition, the company has initiated a $33 million project to enhance energy efficiency at the U.S. National Archives and Records Administration facilities, which is expected to yield about $2 million in annual savings.
In collaboration with Envision Energy, Ameresco is constructing a significant battery energy storage system in the United Kingdom, valued at approximately $249 million. The company has also partnered with the City of Henderson to overhaul its streetlight system with a $21 million design-build project. These are all part of Ameresco's recent developments, setting the stage for the company's future.
InvestingPro Insights
As Ameresco, Inc. (NYSE:AMRC) embarks on the notable solar photovoltaic project in Somersworth, it's worth considering the company's financial health and market performance. With a market capitalization of $1.39 billion, Ameresco is a significant player in the cleantech sector. Analysts are optimistic about the company's trajectory, anticipating sales growth in the current year, which aligns with the expanding portfolio of projects like the one in Somersworth. Ameresco has also seen six analysts revise their earnings upwards for the upcoming period, reflecting confidence in the company's future profitability.
InvestingPro data highlights that Ameresco has a price-to-earnings (P/E) ratio of 24.39, which suggests that investors are willing to pay a premium for the company's earnings. This is supported by a revenue growth of 10.34% over the last twelve months as of Q2 2024, which is a testament to the company's expanding operations. However, the company's stock has experienced significant volatility, with a one-month price total return showing a decline of 19.78%, indicating that the market's sentiment can fluctuate widely.
For those interested in deeper financial analysis and additional insights, there are more InvestingPro Tips available. For instance, Ameresco operates with a significant debt burden and is quickly burning through cash, which are factors investors may want to consider. In total, InvestingPro offers 12 additional tips for Ameresco, which can be found at InvestingPro.
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