Ameresco and Southern California Edison Reach Agreement on Substantial Completion Milestone for Two Battery Energy Storage Projects
September 03 2024 - 5:50AM
Business Wire
Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator
specializing in energy efficiency and renewable energy, today
announced that it has reached an agreement with Southern California
Edison Company (SCE) on the substantial completion of two out of
three battery energy storage system projects. SCE will pay
approximately $110 million within seven days for the milestone
completion, reflecting a set-off of liquidated damages which are
still in dispute and additional work costs. Final acceptance
payments will follow upon project completion. The third project is
expected to reach substantial completion in Q4 2024.
To learn more about the energy efficiency and renewable energy
solutions offered by Ameresco, visit www.ameresco.com.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE: AMRC) is a leading
cleantech integrator and renewable energy asset developer, owner
and operator. Our comprehensive portfolio includes solutions that
help customers reduce costs, decarbonize to net zero, and build
energy resiliency while leveraging smart, connected technologies.
From implementing energy efficiency and infrastructure upgrades to
developing, constructing, and operating distributed energy
resources – we are a trusted sustainability partner. Ameresco has
successfully completed energy saving, environmentally responsible
projects with Federal, state and local governments, utilities,
healthcare and educational institutions, housing authorities, and
commercial and industrial customers. With its corporate
headquarters in Framingham, MA, Ameresco has more than 1,500
employees providing local expertise in North America and Europe.
For more information, visit www.ameresco.com.
Forward Looking Statements
Any statements in this press release about the timing,
completion and invoicing of the SCE projects and our expectations
related to our agreement with SCE including the impact of delays
and any requirement to pay liquidated damages, and other statements
containing the words “projects,” “believes,” “anticipates,”
“plans,” “expects,” “will” and similar expressions, constitute
forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995. Actual results may differ
materially from those indicated by such forward looking statements
as a result of various important factors, including: demand for our
energy efficiency and renewable energy solutions; the timing of,
and ability to, enter into contracts for awarded projects on the
terms proposed or at all; the timing of work we do on projects
where we recognize revenue on a percentage of completion basis; the
ability to perform under signed contracts without delay and in
accordance with their terms and related liquidated and other
damages we may be subject to; the fiscal health of the government
and the risk of government shutdowns; our ability to complete and
operate our projects on a profitable basis and as committed to our
customers; our cash flows from operations and our ability to
arrange financing to fund our operations and projects; our
customers’ ability to finance their projects and credit risk from
our customers; our ability to comply with covenants in our existing
debt agreements; the impact of macroeconomic challenges, weather
related events and climate change on our business; our reliance on
third parties for our construction and installation work;
availability and cost of labor and equipment particularly given
global supply chain challenges and global trade conflicts; global
supply chain challenges, component shortages and inflationary
pressures; changes in federal, state and local government policies
and programs related to energy efficiency and renewable energy; the
ability of customers to cancel or defer contracts included in our
backlog; the output and performance of our energy plants and energy
projects; cybersecurity incidents and breaches; regulatory and
other risks inherent to constructing and operating energy assets;
the effects of our acquisitions and joint ventures; seasonality in
construction and in demand for our products and services; a
customer’s decision to delay our work on, or other risks involved
with, a particular project; the addition of new customers or the
loss of existing customers; market price of our Class A Common
stock prevailing from time to time; the nature of other investment
opportunities presented to our Company from time to time; risks
related to our international operation and international growth
strategy; and other factors discussed in our most recent Annual
Report on Form 10-K and our quarterly reports on Form 10-Q. The
forward-looking statements included in this press release represent
our views as of the date of this press release. We anticipate that
subsequent events and developments will cause our views to change.
However, while we may elect to update these forward-looking
statements at some point in the future, we specifically disclaim
any obligation to do so. These forward-looking statements should
not be relied upon as representing our views as of any date
subsequent to the date of this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20240903956337/en/
Media Relations Leila Dillon, 508.661.2264,
news@ameresco.com
Investor Relations Eric Prouty, Advisiry Partners, 212.750.5800,
eric.prouty@advisiry.com Lynn Morgen, Advisiry Partners,
212.750.5800, lynn.morgen@advisiry.com
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