Power Purchase Agreements Signed with Five State Facilities
FRAMINGHAM, Mass., Oct 19, 2010 (BUSINESS WIRE) -- Ameresco, Inc. (NYSE: AMRC), a leading comprehensive energy efficiency and renewable energy company, announced today that the Company has worked with the Massachusetts State Department of Energy Resources (DOER) to sign agreements to design, construct, finance, own, and operate solar power systems on five state facilities.
Under 20-year Power Purchase Agreements (PPAs) with Ameresco, the state facilities will receive solar-generated electricity at a discount to their current electricity bills, thereby cutting their energy budgets. In part, the discounted prices were made possible by the Massachusetts Solar Stimulus Program (MaSS), which used ARRA stimulus funds to reduce the capital cost of the projects.
The five solar power systems will generate 560 kW of electricity capacity and 700,000 kWh of annual electric energy. The solar systems will be installed on the rooftops of two Massport Logan Airport terminals, Bridgewater State College, Worcester State College and the Canton Housing Authority. All the solar installations will be built with advanced Internet-enabled measurement and monitoring systems - enabling Ameresco to keep the systems producing reliable power.
"I applaud Ameresco, one of the nation's leading energy services companies, for its role in bringing clean, renewable solar power to state agencies," said Energy and Environmental Affairs Secretary Ian Bowles. "Federal stimulus funds are helping our agencies to lead by example, installing a total of 4 megawatts of solar capacity on more than 20 facilities and contributing to the growth of the clean energy economy in Massachusetts."
"As a Massachusetts-based company, we are thrilled to be partnering with the Department of Energy Resources to help bring clean, renewable, solar energy to state owned facilities across the Commonwealth," said George Sakellaris, President and CEO of Ameresco. "In addition, we support green job growth in the Commonwealth as Ameresco utilizes local Massachusetts engineers, electricians, and other trades people to design and build the systems."
To further boost Massachusetts employment, the inverters - which convert the solar generated direct current electricity to alternating current electricity - will be made by Solectria in Lawrence, MA. All other major components, including the Sharp solar panels are made in the U.S.A.
About Ameresco, Inc.
Ameresco, Inc. was incorporated in Delaware in April 2000 and is a leading independent provider of comprehensive energy efficiency solutions for facilities throughout North America. Ameresco's solutions include upgrades to a facility's energy infrastructure, and the development, construction, and operation of renewable energy plants. With corporate headquarters located in Framingham, MA, Ameresco has 55 offices in 29 states and four Canadian provinces. For more information, visit www.ameresco.com.
About the Department of Energy Resources MaSS Program
The MaSS program developed by DOER is focused on rapidly deploying large PV systems to create jobs quickly; fostering expansion of the Massachusetts PV industry; reducing the long-term operating costs of the facilities; obtaining extremely competitive pricing and streamlining the purchase process via volume procurements; and providing maximum transparency and accountability.
SOURCE: Ameresco, Inc.
CarolAnn Hibbard, 508-661-2264