Benzinga | Feb 5, 2021 08:10AM EST

Ameresco Announces $173M Energy Savings Contract With US Navy

Ameresco, Inc., (NYSE:AMRC), a leading energy efficiency and renewable energy company, today announced that the U.S. Navy and the Ameresco Federal Solutions team are breaking ground to expand on-site generation, strengthen reliability, and enhance resiliency at Norfolk Naval Shipyard (NNSY) in Portsmouth, Virginia. This $173 million energy savings performance contract (ESPC) builds on Ameresco's two decades of support to the NNSY mission to repair, overhaul, and refuel the most technologically advanced warships in the world. Because ESPCs leverage the guaranteed savings the projects generate to secure third-party financing, the Navy will not have to contribute up-front funding during the project's implementation phase.