Benzinga | Oct 12, 2021 04:23PM EDT

Ameresco Enters $43M Energy Savings Performance Contract With US Coast Guard

* Ameresco Inc (NYSE:AMRC) has entered into a $43 million Energy Savings Performance Contract (ESPC) with the U.S. Coast Guard (USCG) at the west coast training facility, Training Center (TRACEN) Petaluma.

* Ameresco noted that ESPC would intensify resilience against climate threats and reduce annual energy consumption.

* USCG selected Ameresco in February 2021 to fast-track the development of a comprehensive ESPC to enhance the site's electric infrastructure and resiliency posture.

* The microgrid will integrate existing distributed backup generators with a new 5 megawatt (MW) solar array and an 11.6MWh BESS to power the entire site in the event of a loss of utility.

* The company expects the project's construction to begin in October 2021 and reach completion by Fall 2023.

* Once completed, Training Center Petaluma will realize a cost savings of more than $1.2 million in the first year.

* Price Action: AMRC shares closed higher by 2.84% at $59.05 on Tuesday.