Benzinga | Nov 18, 2021 03:36PM EST

Ameresco Inks 15-Year Partnership With Kauai Beach Resort

* Ameresco Inc (NYSE:AMRC) entered into a 15-year Energy as a Service (EaaS) agreement with Kauai Beach Resort for a $15.5 million energy efficiency renovation project.

* The partnership allows the 25-acre oceanfront resort to update and replace its energy-related equipment without any up-front capital.

* Ameresco will install new lighting and air conditioning equipment in several phases over the next two years and maintain the improvements for the following 15 years.

* Ameresco will begin design and construction this year to coincide with currently scheduled Kauai Beach Resort building upgrades.

* Ameresco plans to complete construction in the summer of 2023.

* Price Action: AMRC shares are trading lower by 1.05% at $92.26 on the last check Thursday.