Saginaw Plaza Partners with Ameresco, Inc. for ESPC to Enhance Energy Efficiency and Upgrade Facility with Renewable Power
Aug 20 15
Ameresco, Inc. announced that Saginaw Plaza, LTD., signed a $437,000 Energy Savings Performance Contract to partner with Ameresco to upgrade their facility in Lansing, MI. The facility is currently leased to the State and houses two governmental agencies: the Michigan Agency for Energy and the Michigan Public Service Commission. MAE/MPSC worked closely with the property owner, Saginaw Plaza, and Ameresco to achieve facility improvements given the MAE/MPSC is Saginaw Plaza's long-term tenant. This public-private partnership for the efficiency improvements utilizes Michigan's Property Assessed Clean Energy statute. PACE is a simple and effective way to finance energy efficiency, renewable energy, and water conservation upgrades. PACE can pay for new heating and cooling systems, lighting improvements, solar panels, water pumps, insulation, and more for almost any commercial, industrial, non-profit, and agricultural property. Property owners are using PACE because it saves them money and helps make their buildings more valuable. PACE financing pays for 100% of a project's costs and is repaid for up to 20 years. The ESPC with Ameresco includes energy efficiency upgrades and infrastructure improvements such as interior and exterior LED lighting, an energy kiosk, and a new pole-mounted 20kw solar array. By utilizing PACE, the owner was able to obtain 20-year, fixed-rate financing for the clean energy measures. Annual energy savings are expected to exceed $25,000. The savings due to reduced energy consumption exceeds the cost of repaying the loan. In addition, Saginaw Plaza is able to take advantage of the tax credits. Additional energy conservation measures were identified during the energy audit and implemented by the developer including additional insulation, two electric vehicle charging stations and weatherization. In the future, the owner also plans to include a new Michigan-made daylight emulation skylight by Arborlight.
Housing Authority Of The Birmingham District Partners with Ameresco, Inc. on Energy Performance Contract
Aug 13 15
The Housing Authority Of The Birmingham District (HABD) and Ameresco, Inc. jointly announced a $37.4 million energy performance contract that is estimated to save over $66 million in HABD’s utility and water costs over the next 17 years. Energy and water efficiency improvements will be made at 14 developments encompassing more than 4,100 apartments. Work will include lighting and water upgrades, temperature controls, refrigerator replacements, building envelope improvements, heating, ventilation/air-conditioning (HVAC), and mechanical upgrades in 6 of the 14 sites. Savings in energy and water costs from the installation of the measures are anticipated to cover the annual costs of the financing throughout the contract term. Construction of the project will begin this month and will continue into 2017.
City of St. Helens Selects Ameresco, Inc
Aug 11 15
Ameresco, Inc. announced that it was selected by the City of St. Helens for an energy savings performance contract. The company will audit, design and implement the project and assist with securing the financing. The project includes upgrading 915 high pressure sodium (HPS) street light fixtures to LED technology, in addition to identifying other efficiency, utility maintenance and infrastructure improvements. The new LED street lights are expected to reduce the City’s annual electricity consumption and maintenance cost each year. The City’s electric utility, Columbia River PUD, owns the street lights and charges the City a flat rate. Once the LED conversion is complete, the City will realize a new lower rate from the utility. Ongoing maintenance of the lights will continue to be the City’s responsibility.
Ameresco, Inc. Presents at Jefferies 11th Annual Industrials Conference, Aug-10-2015 01:20 PM
Jul 31 15
Ameresco, Inc. Presents at Jefferies 11th Annual Industrials Conference, Aug-10-2015 01:20 PM. Venue: Grand Hyatt, 109 E. 42nd Street, New York, New York, United States. Speakers: John R. Granara, Chief Financial Officer, Chief Accounting Officer, Vice President, Treasurer and Corporate Controller.
Ameresco, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Third Quarter and for the Full Year for the Fiscal Year Ending December 31, 2015
Jul 30 15
Ameresco, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company announced revenues of $152,489,000 compared to $142,558,000 for the same period a year ago. Operating income was $5,084,000 compared to $3,782,000 for the same period a year ago. Income before provision (benefit) from income taxes was $3,737,000 compared to $2,986,000 for the same period a year ago. Net income was $1,991,000 or $0.04 per basic and diluted share compared to $2,719,000 or $0.06 per basic and diluted share for the same period a year ago. Adjusted EBITDA was $11,292,000 compared to $10,325,000 for the same period a year ago. Cash outflows from operating activities was $14,669,000 compared to cash inflows from operating activities of $3,582,000 for the same period a year ago. Adjusted cash from operations was $8,186,000 compared to $14,036,000 for the same period a year ago. The company invested $7.8 million in renewable energy projects that it own and operate. Net income was lower despite the higher operating income due to a higher tax rate as a result of a valuation allowance for losses expected in Canada during 2015.
For the six months, the company announced revenues of $267,922,000 compared to $243,289,000 for the same period a year ago. Operating income was $656,000 compared to operating loss of $3,003,000 for the same period a year ago. Loss before provision (benefit) from income taxes was $3,353,000 compared to $5,531,000 for the same period a year ago. Net loss was $2,197,000 or $0.05 per basic and diluted share compared to $5,562,000 or $0.12 per basic and diluted share for the same period a year ago. Adjusted EBITDA was $13,122,000 compared to $9,407,000 for the same period a year ago. Cash outflows from operating activities was $37,595,000 compared to cash inflows from operating activities of $5,934,000 for the same period a year ago. Adjusted cash from operations was $3,275,000 compared to $19,910,000 for the same period a year ago. Purchases of property and equipment were $643,000 compared to $1,195,000 for the same period a year ago. Purchases of project assets were $13,640,000 compared to $10,970,000 for the same period a year ago.
The company provided earnings guidance for the third quarter and for the full year for the fiscal year ending December 31, 2015. For the year, the company expects to report operating income between $17,700,000 and $22,700,000, depreciation and amortization of intangible assets between $23,300,000 and $23,300,000 and adjusted EBITDA between $43,000,000 and $48,000,000. For the remainder of the year, the company expects capital expenditure of approximately $60 million primarily related to assets in development. The company still anticipates gross margin at least between 19% and 20%. The company anticipates the effective tax rate for the full year to be around 25%. This all should lead to EPS in the range of 16 cents to 24 cents. The company expects to generate revenue in the range of $610 million to $640 million.
For the quarter, the company expects revenues to be within a range of $165 million to $185 million, and adjusted EBITDA in a range of $13 million to $17 million.