Ameresco Provides Updates on Southern California Edison Company (SCE) Projects and Financing Initiatives
January 31 2024 - 6:50AM
Business Wire
Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator
specializing in energy efficiency and renewable energy, today
announced that two of the three SCE sites are in final stages of
testing. The Company has engaged an advisor to pursue the issuance
of subordinated debt to repay outstanding amounts on the senior
secured credit facility as required by the Company’s Bank of
America term loan and revolving credit facility amendment
obligations. The debt raise would also support the Company’s
near-term growth initiatives. The Company is not planning on
issuing equity to meet these requirements.
The Company is releasing Q4 2023 financial results on February
28th.
To learn more about the energy efficiency and renewable energy
solutions offered by Ameresco, visit www.ameresco.com.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading
cleantech integrator and renewable energy asset developer, owner
and operator. Our comprehensive portfolio includes solutions that
help customers decarbonize to net zero and build energy resiliency
while leveraging smart, connected technologies. From implementing
energy efficiency and infrastructure upgrades to developing,
constructing, and operating distributed energy resources – we are a
trusted sustainability partner. Ameresco has successfully completed
energy saving, environmentally responsible projects with Federal,
state and local governments, utilities, healthcare and educational
institutions, housing authorities, and commercial and industrial
customers. With its corporate headquarters in Framingham, MA,
Ameresco has more than 1,300 employees providing local expertise in
North America and Europe. For more information, visit
www.ameresco.com.
Forward Looking Statements
Any statements in this presentation about future expectations,
plans and prospects for Ameresco, Inc., including statements about
the timing and completion of the SCE projects, the financing
initiatives we are pursuing and other statements containing the
words “projects,” “believes,” “anticipates,” “plans,” “expects,”
“will” and similar expressions, constitute forward-looking
statements within the meaning of The Private Securities Litigation
Reform Act of 1995. Actual results may differ materially from those
indicated by such forward looking statements as a result of various
important factors, including our ability to comply with all the
obligations under the SCE Contract, our ability to raise debt on
acceptable terms or at all, the timing of, and ability to, enter
into contracts for awarded projects on the terms proposed or at
all; the timing of work we do on projects where we recognize
revenue on a percentage of completion basis, including the ability
to perform under signed contracts without delay and in accordance
with their terms; demand for our energy efficiency and renewable
energy solutions; our ability to complete and operate our projects
on a profitable basis and as committed to our customers; our
ability to arrange financing to fund our operations and projects
and to comply with covenants in our existing debt agreements;
changes in federal, state and local government policies and
programs related to energy efficiency and renewable energy and the
fiscal health of the government; the ability of customers to cancel
or defer contracts included in our backlog; the output and
performance of our energy plants and energy projects; the effects
of our acquisitions and joint ventures; seasonality in construction
and in demand for our products and services; a customer’s decision
to delay our work on, or other risks involved with, a particular
project; availability and cost of labor and equipment particularly
given global supply chain challenges and global trade conflicts;
our reliance on third parties for our construction and installation
work; the addition of new customers or the loss of existing
customers; the impact of macroeconomic challenges, weather related
events and climate change on our business; global supply chain
challenges, component shortages and inflationary pressures; market
price of the Company's stock prevailing from time to time; the
nature of other investment opportunities presented to the Company
from time to time; the Company's cash flows from operations;
cybersecurity incidents and breaches; regulatory and other risks
inherent to constructing and operating energy assets; risks related
to our international operation and international growth strategy;
and other factors discussed in our most recent Annual Report on
Form 10-K and Quarterly Report on Form 10-Q. The forward-looking
statements included in this presentation represent our views as of
the date of this presentation. We anticipate that subsequent events
and developments will cause our views to change, and the Company
may for example, choose to issue equity as part of its financing
strategy in the future. However, while we may elect to update these
forward-looking statements at some point in the future, we
specifically disclaim any obligation to do so. These
forward-looking statements should not be relied upon as
representing our views as of any date subsequent to the date of
this presentation.
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version on businesswire.com: https://www.businesswire.com/news/home/20240131320097/en/
Media Relations Leila Dillon, 508.661.2264,
news@ameresco.com
Investor Relations Eric Prouty, Advisiry Partners, 212.750.5800,
eric.prouty@advisiry.com Lynn Morgen, Advisiry Partners,
212.750.5800, lynn.morgen@advisiry.com
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