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4-Traders Homepage  >  Equities  >  Nyse  >  Ameresco Inc    AMRC

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AMERESCO : Republic Services and Ameresco Announce Plans for a 4.3 MW Landfill Gas-to-Electricity Plant at Livermore, California Landfill

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01/27/2011 | 07:05pm CEST

The Republic Services Vasco Road Landfill will be home to a new 4.3 megawatt landfill gas-to-electricity (LFGTE) plant that will be designed, built, owned and operated by Ameresco, Inc. (NYSE:AMRC). Ameresco is a leading independent energy efficiency and renewable energy company. Republic Services (NYSE:RSG) is the second largest environmental services company in the United States.

As part of this $13 million project, Ameresco plans to capture the landfill gas generated at the Vasco Road Landfill in Livermore, California and use it as fuel to generate power for homes and businesses in the Santa Clara and San Francisco Bay Area. The project is scheduled to commence operations in late 2012.

?The Vasco Road project is Republic's seventh landfill gas to energy venture in California, representing nearly 41 MW of electricity,? said Brian Bales, executive vice president business development for Republic. ?In addition to converting gas from a landfill into renewable-based electricity, the project's construction and operation will add new green jobs and economic benefits to the local economy, and it will help the state meet its commitment to increase its renewable energy portfolio standard.?

?We are excited to proceed forward with this new renewable energy project in California,? said Mike Bakas, senior vice president, renewable energy at Ameresco. ?This project, along with many others that we've successfully completed in California, will support the state's ambitious goal of 33 percent renewable generation by the year 2020. We are pleased to work with our partners and laud their dedication to creating a more sustainable environment.?

Republic Services and Ameresco partnered to develop this project that uses landfill gas from the Republic Services landfill located at 4001 North Vasco Road. Landfill gas, which is created when organic material naturally decomposes in a landfill, consists of about 50 percent methane. A reliable and readily available local alternative to fossil fuels, landfill gas can be converted to generate electricity, heat or steam, or used as an alternative vehicle fuel. The landfill gas project is one of Republic Services' 73 alternative energy projects at its landfills nationwide.

Ameresco has entered into a 20-year Power Purchase Agreement (PPA) with Silicon Valley Power, the City of Santa Clara's electric utility, for the power from the project. As part of California's Renewable Portfolio Standard (RPS), the state required retail sellers of electricity to serve 20 percent of their load with renewable energy by 2010. Now, all utilities must serve 33 percent of their load with renewable energy by 2020.

?We are pleased to partner with Ameresco on its landfill gas-to-electricity project and to buy the power generated from this renewable resource,? said Jan Pepper, Electric Division Manager for Silicon Valley Power. ?This project in particular plays a very important role as it provides base load generation at a competitive price, and enables us to continue to exceed the state's RPS requirements for our customers. This allows us to offer our customers a reliable, renewable source of power.?

By using the landfill gas for this beneficial reuse project and replacing fossil fuels, the direct and avoided emissions are equivalent to removing 30,000 cars off of the road or planting more than 36,000 acres of pine trees over the term of the contract.

The Vasco Road Landfill, which is owned and operated by Republic Services, opened in 2001 and is one of the main recipients of refuse from residents and businesses in the North Livermore rural area. The landfill covers 323 acres of land and employs more than 14 area residents.

About Republic Services

Republic Services, Inc. provides recycling and solid waste collection, transfer and disposal services in the United States and Puerto Rico. The Company's various operating units, including collection companies, transfer, recycling centers and landfills, are focused on providing reliable environmental services and solutions for commercial, industrial, municipal and residential customers. For more information, visit the Republic Services website at www.republicservices.com.

About Ameresco, Inc.

Ameresco, Inc. was incorporated in Delaware in April 2000 and is a leading independent provider of comprehensive energy efficiency and renewable energy solutions for facilities throughout North America. Ameresco's solutions include upgrades to a facility's energy infrastructure, and the development, construction, and operation of renewable energy plants. With corporate headquarters located in Framingham, MA, Ameresco has 55 offices in 29 states and four Canadian provinces. For more information, visit www.ameresco.com.

About Silicon Valley Power

Silicon Valley Power is the trademark adopted for use by the not-for-profit electric municipal utility of Santa Clara, CA serving residents and businesses for over 100 years. SVP provides power to more than 50,000 customers, including Applied Materials, Intel, National Semiconductor and Yahoo!, at rates 25 to 45 percent below neighboring communities. SVP also offers customers a 100 percent renewable energy option through its Santa Clara Green Power program and is an active participant in the wholesale energy markets in the Western United States. Visit siliconvalleypower.com for more information.

Peg Mulloy, 480-627-2887
CarolAnn Hibbard, 508-661-2264

© Business Wire 2011
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Financials ($)
Sales 2016 661 M
EBIT 2016 22,2 M
Net income 2016 11,8 M
Debt 2016 -
Yield 2016 -
P/E ratio 2016 19,23
P/E ratio 2017 15,15
Capi. / Sales 2016 0,35x
Capi. / Sales 2017 0,34x
Capitalization 233 M
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Number of Analysts 2
Average target price 7,50 $
Spread / Average Target 50%
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George P. Sakellaris Chairman, President & Chief Executive Officer
Joseph P. DeManche Executive Vice President-Engineering & Operations
John R. Granara CFO, Treasurer, CAO, VP & IR Contact
Dean Lebron Vice President-Information Technology
David J. Corrsin Secretary, Director, EVP & General Counsel
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