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

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Ameresco Inc : Ameresco Completes First Phase of Energy Savings Program with NASA Wallops Flight Facility

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12/12/2012 | 04:10pm CEST

Energy savings performance contract supports NASA's agency-wide efforts to reduce energy consumption and improve aging infrastructure

Ameresco, Inc. (NYSE:AMRC), a leading energy efficiency and renewable energy company, today announced the completion of the first phase of a $28 million energy savings project with NASA Goddard Space Flight Center's Wallops Flight Facility, located on Virginia's eastern shore. The Wallops Flight Facility is NASA's principal facility for the management and implementation of suborbital research programs. As part of the $15 million first phase of the facility-wide project, Ameresco installed high efficiency lighting, decentralized an antiquated steam plant by installing a propane distribution system with over 60 building-level condensing boilers, and upgraded and expanded an existing energy management control system (EMCS).

Performed under the Department of Energy (DOE) Energy Savings Performance Contract (ESPC) Program, which is under one of Ameresco's federal indefinite delivery/indefinite quantity (IDIQ) contracting vehicles, the first phase is projected to reduce energy intensity by 35 percent. To support the Wallops Mission Plan and NASA's overall effort to reduce energy consumption and improve aging infrastructure, Ameresco is currently engaged in building and deploying a $13 million second phase to the energy savings project. The scope includes a geothermal energy efficiency project at the site that is projected for completion in 2013.

"The energy savings performance contract with Ameresco brought major improvements to Wallops Flight Facility," said Philip Smith, Energy Manager for the Wallops Flight Facility. "Financed entirely by energy conservation, the project has additional side-benefits in operations and maintenance cost savings, air emissions reduction, fuel tank compliance, and water conservation savings. This effort will single-handedly satisfy Wallops' federal energy reduction requirements beyond the horizon of all existing legislation and it contributes significantly to help to refresh aging infrastructure."

During the first phase of the energy savings program, Ameresco worked with Wallops to replace the central plant fuel-oil fired boilers with high-efficiency, propane-fired condensing boilers while installing over five miles of new underground propane gas piping. As part of the ESPC, more than 9,950 interior and exterior lighting fixtures were replaced with higher efficiency units and technologies. Ameresco also upgraded and expanded the existing energy management control system in 14 buildings and interconnected newly installed gas meters to the EMCS.

"We are proud and enthusiastic about the completion of the first phase of this energy savings project, the current geothermal project, and our team's continuous ability to incorporate innovative technologies and financing in order to meet our client's needs," said Keith Derrington, Executive Vice President of Ameresco. "The support and cooperation from NASA Goddard Space Flight Center's Acquisition/Contracting Office and the Wallops Flight Facility's management ultimately made this project successful at transforming their energy infrastructure and supporting their initiatives to reduce emissions."

As part of its ESPC work with Ameresco, Wallops is expected to save over 77,000 million BTU's a year. In addition, greenhouse gas emissions are expected to be reduced by more than 8,600 metric tons, which is equivalent to the GHG emissions of approximately 1,700 passenger vehicles.

As a prequalified energy services company (ESCO) for government energy conservation programs within the DOE and Department of Defense, Ameresco has a proven track record of working with federal organizations to design, build and, in many cases, operate and manage energy projects financed through an ESPC. Ameresco develops energy projects that eliminate the need for significant taxpayer funding by sourcing financing through cost savings generated by increased energy efficiency.

About Ameresco, Inc.

Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading independent provider of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for facilities throughout North America. Ameresco's services include upgrades to a facility's energy infrastructure and the development, construction and operation of renewable energy plants. Ameresco has successfully completed energy saving, environmentally responsible projects with federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco provides local expertise through its 63 offices in 34 states and five Canadian provinces. Ameresco has more than 900 employees. For more information, visit www.ameresco.com.

Ameresco, Inc.
CarolAnn Hibbard, 508-661-2264

© Business Wire 2012
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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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Average target price 7,50 $
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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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