Chronicle Journal: Finance

Ameresco and the City of Arvada, Colorado, Announce Completion of Energy Conservation Project

Ameresco, Inc. (NYSE: AMRC), a leading clean technology integrator specializing in energy efficiency and renewable energy, and the City of Arvada, Colorado today announced the completion of an energy conservation and renewable energy project. Financed by a $4.5 million Energy Savings Performance Contract (ESPC), improvements made across the City of Arvada will guarantee energy cost savings and an overall reduction in energy usage.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210712005134/en/

Energy upgrades at the Arvada City Hall and 14 other facilities will provide a 21% reduction in total utility costs as a result of the City’s partnership with cleantech integrator, Ameresco. (Photo: Business Wire)

Energy upgrades at the Arvada City Hall and 14 other facilities will provide a 21% reduction in total utility costs as a result of the City’s partnership with cleantech integrator, Ameresco. (Photo: Business Wire)

In 2018, the City of Arvada selected Ameresco to implement a number of energy savings measures and infrastructure improvements. Working closely with City staff, Ameresco refurbished a total of 15 facilities and made significant upgrades to those facilities’ building envelopes, lighting and plumbing systems. The HVAC systems at Arvada’s City Hall and Center for Performing Arts were updated, as well. Additionally, photovoltaic systems were installed at five facilities.

Energy procurement optimization strategies helped to reduce utility costs. To see these upgrades to completion, the team utilized a budget neutral financing solution, together with a combination of internal city financing and a capital contribution by the city.

“We are thrilled to provide our innovative approach to energy conservation to the City of Arvada,” said Louis Maltezos, executive vice president of Ameresco. “Our goal throughout the entirety of the process was to implement clean technology solutions that simultaneously offered significant long-term cost savings and advanced the city’s passion for increased sustainability.”

Through its partnership with Ameresco for a smart approach to decarbonization, the City of Arvada is expected to experience a 6% reduction in annual energy consumption, an 11% reduction in electrical demand and a 21% reduction in total utility costs.

“We are excited to have had the opportunity to work closely with Ameresco on this project and further demonstrate our commitment to implementing renewable energy solutions,” said Kim Vagher, facilities division manager, City of Arvada.

Construction on the City of Arvada’s facilities began in January 2020 and was completed in March of 2021.

To learn more about the energy efficiency solutions offered by Ameresco, visit www.ameresco.com/energy-efficiency/.

About the City of Arvada, CO

Founded in 1870 and incorporated in 1904, Arvada is located in Jefferson and Adams Counties just 10 miles from downtown Denver. The community retains a small-town feel even with its estimated population of 120,000. Arvada enjoys a rich history, quiet tree-lined neighborhoods and a robust mix of business. The City of Arvada’s strong civic leadership balances quality of life with an understanding and support of business and economic development. For more information, visit arvada.org.

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 businesses and organizations throughout North America and Europe. Ameresco’s sustainability 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 has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.

The announcement of completion of a customer’s project contract is not necessarily indicative of the timing or amount of revenue from such contract, of the company’s overall revenue for any particular period or of trends in the company’s overall total project backlog. This project was included in our previously reported contracted backlog as of March 31, 2021.

Contacts:

Media:
Ameresco: Leila Dillon, 508-661-2264, news@ameresco.com
City of Arvada: Rachael Kuroiwa, 720-450-1755, rkuroiwa@arvada.org

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