Ameresco wins new contracts worth $1.8 billion as demand for power remains high
Ameresco announced on Monday that it had added $1.8 billion to its backlog of projects in the second quarter. This is more than tripled from a year ago, amid a strong demand for programs promoting 'energy efficiency' and a reliance on renewable energy.
According to the Energy Information Administration, this growth is due to the rising demand for AI-focused data centres and rapid electrification in homes, businesses, and transportation. The U.S. will set new records for power consumption by 2026 and 2027, after setting their second consecutive annual record last year.
CEO George Sakellaris said that $1.2 billion in new awards for the quarter were tied to data center projects. The remaining $600 millions came from other business lines of the company, such as industrial and commercial customers.
Sakellaris stated in a press release that "we successfully advanced three new data center behind-the-meter projects, bringing the total number of data center projects on our awarded project backlog up to five."
Ameresco, a Massachusetts-based energy infrastructure company, helps businesses, governments and other organizations reduce energy costs and upgrade outdated facilities. It also develops renewable and distributed energy sources.
Nicole Bulgarino, co-president of the company, said that data center projects typically take between 12 and 24 months from conception to awarding due to the time needed for design & permitting. She also said that she expects to see more projects reach this stage in the near future.
Bulgarino stated that Ameresco has been working on multiple projects across the United States, but that its second quarter activity was primarily focused in Texas and Arizona.
The total project backlog of the?company increased by about 32% in the third quarter compared to a year earlier, reaching $6.73 billion.
According to LSEG, the company reported an adjusted 'profit per share of 20 cents for the quarter ending June 30. This was higher than analysts' estimates of 16 cents. (Reporting from Bengaluru by Pooja menon; editing by Maju Samuel.)
(source: Reuters)
