Ameresco, Inc. has announced a significant development in its partnership with Southern California Edison Company (SCE) regarding the substantial completion of two out of three battery energy storage system projects. As a result of this achievement, SCE will be paying approximately $110 million within seven days to Ameresco for the milestone completion. This payment includes a set-off of liquidated damages in dispute and additional work costs. Following this payment, final acceptance payments will be made upon the completion of the projects.
The third project is anticipated to achieve substantial completion in the fourth quarter of 2024. This development underscores Ameresco's commitment to providing energy efficiency and renewable energy solutions. Founded in 2000, Ameresco, Inc. is recognized as a leading cleantech integrator and renewable energy asset developer, owner, and operator. The company's comprehensive portfolio encompasses solutions aimed at helping customers reduce costs, decarbonize to net zero, and enhance energy resiliency through the utilization of smart, connected technologies.
Ameresco has a proven track record of successfully executing energy-saving and environmentally responsible projects across various sectors, including federal, state, and local governments, utilities, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With a workforce of over 1,500 employees providing localized expertise in North America and Europe, Ameresco is positioned as a trusted sustainability partner for its clients. Today the company's shares have moved 1.6% to a price of $30.45. For the full picture, make sure to review Ameresco's 8-K report.
