Ameresco, Inc. has recently released its 10-K report, detailing its operations as a clean technology integrator providing energy efficiency and renewable energy supply solutions in various regions. The company operates through U.S. Regions, U.S. Federal, Canada, Europe, Alternative Fuels, and All Other segments, catering to federal, state, local governments, healthcare and educational institutions, airports, public housing authorities, public universities, municipal utilities, and commercial and industrial customers. As of December 31, 2023, the company owned and operated 185 small-scale renewable energy plants and solar PV installations.
In its 10-K report, Ameresco outlined key factors and trends affecting its business. The company highlighted the impact of federal policies, such as the Investment Tax Credit and the Production Tax Credit, on its business, as well as supply chain disruptions and global economic conditions, including tariffs and trade restrictions. Ameresco also emphasized the effects of climate change, citing the increasing emphasis on sustainability and the risks posed by more frequent and severe weather events.
The report also discussed the Southern California Edison (“SCE”) Agreement, in which Ameresco entered into a contract to design and build three grid-scale battery energy storage systems. The completion of the projects faced delays, leading to ongoing discussions with SCE regarding liquidated damages and force majeure relief.
Additionally, the 10-K report provided insights into stock-based compensation, with Ameresco granting common stock options and restricted stock units to employees. The company's backlog and awarded projects were also detailed, indicating fully-contracted backlog, awarded but not yet signed customer contracts, and 12-month project backlog. Ameresco's O&M backlog for energy efficiency and renewable energy construction projects was also highlighted.
The report further noted the value of assets in development, representing the potential design/build project value of small-scale renewable energy plants. As of December 31, 2024, the estimated value of assets in development stood at $2.3 billion, including $90 million attributable to a non-controlling interest, underscoring the company's future capacity to generate electricity or deliver renewable energy. As a result of these announcements, the company's shares have moved -31.9% on the market, and are now trading at a price of $12.48. For more information, read the company's full 10-K submission here.
