Ameresco Completes 5.3 MW Solar Project at 14 Knox County Facilities – the Largest Distributed, Multi-site Project in Tenne...
18 November 2016 - 1:00AM
Business Wire
Knox County partnered with Ameresco for ESPC to
support solar installation at 11 Knox County Schools and 3 County
Buildings
Knox County officials and Ameresco, Inc. (NYSE: AMRC), a leading
energy efficiency and renewable energy company, announced today the
completion of a $12.45 million Energy Savings Performance Contract
(ESPC). In the spring of 2015, Ameresco was selected by Knox County
to install more than 5 megawatts (MW) of solar photovoltaic systems
on the rooftops of 11 schools plus the Knox County Central
Building, and ground-mount solar arrays at the Detention and
Juvenile Justice Facilities. The project, recently completed, is
expected to provide more than $29 million in energy savings to the
County, as well as generating an aggregate approximately $14
million in positive bottom-line cash flow for the County over the
next 30 years.
“Now that our solar installations are complete, we can begin to
reap the benefits of our renewable energy project that will pay for
itself, help to reduce our utility costs and support our community
for years to come,” said Knox County Mayor Tim Burchett. “This is a
fiscally responsible energy solution that helps the environment,
saves taxpayer dollars and provides a great learning tool for our
students.”
Ameresco and Knox County worked closely to determine the optimal
financial structure, to develop the Qualified Energy Conservation
Bond (QECB) application, and to finalize the technical solution.
The project team analyzed over 90 Knox County School electric
accounts and multiple county facilities to develop the project. As
part of project design and implementation services, Ameresco
provided all turnkey services to ensure the project was implemented
safely, efficiently and in a manner to meet all local power company
and utility regulatory and interconnection requirements. Ameresco
provides a production guarantee for the life of the financing.
“Ameresco is honored to have worked together with Knox County to
develop a customized technical and financial solution that is both
fiscally attractive and environmentally responsible for the entire
community,” said Louis P. Maltezos, Executive Vice President,
Ameresco. “With this award-winning 5.3 MW solar project in the
state of Tennessee, Knox County’s leadership and staff have
inspired innovative renewable solutions while also generating a
source of significant annual income and creating local jobs.”
Construction on the project began in August 2015. The project
was designed to maximize economic and environmental benefits of
Knox County’s QECB application. Local labor was utilized wherever
possible, creating approximately 100 local jobs during the
construction period.
This Knox County solar project was recently honored by the
Tennessee County Services Association (TCSA) at its Fall Conference
Awards Banquet. The project was recognized with the County Success
Stories Award for sustainability. Knox County was also honored by
TenneSEIA and presented with its Solar Champion Award for its
leadership in deploying 5 MW of solar PV systems on 14 publicly
owned buildings, including 11 schools and three county
buildings.
The environmental benefits Knox County is expected to save are
the equivalent of over 5,000 metric tons of CO2 per year. The green
benefit from this carbon reduction is roughly equivalent to the
annual GHG emissions from approximately 1,057 passenger vehicles or
nearly 12 million miles a year driven by average passenger
vehicles. Knox County will retain all rights to the Renewable
Energy Credits (RECs).
The locations of the solar arrays include: AL Lotts Elementary
School, Amherst Elementary School, Bearden Middle School, Central
High School, Hardin Valley Academy, Karns High School, L&N STEM
Academy, Powell Middle School, South Doyle Middle School, West High
School, and the West Valley Middle School; as well as at the
Detention Center, Juvenile Justice Facility, and the Knox County
Central Building.
About Knox County, TennesseeKnox County is a county
located in Tennessee. According to the U.S. Census Bureau, the
county has a total area of 526 square miles, of which 508 square
miles is land and 17 square miles is water. With a population of
432,226, it is the third-most populous county in Tennessee. Its
county seat is Knoxville, the third-most populous city in
Tennessee. It is located at the geographical center of the Great
Valley of East Tennessee. Near the heart of the county is the
origin of the Tennessee River at the union of the Holston and
French Broad Rivers. For more information, visit
http://www.knoxcounty.org/.
About AmerescoFounded 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 a customer’s entry into a 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
construction backlog. This project was included in our previously
reported contracted backlog as of June 30, 2016.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161117005214/en/
Ameresco:CarolAnn Hibbard, 508-661-2264news@ameresco.comorKnox
County:Michael Grider,
865-363-8681communications@knoxcounty.org
Ameresco (NYSE:AMRC)
Historical Stock Chart
From Apr 2024 to May 2024
Ameresco (NYSE:AMRC)
Historical Stock Chart
From May 2023 to May 2024