Ameresco secures $300M loan, $400K project

PHOTO | Courtesy of Ameresco A rendering of the Signal Hill floating solar project

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By Isabel Tehan

Ameresco, a clean energy company based in Framingham, closed on a $300-million loan to fund development and construction on its for clean energy projects. The loan is through HASI, a Maryland climate-positive investment firm.

"This substantial facility from HASI will serve as a flexible capital source to support an ever-increasing opportunity set for renewable and resilient asset development as we advance and broaden cleantech solutions for our customers," Doran Hole, executive vice president and CFO at Ameresco, said in an Aug. 24 press release.

Ameresco additionally added a new project in Park City, Utah, to its growing portfolio. The contract will have Ameresco install a floating solar panel facility at Signal Hill Water Treatment Plant, paid for by a $400,000 grant from Mountain Regional Water Special Service District in Utah. The district will own the completed project, according to a Tuesday press release from Ameresco.

The floating solar field is designed to reduce carbon dioxide emissions by 384 metric tons per year, which is equivalent to 43,211 gallons of gasoline annually and will prevent the need to burn 430,160 pounds of coal, according to Ameresco.

Work on the project is set to begin in June, for intended completion in September 2024.

The deal follows a number of high-value moves from Ameresco over the summer, including the acquisition of a California microgrid, a battery system to support Colorado’s energy infrastructure, and a partnership with an Onatrio, Canada’s energy provider.