Ameresco starts two Pennsylvania projects, announces tripling in net income

Grant Welker Ameresco saw net income nearly triple year-to-year in the second quarter.

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By Grant Welker

Days after announcing it has started work on one of the country's largest microgrids, Framingham renewable energy firm Ameresco has signed an $8-million energy efficiency contract with a Pennsylvania college.

The college energy-efficiency project announced Thursday includes nearly $8 million worth of upgrades at Luzern County Community College near Wilkes-Barre, Pa. Upgrades to 17 campus buildings are expected to save the college more than $576,000 annually in energy costs and other savings for 15 years.

Ameresco announced second-quarter results this week, saying revenue rose year-to-year by 2.5 percent to $167 million. Net income for the quarter ending June 30 nearly tripled to $5.8 million.

The company said it expects revenues this year to hit $665 million to $700 million, compared to $651 million last year.

The microgrid project will be part of the Navy Yard development in Philadelphia, a 1,200-acre business campus on a former U.S. Navy complex. Ameresco announced the start of construction on the project Friday, and said it is expected to be operational by later this year.

The publicly owned company contracts with municipalities, colleges, hospitals and other businesses for renewable energy or efficient energy projects. Several of its solar-energy arrays can be seen along the Massachusetts Turnpike, but Ameresco also works in far larger projects, including the Navy Yard in Philadelphia.

The microgrid, previously reported to cost about $11 million, will include a 6-megawatt natural gas-powered power plant. Ameresco is designing, building and maintaining the system.

The Navy Yard, which already contains a series of business and retail buildings, is being developed by the Philadelphia Industrial Development Corp., a public-private economic development agency.