Amaersco Flat on Hawaiian Electric Award

Ameresco, Inc., (NYSE: AMRC) shares took some time to get going Wednesday, as the company, a leading cleantech integrator specializing in energy efficiency and renewable energy, announced its award from Hawaiian Electric Company for the proposed ‘Ukiu Energy 40-megawatt (MW) renewable energy site in Maui. This innovative facility will add critical grid reliability to the island and move Hawaii closer to its clean energy goals, including the state’s commitment to achieving 100% renewable electricity and carbon neutrality by 2045.

The proposed facility will include a biofuel-powered generator with six dual-fuel engines. It will offer firm renewable energy and provide a highly flexible capacity resource. This facility will also maintain power quality, enhance grid reliability, and allow for the additional integration of intermittent renewable resources. Importantly, in the event of a power outage, it will have the ability to be brought online, in black start mode, to help repower the grid. Additionally, the fast, flexible engines will enable the current fossil fuel generators to turn down their idling engines, supporting decarbonization efforts. Key outcomes include not only renewable energy provided 24/7 to the island, but also a reduction in Maui’s dependence on foreign sources of fuel.

In support of the ‘Ukiu Energy facility, Ameresco is steadfast in its commitment to identifying meaningful ways to benefit the local community. This includes supporting community organizations, social service providers, and non-profit organizations focused on environmental and natural hazard mitigation, quality-of-life enhancements, homelessness, Science Technology Engineering and Math (STEM) education, and youth recreation.

AMRC shares began trading Wednesday at Tuesday’s close of $22.18.

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