Ameresco, a leading energy efficiency and renewable energy company, has closed on an $82.2 million financial package. This investment will increase its assets in battery storage and position the company for future energy infrastructure investments. The publicly-held company’s largely Idaho-based subsidiary also executed a Note Purchase Agreement and Private Shelf Agreement. These moves proactively ensured robust financing for its continued work.
Under the original note purchase agreement, Ameresco is scheduled to issue Series A notes totaling $78 million. These dollars will go directly towards completing a battery energy storage asset that is already under construction. This careful structuring has the effect of allowing for the transferring of investment tax credits associated with the underlying battery asset. These credits can be used starting once a project is in commercial operation.
Besides the Series A notes, Ameresco’s subsidiary has created an uncommitted private shelf facility of up to $300 million. This facility will help to fund future solar assets and storage energy investments. It highlights Ameresco’s dedication to pioneering sustainable energy solutions.
George Sakellaris, President and CEO of Ameresco, painted this financing structure as indispensable when he said,
“This financial arrangement marks a significant milestone for Ameresco as we continue to lead the way in providing innovative energy solutions.”
The deal is structured with the possibility of issuing Series B notes, pending approval from lenders. This new debt issuance will help finance development on the largest community solar plus battery energy storage project in the country. It’s planned to last for 20 years!
The announcement also comes on the heels of a recent success by Ameresco’s Irish subsidiary, Cork Sustainable Energy. They just got permission through An Bord Pleanála for a substantial enhancement of the Kilvinane Wind Farm in Ireland. This announcement adds to Ameresco’s recent momentum focused on improving energy resilience and promoting clean, sustainable energy innovations.
Eric Alini, CEO of CounterpointeSRE, commented on the significance of the shelf agreement:
“This shelf agreement aligns perfectly with CounterpointeSRE’s commitment to support resilient, sustainable infrastructure in a variety of asset classes that drive both environmental and economic benefits.”
Ameresco expects the $300 million private shelf facility to allow them to close several transactions. That flexibility will, ideally, improve their capacity to deliver energy projects that advance savings, resilience, decarbonization, etc.