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Ameresco (AMRC) to Build Battery Storage Project in California
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Ameresco, Inc. (AMRC - Free Report) recently inked a deal with Silicon Valley Power to build a 50-megawatt (MW) battery energy storage system (BESS), Kifer Energy Storage LLC, for the latter. This should strengthen Ameresco’s position in the battery storage market.
Details of the Deal
The BESS, which boasts a capacity of 200 megawatt-hours (MWh), is scheduled to commence construction in mid-2024, with the goal of achieving full functionality by the fourth quarter of 2025. The storage system is located in Santa Clara, CA.
Per the deal, Ameresco will hold the ownership of the storage system and handle the operations, while Silicon Valley will be accountable for supplying the charging energy. With this deal, Ameresco aims to take a step forward in its goal to integrate renewable energy sources and provide a sustained level of clean and reliable energy to customers.
Ameresco’s Prospects in Battery Storage
Ameresco is a leading cleantech integrator and renewable energy asset developer, owner and operator. As of Dec 31, 2022, the company owned and operated 132 solar and battery storage assets. In its goal to integrate energy sources, AMRC is steadily investing in various building battery storage and other energy savings projects.
Going forward, the global battery energy storage market is projected to grow at a CAGR of 16.3% over the 2022-2029 period. This entails favorable prospects for Ameresco in the renewable market’s battery storage segment. Ameresco’s recent collaboration with Silicon Valley serves as a notable illustration of taking advantage of the aforementioned favorable market trends.
Peer Moves
Other alternate energy companies that stand to benefit from the expanding energy storage market are as follows:
Clearway Energy (CWEN - Free Report) announced in July 2023 that it has begun the construction of a 147 MW/588 MWh capacity battery storage facility in the Kern County of California. The project is expected to reach commercial operation in 2024.
The Zacks Consensus Estimate for Clearway Energy’s 2023 sales suggests a growth rate of 11.2% from the prior-year reported figure. The Zacks Consensus Estimate for Clearway Energy’s 2023 earnings suggests a massive improvement from the prior-year reported figure.
Altus Power (AMPS - Free Report) announced the addition of a new combined 10 MW solar plus 15 MWh battery storage system in Holliston in July 2023. The Holliston project adds to the 116 MW of solar arrays owned and operated by Altus Power in Massachusetts (as of Mar 31, 2023).
The Zacks Consensus Estimate for Altus Power’s 2022 sales suggests a growth rate of 65.4% from the prior-year reported figure. The Zacks Consensus Estimate for Altus Power’s 2023 earnings suggests a fall from the prior-year reported figure.
Brookfield Renewable Corporation (BEPC - Free Report) agreed to acquire Scout Clean Energy in September 2022 for $1 billion, with the potential to invest an additional $350 million to support business development activities ($270 million in total net to BEP). Scout’s portfolio includes more than 1,200 MW of operating wind assets, including a pipeline of more than 22,000 MW of wind, solar and storage projects across 24 states.
The Zacks Consensus Estimate for Brookfield’s 2023 sales suggests a growth rate of 11.9% from the prior-year reported figure. The Zacks Consensus Estimate for 2023 earnings indicates a growth rate of 55% from the prior-year reported figure.
Price Movement
In the past month, shares of Ameresco have increased 2.2% compared with the industry’s growth of 4.6%.
Image Source: Zacks Investment Research
Zacks Rank
Ameresco currently carries a Zacks Rank #5 (Strong Sell).
Image: Bigstock
Ameresco (AMRC) to Build Battery Storage Project in California
Ameresco, Inc. (AMRC - Free Report) recently inked a deal with Silicon Valley Power to build a 50-megawatt (MW) battery energy storage system (BESS), Kifer Energy Storage LLC, for the latter. This should strengthen Ameresco’s position in the battery storage market.
Details of the Deal
The BESS, which boasts a capacity of 200 megawatt-hours (MWh), is scheduled to commence construction in mid-2024, with the goal of achieving full functionality by the fourth quarter of 2025. The storage system is located in Santa Clara, CA.
Per the deal, Ameresco will hold the ownership of the storage system and handle the operations, while Silicon Valley will be accountable for supplying the charging energy. With this deal, Ameresco aims to take a step forward in its goal to integrate renewable energy sources and provide a sustained level of clean and reliable energy to customers.
Ameresco’s Prospects in Battery Storage
Ameresco is a leading cleantech integrator and renewable energy asset developer, owner and operator. As of Dec 31, 2022, the company owned and operated 132 solar and battery storage assets. In its goal to integrate energy sources, AMRC is steadily investing in various building battery storage and other energy savings projects.
Going forward, the global battery energy storage market is projected to grow at a CAGR of 16.3% over the 2022-2029 period. This entails favorable prospects for Ameresco in the renewable market’s battery storage segment. Ameresco’s recent collaboration with Silicon Valley serves as a notable illustration of taking advantage of the aforementioned favorable market trends.
Peer Moves
Other alternate energy companies that stand to benefit from the expanding energy storage market are as follows:
Clearway Energy (CWEN - Free Report) announced in July 2023 that it has begun the construction of a 147 MW/588 MWh capacity battery storage facility in the Kern County of California. The project is expected to reach commercial operation in 2024.
The Zacks Consensus Estimate for Clearway Energy’s 2023 sales suggests a growth rate of 11.2% from the prior-year reported figure. The Zacks Consensus Estimate for Clearway Energy’s 2023 earnings suggests a massive improvement from the prior-year reported figure.
Altus Power (AMPS - Free Report) announced the addition of a new combined 10 MW solar plus 15 MWh battery storage system in Holliston in July 2023. The Holliston project adds to the 116 MW of solar arrays owned and operated by Altus Power in Massachusetts (as of Mar 31, 2023).
The Zacks Consensus Estimate for Altus Power’s 2022 sales suggests a growth rate of 65.4% from the prior-year reported figure. The Zacks Consensus Estimate for Altus Power’s 2023 earnings suggests a fall from the prior-year reported figure.
Brookfield Renewable Corporation (BEPC - Free Report) agreed to acquire Scout Clean Energy in September 2022 for $1 billion, with the potential to invest an additional $350 million to support business development activities ($270 million in total net to BEP). Scout’s portfolio includes more than 1,200 MW of operating wind assets, including a pipeline of more than 22,000 MW of wind, solar and storage projects across 24 states.
The Zacks Consensus Estimate for Brookfield’s 2023 sales suggests a growth rate of 11.9% from the prior-year reported figure. The Zacks Consensus Estimate for 2023 earnings indicates a growth rate of 55% from the prior-year reported figure.
Price Movement
In the past month, shares of Ameresco have increased 2.2% compared with the industry’s growth of 4.6%.
Image Source: Zacks Investment Research
Zacks Rank
Ameresco currently carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.