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Ameresco (AMRC), Sunel to Co-Build 300MW Projects Across UK
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Ameresco, Inc. (AMRC - Free Report) , along with Sunel Group, has recently started building a portion of the portfolio of multiple solar photovoltaic (PV) park projects on behalf of Sonnedix across the United Kingdom. This should strengthen Ameresco’s position in the solar energy market.
Details of the Project
The project will include five ground-mounted solar PV parks across England, Cowley Complex; Gonerby Solar; Winkburn Solar Farm; Gammaton Solar Farm and Lawns Solar Farm. These will together generate an annual renewable electricity of approx 300,000 megawatt-hours (MWh).
The project is scheduled to complete construction in early 2025, with the goal of providing clean energy to 85,000 homes in the UK and avoiding 58,000 metric tons of carbon dioxide emissions annually.
Ameresco’s Prospects in Solar Energy
Ameresco is a leading cleantech integrator and renewable energy asset developer, owner and operator. As of Sep 30, 2023, the company had 286 megawatt (MW) of solar operating assets and 34% of its energy assets in development was solar. In its goal to integrate energy sources, AMRC is steadily investing in various solar energy solutions.
On Nov 29, 2023, HSGS-Ameresco LLC was awarded a contract for the construction of a 6.25 MW solar generation plant at Military Ocean Terminal Concord in Concord, CA.
Going forward, per a report from the Mordor Intelligence’s firm, the global Solar Energy market size in terms of installed base is expected to grow from 1.43 thousand gigawatt in 2023 to 3.94 thousand gigawatt by 2028, at a CAGR of 12.72% during 2023-2028. This entails favorable prospects for Ameresco in the solar market. Ameresco’s recently announced joint project with Sunel Group serves as a notable illustration of taking advantage of the aforementioned market growth opportunities.
Peer Moves
Other alternate energy players that are indulging in the expansion strategy to meet the growing demand of the solar energy market are as follows:
Clearway Energy (CWEN - Free Report) announced in October 2023 that it has begun commercial operations at Daggett Solar + Storage facility, which produces 482 MW of solar energy in the San Bernardino County of California. The project is expected to reach commercial operation in 2024. As of Sep 30, 2023, CWEN had 2,010 MW of operational solar capacity.
The Zacks Consensus Estimate for CWEN’s 2023 sales suggests growth rate of 11.2% from the prior-year reported figure. The stock delivered an average earnings surprise of 19.20% in the last four quarters.
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. As of Sep 30, 2023, Altus owned 180 MW of solar assets.
The Zacks Consensus Estimate for AMPS’ 2023 sales suggests growth rate of 64.3% from the prior-year reported figure. The consensus estimate for 2023 earnings has improved 33.3% over the last 90 days.
NextEra Energy Partners LP (NEP - Free Report) operates 33 universal-scale solar projects across the United States. As of Sep 30, 2023, it had a portfolio of 1,790 MW of solar. In May 2023, Florida Power & Light Company (FPL), a subsidiary of NEP, opened two new solar energy centers, FPL Saw Palmetto and FPL Cypress Pond Solar Energy Centers in Florida. FPL further plans to add 20 GW of new solar through 2032.
NEP has a long-term (three-to-five-years) earnings growth rate of 14.7%. The Zacks Consensus Estimate for 2023 sales suggests growth rate of 21.3% from the prior-year reported figure.
Price Performance
In the past month, shares of AMRC have rallied 41% compared with the industry’s 2.6% increase.
Image Source: Zacks Investment Research
Zacks Rank
Ameresco currently has a Zacks Rank #5 (Strong Sell).
Image: Bigstock
Ameresco (AMRC), Sunel to Co-Build 300MW Projects Across UK
Ameresco, Inc. (AMRC - Free Report) , along with Sunel Group, has recently started building a portion of the portfolio of multiple solar photovoltaic (PV) park projects on behalf of Sonnedix across the United Kingdom. This should strengthen Ameresco’s position in the solar energy market.
Details of the Project
The project will include five ground-mounted solar PV parks across England, Cowley Complex; Gonerby Solar; Winkburn Solar Farm; Gammaton Solar Farm and Lawns Solar Farm. These will together generate an annual renewable electricity of approx 300,000 megawatt-hours (MWh).
The project is scheduled to complete construction in early 2025, with the goal of providing clean energy to 85,000 homes in the UK and avoiding 58,000 metric tons of carbon dioxide emissions annually.
Ameresco’s Prospects in Solar Energy
Ameresco is a leading cleantech integrator and renewable energy asset developer, owner and operator. As of Sep 30, 2023, the company had 286 megawatt (MW) of solar operating assets and 34% of its energy assets in development was solar. In its goal to integrate energy sources, AMRC is steadily investing in various solar energy solutions.
On Nov 29, 2023, HSGS-Ameresco LLC was awarded a contract for the construction of a 6.25 MW solar generation plant at Military Ocean Terminal Concord in Concord, CA.
Going forward, per a report from the Mordor Intelligence’s firm, the global Solar Energy market size in terms of installed base is expected to grow from 1.43 thousand gigawatt in 2023 to 3.94 thousand gigawatt by 2028, at a CAGR of 12.72% during 2023-2028. This entails favorable prospects for Ameresco in the solar market. Ameresco’s recently announced joint project with Sunel Group serves as a notable illustration of taking advantage of the aforementioned market growth opportunities.
Peer Moves
Other alternate energy players that are indulging in the expansion strategy to meet the growing demand of the solar energy market are as follows:
Clearway Energy (CWEN - Free Report) announced in October 2023 that it has begun commercial operations at Daggett Solar + Storage facility, which produces 482 MW of solar energy in the San Bernardino County of California. The project is expected to reach commercial operation in 2024. As of Sep 30, 2023, CWEN had 2,010 MW of operational solar capacity.
The Zacks Consensus Estimate for CWEN’s 2023 sales suggests growth rate of 11.2% from the prior-year reported figure. The stock delivered an average earnings surprise of 19.20% in the last four quarters.
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. As of Sep 30, 2023, Altus owned 180 MW of solar assets.
The Zacks Consensus Estimate for AMPS’ 2023 sales suggests growth rate of 64.3% from the prior-year reported figure. The consensus estimate for 2023 earnings has improved 33.3% over the last 90 days.
NextEra Energy Partners LP (NEP - Free Report) operates 33 universal-scale solar projects across the United States. As of Sep 30, 2023, it had a portfolio of 1,790 MW of solar. In May 2023, Florida Power & Light Company (FPL), a subsidiary of NEP, opened two new solar energy centers, FPL Saw Palmetto and FPL Cypress Pond Solar Energy Centers in Florida. FPL further plans to add 20 GW of new solar through 2032.
NEP has a long-term (three-to-five-years) earnings growth rate of 14.7%. The Zacks Consensus Estimate for 2023 sales suggests growth rate of 21.3% from the prior-year reported figure.
Price Performance
In the past month, shares of AMRC have rallied 41% compared with the industry’s 2.6% increase.
Image Source: Zacks Investment Research
Zacks Rank
Ameresco currently has a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.