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Ameresco (AMRC) Completes 27 MW Solar Farm in Illinois
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Ameresco, Inc. (AMRC - Free Report) recently announced the completion of a solar farm in Bureau County, with a capacity of 26.3 megawatts (MW DC) 20 MW alternating-current.
The solar farm is located in DePue, IL, and Ameresco’s solar project will assist in advancing the state’s goal of reaching 25% renewable energy by 2025.
Details of the Farm
The DePue solar farm comprises 65,832 solar photovoltaic panels installed on ballast blocks entirely above ground. During the first year of operation, it is estimated to produce 37,000 MW hours of clean energy.
The solar farm remains committed to a clean future by nullifying 25,947 metric tons of CO2 annually, equivalent to taking 5,509 passenger vehicles off the road for a year.
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 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 Dec 11, 2023, Ameresco was selected by Hawaiian Electric Company to construct the Pu`uloa Solar project in Oahu to produce 6.4 MW of solar generation combined with 6 MW/30 megawatt hours of energy storage. Ameresco has also started constructing 300 MW of multiple solar projects across the United Kingdom.
Going forward, per a report from Mordor Intelligence, the global Solar Energy market’s size, in terms of installed base, is expected to grow from 1.84 thousand gigawatts in 2024 to 5.08 thousand gigawatts by 2029, at a CAGR of 28.82% during 2024-2029. This entails favorable prospects for Ameresco in the solar market.
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 2024 sales indicates growth of 2.2% from the prior year’s estimated figure. The Zacks Consensus Estimate for 2024 earnings per share (EPS) indicates growth of 55.7% from the prior-year figure.
Altus Power (AMPS - Free Report) owned 721 MW of solar assets across 25 states as of Sep 30, 2023. On Dec 21, 2023, it acquired Project Hyperion, LLC, comprising 121 MW in solar assets, primarily located in North and South Carolina.
The Zacks Consensus Estimate for AMPS’ current quarter EPS indicates growth rate of 33.3% from the prior-year figure. The Zacks Consensus Estimate for 2024 sales indicates growth rate of 36.1% from the prior-year estimated figure.
Brookfield Renewable Corporation (BEPC - Free Report) owns 88 solar facilities with an approximate capacity of 2,300 MW. In 2022, it acquired Urban Grid, which has a pipeline of approximately 20,000 MW of utility-scale solar and energy storage capacity across the United States.
The Zacks Consensus Estimate for Brookfield’s 2024 sales suggests growth rate of 15.4% from the prior-year estimated figure. The Zacks Consensus Estimate for 2024 EPS indicates growth rate of 65.6% from the prior-year figure.
Price Performance
In the past year, shares of AMRC have lost 63.8% compared with the industry’s 16.2% decline.
Image Source: Zacks Investment Research
Zacks Rank
Ameresco currently has a Zacks Rank #5 (Strong Sell).
Image: Shutterstock
Ameresco (AMRC) Completes 27 MW Solar Farm in Illinois
Ameresco, Inc. (AMRC - Free Report) recently announced the completion of a solar farm in Bureau County, with a capacity of 26.3 megawatts (MW DC) 20 MW alternating-current.
The solar farm is located in DePue, IL, and Ameresco’s solar project will assist in advancing the state’s goal of reaching 25% renewable energy by 2025.
Details of the Farm
The DePue solar farm comprises 65,832 solar photovoltaic panels installed on ballast blocks entirely above ground. During the first year of operation, it is estimated to produce 37,000 MW hours of clean energy.
The solar farm remains committed to a clean future by nullifying 25,947 metric tons of CO2 annually, equivalent to taking 5,509 passenger vehicles off the road for a year.
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 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 Dec 11, 2023, Ameresco was selected by Hawaiian Electric Company to construct the Pu`uloa Solar project in Oahu to produce 6.4 MW of solar generation combined with 6 MW/30 megawatt hours of energy storage. Ameresco has also started constructing 300 MW of multiple solar projects across the United Kingdom.
Going forward, per a report from Mordor Intelligence, the global Solar Energy market’s size, in terms of installed base, is expected to grow from 1.84 thousand gigawatts in 2024 to 5.08 thousand gigawatts by 2029, at a CAGR of 28.82% during 2024-2029. This entails favorable prospects for Ameresco in the solar market.
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 2024 sales indicates growth of 2.2% from the prior year’s estimated figure. The Zacks Consensus Estimate for 2024 earnings per share (EPS) indicates growth of 55.7% from the prior-year figure.
Altus Power (AMPS - Free Report) owned 721 MW of solar assets across 25 states as of Sep 30, 2023. On Dec 21, 2023, it acquired Project Hyperion, LLC, comprising 121 MW in solar assets, primarily located in North and South Carolina.
The Zacks Consensus Estimate for AMPS’ current quarter EPS indicates growth rate of 33.3% from the prior-year figure. The Zacks Consensus Estimate for 2024 sales indicates growth rate of 36.1% from the prior-year estimated figure.
Brookfield Renewable Corporation (BEPC - Free Report) owns 88 solar facilities with an approximate capacity of 2,300 MW. In 2022, it acquired Urban Grid, which has a pipeline of approximately 20,000 MW of utility-scale solar and energy storage capacity across the United States.
The Zacks Consensus Estimate for Brookfield’s 2024 sales suggests growth rate of 15.4% from the prior-year estimated figure. The Zacks Consensus Estimate for 2024 EPS indicates growth rate of 65.6% from the prior-year figure.
Price Performance
In the past year, shares of AMRC have lost 63.8% compared with the industry’s 16.2% decline.
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.