January 13, 2014
Ameresco, Inc., (NYSE:AMRC), a leading energy efficiency and renewable energy company, announced that it has been selected by the City of Yakima to develop and implement a citywide LED street light project through an Energy Savings Performance Contract (ESPC). The City upgraded 400 of its downtown street lights to LED in 2009 using American Recovery and Reinvestment Act (ARRA) funding. The new project will convert the balance of the City's 4,000 remaining high pressure sodium street lights, as well as parking, parks and other outdoor lighting, to new LED lighting. Ameresco will also assist the City in applying for a Washington Department of Commerce energy efficiency grant to help pay for the project.
'We are pleased to partner with the City of Yakima - a pioneer in the use of LED street lighting in Washington - for this project. LED street lights provide dramatic reductions in energy and maintenance costs, while at the same time providing improved lighting that offers real public safety improvements,' said Louis P. Maltezos, Executive Vice President, Ameresco. 'LED street light projects are another example of using the budget-neutral ESPC process to make municipal infrastructure improvements that pay for themselves.'
'The City of Yakima is looking forward to working hand in hand with Ameresco to develop a project that we are confident will be truly beneficial for our community,' said Communications & Public Affairs Director Randy Beehler. 'The City has had great success with smaller-scale LED street light projects. The increased efficiency and decreased long-term operating cost that LED technology provides allows the City the ability to improve service while keeping costs in line,' said Beehler. 'With the help of Ameresco, we're putting together a project that will pay dividends well into the future.'
The City of Yakima is the twelfth Washington city to select Ameresco for an LED street lighting project. In the past year, Ameresco has installed nearly 10,000 street lights for Washington municipalities, including the Cities of Longview, Olympia and Renton. In addition to the City of Yakima, Ameresco was recently selected by the Cities of Everett, Kirkland, and Oak Harbor for similar projects.
Ameresco has a long history of partnering with state and local government, higher education, K-12 schools, port districts and other public agencies across Washington State to improve energy infrastructure and install renewable energy technologies. The ESPC financing model has made this budget-neutral solution an increasingly popular option for customers across the Northwest, enabling energy efficiency upgrades paid for with guaranteed energy savings.
About The City of Yakima, WA
Situated in Central Washington's Yakima Valley, Yakima is the 9th largest city in Washington State with a population of 92,000 and a metropolitan area population of exceeding 240,000. Home to more than 100 wineries, the Yakima valley is also noted for apple and hop production. The Yakima community enjoys a rich mixture of people from many cultural and ethnic backgrounds. With its beautiful weather, central location, relatively low cost of living, and strong sense of community, Yakima is a premiere place to live, work, and play.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading independent provider of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for facilities throughout North America. Ameresco's services include upgrades to a facility's energy infrastructure and the development, construction and operation of renewable energy plants. Ameresco has successfully completed energy saving, environmentally responsible projects with federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco provides local expertise through its 70 offices in 33 states, five Canadian provinces and the United Kingdom. Ameresco has more than 900 employees.
The announcement of a customer's entry into a project contract is not necessarily indicative of the timing or amount of revenue from such contract, of the company's overall revenue for any particular period or of trends in the company's overall total construction backlog.
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