Ameresco, Inc. (NYSE:AMRC), a leading energy efficiency and renewable energy company, today hosted Congresswoman Niki Tsongas, and Massachusetts and City of Lowell officials at a groundbreaking ceremony to commemorate the start of construction on a new 1.5 megawatt (MW) ground-mounted photovoltaic (PV) system at a Lowell capped-landfill site. This new project is the latest phase of a Power Purchase Agreement (PPA) with Ameresco, which also implemented an earlier 348 kW solar PPA and an Energy Savings Performance Contract (ESPC) that included sweeping infrastructure upgrades to 47 municipal buildings that are expected to save Lowell over $1.5 million in energy costs annually.
“During the Industrial Revolution, our region’s gateway cities led the way in powering American innovation. Today, solar projects like this pay homage to the Fifth District’s long tradition of sparking progress and embody the clean energy renaissance we are seeing across Massachusetts,” said Congresswoman Niki Tsongas. “Renewable energy research, development, and installations like the future solar array here are key to the economic future of the country, our Commonwealth, and the City of Lowell, particularly during this economic downturn. Congratulations to the City of Lowell and Ameresco for a collaborative effort that will cut the City’s energy costs, reduce its carbon footprint and spur economic development.”
More than 6,000 solar panels will soon revitalize the City of Lowell’s capped landfill site on Westford Street, transforming an under-utilized open space to a modern green-energy site that will generate electricity cost savings for the City. Through a PPA with Ameresco, the City will also be able to manage and control its electricity budget over a 20 year contract term, reducing potential future electricity price spikes.
As part of its comprehensive energy cost savings program, Ameresco previously installed and now operates five roof-top mounted solar PV systems at three elementary schools, a middle school and the Lowell Memorial Auditorium.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts