Ameresco, Inc., (NYSE: AMRC) shares gained ground in the first hour Tuesday. The company, a leading energy infrastructure solutions provider, and Orange Unified School District (OUSD) today announced the completion of a solar photovoltaic rooftop and carport installation project spanning seven schools. The project is anticipated to generate $6.3 million in savings for the school district over 25 years.
According to this morning’s news release, “Ameresco developed the rooftop and carport canopy solar PV systems for Orange Unified School District, located at four elementary, one middle, and two high school campuses. As part of the power purchase agreement contract, Ameresco will own and maintain the solar systems, and OUSD will purchase the power generated by each system at a fixed rate for the next 25 years.”
The release goes on to say this fixed rate allows OUSD to lock in energy savings, insulating them from any fluctuations in energy pricing and guaranteeing savings. This initiative comprises seven solar projects, five of which are already complete. The remaining two high schools are scheduled to be energized by the end of 2025.
OUSD reportedly serves approximately 25,000 students from pre-school to grade 12 from Orange County, California in the cities of Orange, Villa Park, Anaheim, Garden Grove, Santa Ana, and unincorporated county areas.
Shares in AMRC galloped $1.01, or 2.8%, to $35.96.
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