Ameresco’s finances $262M to work on California battery project
New England Council member, Ameresco, secured $262 million in financing from Bank of America, as part of its effort to complete a large-scale battery storage system in Southern California. The engineering services company, based in Framingham, Massachusetts, works to integrate cleantech and develop owner and operator renewable energy assets.
Ameresco plans to use the money to fund a series of long-term projects, such as the design/build agreement with Southern California Edison, an electric utility serving 15 million customers. The project specifically focuses on Southern California’s 537-megawatt distribution battery energy storage systems facility. With this funding, their credit facility has increased its total to $495 million.
“This large-scale facility will provide a low-cost and flexible source of capital as we continue to develop and diversify our portfolio of cleantech solutions and renewable energy projects,” said Doran Hole, executive vice president and CFO of Ameresco, in a press release.
The New England Council would like to commend Ameresco for work to complete a large-scale battery storage system.
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