Ameresco announces LFGTE project, releases financial results

By Erin Voegele | November 01, 2016

On Oct. 31, Ameresco Inc. announced the completion of a 16 MW landfill gas-to-energy (LFGTE) project at the Orchard Hills Generating Station near Rockford, Illinois. The following day, the company released third quarter financial results.

Ameresco contracted the Rockford LFGTE project in July 2014. The engineering, procurement and construction (EPC) contract for the project included comprehensive design, engineer-procure, permit and construction services. Ameresco is also operating the project for Hoosier Energy.

According to the company, the LFGTE project is the fourth biogas-fueled project the company is operating for Hoosier Energy. The facility turns landfill gas into electricity. It is powered by six 620 Jenbacher engines and is capable of producing enough electricity to power more than 8,000 homes that use 1,200 kWh of electricity per month.

“Ameresco is honored to have been entrusted by Hoosier Energy, once again, to build another best-in-class alternative-fueled renewable energy facility,” said Michael T. Bakas, senior vice president of Ameresco. “We are proud of the hard work and dedication of our employees, in close collaboration with Hoosier Energy, for their passion in ensuring the successful construction and commercial operations of this new 16 MW utility-grade facility, and we look forward to operating and maintaining this new asset to the benefit of Hoosier Energy and its members for the long term.”

Regarding financial results, Ameresco reported revenues of $180.6 million for the third quarter, compared to $189.1 million during the same period of last year. Operating income was $9.9 million, up from $9.7 million. Net income reached $5.7 million, up from $4.2 million, with net income per diluted share at 12 cents, up from 9 cents. Not-GAAP EPS was 16 cents, up from 9 cents. Adjusted EBITDA, a non-GAAP financial measure, was $19.2 million, compared to $16.1 million.

"Third quarter results were solid and built on the momentum we established in the first half of the year,” said George P. Sakellaris, chairman, president and CEO of Ameresco, said. “Our focus is on growing earnings faster than revenue, as demonstrated by the significant improvement in both net income and adjusted EBITDA. We are confident in our outlook for continued growth in the years ahead. We continue to build our portfolio of distributed generation assets, increase our penetration in new and existing markets, and grow our contracted backlog. We believe our broad and deep technical expertise and innovative approach to energy efficiency and renewable energy projects will enable us to sustain our leadership position in the industry.”

During an investor call, Sakellaris briefly discussed a biogas project under development at a wastewater treatment plant in Phoenix, Arizona. The project was announced in August. According to Sakellaris, Ameresco will build, own, operate and maintain the facility, which will process raw biogas generated in anaerobic digesters into renewable natural gas. He said the green gas will be delivered via pipeline to California, where it will be used to fuel vehicles. The project is currently expected to be operational by late 2017.