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March 10, 2022

Ameresco’s finances $262M to work on California battery project

Photo | Grant Welker Ameresco headquarters in Framingham

Renewable energy firm 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 financing boosts Ameresco’s credit facility total to $495 million, according to a Monday press release from the Framingham company.

Ameresco plans to use the money to fund a series of long-term projects, such 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.

“This large-scale facility will provide a low-lost 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.

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