Ameresco, Inc. completed the acquisition of Clean Energy Asset from Bright Canyon Energy for $76.8 million.
January 11, 2024
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Ameresco, Inc. (NYSE:AMRC) agreed to acquire Bright Canyon Energy Corporation on August 4, 2023. Ameresco?s ownership will allow JFTB to continue operating as Southern California?s emergency response hub during a natural or man-made disaster.
Ameresco, Inc. (NYSE:AMRC) completed the acquisition of Bright Canyon Energy Corporation for $76.8 million on January 12, 2024. The purchase price for the assets was $76.8 million, of which $11.2 million was net of cash acquired, $5 million was paid in cash, $46.7 million was financed by the seller, and Ameresco assumed a construction loan on the energy asset project for $36.3 million. In September 2023, Ameresco paid $12.5 million in principal on the seller?s note. As of September 30, 2023, the balance of the seller?s note was $34.2 million, which is expected to be paid with $5.9 million in cash before the end of this fiscal year and the remaining $28.3 million will be paid in January 2024.
Ameresco, Inc. is a cleantech integrator and renewable energy asset developer, owner and operator. The Companyâs comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and Europe. The Companyâs segments include U.S. Regions, U.S. Federal, Canada, Alternative Fuels, Europe and All Other. Its U.S. Regions, U.S. Federal, Canada, and Europe segments offer energy efficiency products and services which include the design, engineering and installation of equipment and other measures. Its Alternative Fuels segment sells electricity and processed renewable natural gas (RNG) derived from biomethane from small-scale plants that it owns and operates and provides operations and maintenance (O&M) services for customer owned small-scale RNG plants. The Companyâs All Other segment offers consulting services and the sale of solar photovoltaic (PV) energy products and systems.