Ameresco launches $30 million energy upgrade project at UIC

FRAMINGHAM, Mass. & CHICAGO - Ameresco, Inc. (NYSE:AMRC) announced Tuesday the launch of a $30 million Phase 2 energy infrastructure project with the University of Illinois Chicago (UIC), expanding their decade-long partnership. The initiative focuses on upgrading HVAC systems in two campus buildings to improve energy efficiency.

The project includes installing 24 energy-efficient air handling units and implementing smart heating and cooling controls in University Hall and the Behavioral Science Building, the latter being UIC’s largest classroom facility. These improvements are expected to generate over $1 million in combined annual energy and operational savings, according to the company’s press release. With Ameresco’s earnings report due on August 4, InvestingPro subscribers can access 13 additional key insights about the company’s financial health and growth prospects.

Work is scheduled for completion within 18 months and aims to address deferred maintenance of aging mechanical equipment while reducing annual carbon dioxide emissions by more than 2,100 metric tons.

"Many universities face the challenge of aging infrastructure, and we’re proud to support our long-term partner," said Lou Maltezos, President of Central & Western USA, Canada Regions at Ameresco.

The initiative aligns with UIC’s Climate Commitment Action Plan (CCAP 2024), which prioritizes energy efficiency in campus buildings and operations. John Coronado, vice chancellor for administrative services at UIC, stated that the projects will "reduce the university’s energy footprint and also transform our facilities to better serve our students, faculty and staff."

This project follows UIC’s first Climate Action Plan published in 2009 and supports the university’s broader sustainability goals. The energy upgrades are part of Ameresco’s previously reported contracted backlog as of March 31, 2025. While the company has shown strong recent market performance, InvestingPro data reveals important insights about its financial trajectory, available through comprehensive Pro Research Reports that cover over 1,400 US stocks.

In other recent news, Ameresco announced a partnership with Juneau Hydropower to develop a 19.8 megawatt hydroelectric facility at Sweetheart Lake, Alaska. This project is expected to generate approximately 116,000 megawatt-hours annually, enhancing Juneau’s clean hydropower capacity by 20%. Additionally, Ameresco has renewed its contract with the Government of Nunavut, continuing its provision of enterprise asset management software and services for a vast portfolio of assets. In Europe, Spyros Kairis has been appointed as General Manager for South, East, and Central Europe, bringing over 20 years of experience in the energy and technology sectors to the role.

Furthermore, Ameresco is involved in a 3D printing project at the U.S. Army’s Detroit Arsenal, aiming to improve building insulation and energy efficiency by 50%. The company is also competing for a substantial $3 billion energy and water conservation contract alongside other major firms like AECOM and Constellation. These developments highlight Ameresco’s diverse activities and strategic initiatives across various regions and sectors.

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