Ameresco renews asset management contract with Nunavut government

FRAMINGHAM, Mass. & NUNAVUT, Canada - Ameresco, Inc. (NYSE:AMRC) has renewed its contract with the Government of Nunavut to provide enterprise asset management software and professional services, the company announced Monday.

The renewal continues a partnership that began in 2011, with Nunavut using Ameresco’s AssetPlanner platform to manage its portfolio of over 1,200 buildings and 2,500 vehicles and equipment assets spread across nearly 2 million square kilometers of Arctic territory. The contract renewal comes as Ameresco demonstrates strong recent momentum, with InvestingPro data showing a 10.66% stock return in the past week, despite broader market challenges.

The software-as-a-service contract includes the AssetPlanner subscription along with professional advisory services, virtual and on-site training, and support. The platform helps consolidate previously disparate data into a single system.

"This renewal and continued investment in the AssetPlanner system and Ameresco’s advisory services will continue to provide us with critical tools to support the capital planning, tactical maintenance management, and proactive energy management of our vast portfolio," said Paul Diamond, Director of Facility Management at the Government of Nunavut, according to the press release.

Tim Dettlaff, Senior Vice President and General Manager at Ameresco, said the renewed engagement will provide Nunavut staff with "industry-leading tools to manage their vast asset inventory and enable informed decision making."

Ameresco’s AssetPlanner platform currently tracks over 3 billion square feet of real estate data, according to the company statement.

Based in Framingham, Massachusetts, Ameresco provides energy solutions including efficiency measures, infrastructure upgrades, and distributed energy resources to government, utility, education, healthcare, and commercial customers in North America and Europe. The company has demonstrated robust growth with revenue increasing 30.13% over the last twelve months, maintaining a healthy liquidity position with a current ratio of 1.57. According to InvestingPro, which offers comprehensive analysis and 13 additional key insights about Ameresco’s financial health and market position, the stock currently appears undervalued based on its Fair Value assessment.

In other recent news, Ameresco, Inc. reported a successful sale of approximately $71 million in Investment Tax Credits related to its landfill-gas-to-renewable natural gas projects, marking its first sale under new transferability rules. This transaction underscores Ameresco’s ability to capitalize on clean energy incentives, facilitated by the STX Group. The company also announced the commercial operation of a 1.3 MW solar photovoltaic system at Reston Town Center in Virginia, developed in partnership with BXP, Inc. This project is expected to generate around 1.5 million kilowatt-hours of renewable energy annually.

In addition, Ameresco is competing with several other firms for a $3 billion energy and water conservation contract overseen by the U.S. Army Corps of Engineers. The contract aims to reduce energy and water consumption, along with associated costs. Furthermore, UBS analysts recently raised Ameresco’s stock price target to $11 from $8, maintaining a Sell rating. This adjustment reflects a more optimistic view of Ameresco’s federal contracting business, which constitutes a significant portion of the company’s project backlog.

Lastly, Ameresco is involved in an innovative energy efficiency project at the U.S. Army’s Detroit Arsenal, employing 3D printing technology to enhance building insulation. This initiative, part of the Department of Defense’s Environmental Security Technology Certification Program, aims to improve energy efficiency by 50%. These developments highlight Ameresco’s active role in the clean energy sector and its ongoing efforts to advance sustainable energy solutions.

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