Ameresco, Inc. Files 8-K Report

TL;DR

AMRC filed an 8-K on 8/30, check it for corporate updates.

AI Summary

On August 30, 2024, Ameresco, Inc. filed an 8-K report detailing other events and financial statements. The filing includes information about the company's principal executive offices located at 111 Speen Street, Suite 410, Framingham, MA 1701, and its telephone number (508) 661-2200. Ameresco, Inc. is incorporated in Delaware and operates within the construction special trade contractors sector.

Why It Matters

This filing provides an update on Ameresco, Inc.'s corporate activities and financial reporting, which is important for investors and stakeholders to stay informed about the company's status.

Risk Assessment

Risk Level: low — This filing is a routine 8-K report and does not appear to contain any significant new risks or material adverse information.

Key Players & Entities

• Ameresco, Inc. (company) — Registrant
• 111 Speen Street, Suite 410, Framingham, MA 1701 (location) — Principal Executive Offices
• August 30, 2024 (date) — Date of Report

FAQ

Key Financial Figures

• $0.0001 — stered Class A Common Stock, par value $0.0001 per share AMRC New York Stock Exchange
• $110 million — rojects and agreed to pay approximately $110 million in substantial completion milestone pay
• $3M — ill in dispute as well as approximately $3M for additional work SCE requires. Upon

Filing Documents

• amrc-20240830.htm (8-K) — 38KB
• amrc_2024093x8-kxexx991.htm (EX-99.1) — 9KB
• 0001488139-24-000146.txt ( ) — 177KB
• amrc-20240830.xsd (EX-101.SCH) — 2KB
• amrc-20240830_lab.xml (EX-101.LAB) — 22KB
• amrc-20240830_pre.xml (EX-101.PRE) — 13KB
• amrc-20240830_htm.xml (XML) — 3KB

01 Other Events

Item 8.01 Other Events. On August 30, 2024 Ameresco, Inc. (the "Company") reached an agreement ("Agreement") with Southern California Edison Company ("SCE") on the substantial completion of two of the three battery energy storage system ("BESS") projects the Company has been designing and building for SCE. The design and build of the projects are subject to the Company's Engineering, Procurement, Construction and Maintenance Agreement dated as of October 21, 2021 with SCE. As previously disclosed, due to supply chain delays, weather and other events, the Company was unable to complete the projects by the guaranteed completion date of August 1, 2022 and made related force majeure claims. In late 2022, SCE also instructed Ameresco to adjust the completion of the sites into 2023. Pursuant to the Agreement, SCE agreed to the substantial completion of two of the three BESS projects and agreed to pay approximately $110 million in substantial completion milestone payments within seven days from the Agreement. The milestone payments reflect SCE's set-off of liquidated damages that are still in dispute as well as approximately $3M for additional work SCE requires. Upon final acceptance of these two projects, the Company will invoice SCE for the remaining final acceptance milestone payments for these projects. The Agreement also confirms that the final resolution related to Ameresco's obligation to pay the liquidated damages withheld and the applicability and scope of any force majeure relief as well as cost recovery Ameresco may be entitled to remain subject to dispute. Ameresco is continuing discussions with SCE on these matters and its view continues to be that liquidated damages should not be applied. Commissioning and testing activities continue on the third BESS project, which was significantly impacted by the heavy rainfall in California in 2023. This last site is expected to reach substantial completion in the fourth quarter of 2024 at which time substantial m

Forward Looking Statements

Forward Looking Statements Any statements in this current report about the timing, completion and invoicing of the SCE projects and our expectations related to our agreement with SCE including the impact of delays and any requirement to pay liquidated damages, and other statements containing the words "projects," "believes," "anticipates," "plans," "expects," "will" and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward looking statements as a result of various important factors, including: demand for our energy efficiency and renewable energy solutions; the timing of, and ability to, enter into contracts for awarded projects on the terms proposed or at all; the timing of work we do on projects where we recognize revenue on a percentage of completion basis; the ability to perform under signed contracts without delay and in accordance with their terms and related liquidated and other damages we may be subject to; the fiscal health of the government and the risk of government shutdowns; our ability to complete and operate our projects on a profitable basis and as committed to our customers; our cash flows from operations and our ability to arrange financing to fund our operations and projects; our customers' ability to finance their projects and credit risk from our customers; our ability to comply with covenants in our existing debt agreements; the impact of macroeconomic challenges, weather related events and climate change on our business; our reliance on third parties for our construction and installation work; availability and cost of labor and equipment particularly given global supply chain challenges and global trade conflicts; global supply chain challenges, component shortages and inflationary pressures; changes in federal, state and local government policies and programs related to energy efficiency a

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits The exhibits listed on the Exhibit Index immediately preceding such exhibits are furnished as part of this Current Report on Form 8-K EXHIBIT INDEX Exhibit No. Description 99.1 Press Release dated Septembe r 3 , 2024 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AMERESCO, INC. September 3, 2024 By: /s/ Mark A Chiplock Mark A Chiplock Executive Vice President, Chief Financial Officer and Chief Accounting Officer

View Full Filing

View this 8-K filing on SEC EDGAR