Ameresco and Southern California Edison (SCE) are working around the clock to deliver a total of 2.1GWh of storage capacity by the end of the year. Three battery storage companies A systematic investment portfolio.
Ameresco announced its second-quarter financial results in early August. In a conference call to discuss the results, the company and California investor-owned utility Southern California Edison (SCE) released an update on the project, which it claims is the largest battery storage Ameresco has ever deployed. project.
The company is also currently working on its largest solar-plus-storage deal to date. Ameresco has partnered with energy developer Bright Canyon to develop Kūpono Solar, which will deploy a 48MW solar power facility with a 42MW/168MWh battery storage system on Oahu, Hawaii. The project will be connected to the grid of the utility company Hawaiian Electric Company (HECO).
According to industry media reports in June this year, Kūpono has signed a 37-year lease with the U.S. Navy for the Pearl Harbor base site and a 20-year power purchase agreement (PPA) with Hawaii Electric Company (HECO). And has been approved by the Hawaii Regulatory Public Utilities Commission (PUC).
Project revenue from Ameresco again drives overall growth
These two projects currently belong to Ameresco's Projects business line, one of the company's four business lines.
Ameresco's second-quarter revenue doubled primarily due to higher project revenue, and Ameresco is involved in projects in other areas, including LED lighting retrofits in towns and energy conservation efforts by federal agencies, including the U.S. military.
During the quarter, Ameresco was also awarded a 6MW/6MWh battery energy storage system (BESS) supply contract to be deployed in conjunction with the existing 18.6MW solar power facility at the Army Garrison at Fort Detrick, Maryland.
In the second quarter of 2022, Ameresco reported project revenue of $489.1 million, a substantial increase from $196.3 million in the first quarter of 2021. Net income for this business line was $15.8 million, up from $10.4 million a year earlier, and adjusted EBITDA income for the second quarter was $29.2 million, compared to $11.3 million a year earlier.
The Southern California Edison (SCE) project is expected to be completed by the end of the year
In its first-quarter numbers released in March, Ameresco said the Southern California Edison (SCE) contract accounted for most of the 36 percent increase in project revenue during the period, and that the company aggressively sought to deploy several other large-scale battery project contracts after winning the bid .
However, the company issued an update in April, with delays in the execution of the project due to factors such as supply chain disruptions caused by the pandemic. Ameresco has invoked a force majeure clause in its contract with the utility.
One of the key reasons why Ameresco was selected by Southern California Edison (SCE) in 2021 was its ability to complete the project on an expedited schedule, with all three main battery storage systems scheduled for substantial deployment by early August this year, which can be Served during peak California summer demand.
About two-thirds of the batteries have now been shipped to the site, with the remainder on the way, with deployment of the energy storage portfolio expected to be completed by the end of this year.
