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The Independent Electricity System Operator (IESO) in Canada has selected Ameresco Inc's (NYSE:AMRC) joint venture to build a 250 megawatt (MW), 1,000 megawatt-hour (MWh) battery energy storage system in collaboration with Atura Power, a subsidiary of Ontario Power Generation. Financial terms not disclosed.
Ameresco and Atura Power will complete the project under a joint venture (JV) named Napanee BESS Inc. The JV will enter into a capacity agreement with the IESO for twenty years.
Ameresco will offer Engineering and Construction (E&C) solutions and experience for the BESS installation under a separate contract with the JV in addition to being a 10.1% minority partner in the Napanee BESS Inc. JV.
"In partnership with Atura Power, we are honored that our JV has been selected by the IESO for this battery energy storage system installation, one of the largest in Canadian history. This project is designed to significantly bolster the province's energy security and reliability, ushering Canada into a greener, more sustainable age," commented Lou Maltezos, EVP of Ameresco.
Price Action: AMRC shares are trading lower by 2.94% at $47.63 on the last check Thursday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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