Ameresco Inc AMRC has signed a contract for a significant battery energy storage asset in partnership with United Power, an electric cooperative in Colorado's northern Front Range.
The asset installation entails a multiple site, 78.3 MW, 313.34 MWh battery storage system, spanning a 20-year agreement between Ameresco and United Power.
By strategically locating battery arrays throughout United Power's service territory, the initiative will empower the cooperative to balance its load effectively.
Ameresco will provide four 11.75 MW and four 7.84 MW battery arrays across eight different substation sites owned by United Power.
Through the arrangement, United Power wishes to optimize its energy resources, enhance grid resilience, and ensure a reliable electricity supply for customers.
"The inclusion of this expansive asset in Ameresco's portfolio further underscores the global need for energy storage to bolster clean and sustainable power sources," said Jon Mancini, Ameresco Senior Vice President of Solar Project Development.
Ameresco anticipates the assets to be placed in service in 2024.
Price Action: AMRC shares closed higher by 9.42% at $50.87 on Monday.
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