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Ameresco Acquires Microgrid Project Through Pinnacle West Capital Deal

Renewable energy provider Ameresco (NYSE: AMRC) and investor-owned utility holding company Pinnacle West Capital (NYSE: PNW) have agreed to develop a microgrid system to provide backup power for the U.S. Army and California National Guard.

The first stage of the companies’ two-phase agreement involves Ameresco’s acquisition of an energy resilience project under construction at Joint Forces Training Base in Los Alamitos, California, from Pinnacle subsidiary Bright Canyon Energy, 

The project is being developed on 100 acres of land leased from the Army to provide 31.5 MW of solar-generated electricity capacity, a 20 MW/40 MWh battery energy storage system, 3MW of backup generators and microgrid controls.

PowerSecure and Total Energies provide engineering, procurement and construction services on the Los Alamitos project while First Solar and Tesla respectively supply solar panels and battery energy storage.

In the second phase of the deal, Ameresco will acquire Bright Canyon Energy and its interest in Kupono Solar Development Company and other project subsidiaries.

All parties expect to close the transaction in late 2023, subject to third-party consent and other conditions.

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