Ameresco, Inc. (NYSE: AMRC)

Ameresco, Inc. is a leading energy infrastructure solutions provider dedicated to helping customers reduce costs, enhance resilience, and decarbonize to net zero in the global energy transition. The company specializes in implementing smart energy efficiency solutions, upgrading aging infrastructure, and developing, constructing, and operating distributed energy resources. Ameresco's comprehensive portfolio includes a range of services aimed at reducing operating expenses, upgrading and maintaining facilities, stabilizing energy costs, improving occupancy comfort levels, increasing energy reliability, and enhancing the environment. The company leverages budget-neutral solutions, such as energy savings performance contracts (ESPCs) and power purchase agreements (PPAs), to reduce the financial barriers that traditionally hamper energy efficiency and renewable energy projects.

Ameresco generates revenue through a variety of services and products, including energy efficiency projects, renewable energy plants, and tailored financial solutions. The company's primary products and services encompass energy efficiency measures, renewable energy solutions, and integrated infrastructure services. These offerings cater to a diverse customer base, including federal, state, and local governments, utilities, data centers, educational and healthcare institutions, housing authorities, and commercial and industrial customers across North America and Europe. Ameresco has sourced and raised approximately $7.0 billion in project financing while delivering $18.1 billion in energy solutions since its inception. The company's growth is driven by staying ahead of the curve and at the leading edge of innovation taking place in the energy sector, offering new products and services to new and existing customers.

• Smart Energy Solutions Projects: This segment primarily focuses on energy efficiency projects, which entail the design, engineering, and installation of innovative technologies and techniques to improve the energy efficiency and control the operation of a building's energy- and water-consuming systems. Projects range from simple lighting retrofits to complex central plant or cogeneration systems. Notable projects include energy conservation and resiliency measures across school buildings, large-scale energy conservation and security projects for the federal government, and municipal-scale street lighting projects incorporating smart city controls.

• O&M: After an energy efficiency or renewable energy project is completed, Ameresco often provides ongoing operations and maintenance (O&M) services under multi-year contracts. These services include operating, maintaining, and repairing facility energy systems, such as boilers, chillers, and building controls, as well as central power and small-scale plants. For larger projects, Ameresco frequently maintains staff on-site to perform these services. In addition to providing O&M services for its own projects, the company also offers similar services on projects it did not construct for various customers.

• Ameresco-owned Energy Assets: This segment involves the development, design, construction, finance, and operation of small-scale power plants that Ameresco owns and operates. These assets may sell electricity, heat, cooling, processed biogas, or renewable biomethane fuel under short- or long-term contracts. Ameresco has constructed and is currently developing a wide range of renewable energy plants using various sources, including biomass, biogas, landfill gas, renewable natural gas (RNG), cogeneration, geothermal, hydropower, solar power, and wind power. As of December 31, 2025, Ameresco owned and operated 227 small-scale renewable energy plants, including solar PV installations, with a combined capacity of approximately 838 megawatt equivalents (MWe) and has energy assets in development and construction with a combined capacity of approximately 853 MWe.

• Other: This segment includes photovoltaic solar energy products and systems (integrated-PV), consulting, and enterprise energy management services.

Ameresco operates in a highly competitive industry, facing significant competition from a large number of companies. However, the company believes that few competitors offer the objective technical expertise and full range of services that Ameresco does. Key competitors include McKinstry, CM3 Building Solutions, CMTA, Inc. (a Legence company), SitelogIQ, ABM Industries, Inc., Southland Industries, Energy Systems Group, LLC, Honeywell, Johnson Controls, NORESCO (a unit of Carrier Global Corporation), Schneider Electric, Siemens Building Technologies, and Trane Technologies (an Ingersoll-Rand company) for smart energy solutions. In the renewable energy assets market, principal competitors include large, national project developers and owners of landfills who self-develop projects using landfill gas from their own landfills, and other national renewable natural gas developers/owners such as Montauk Renewables, Vanguard Renewables, Opal Fuels, and divisions of large multi-national oil and gas conglomerates. For O&M services, competitors include EMCOR Energy Services, Comfort Systems USA, Honeywell, Johnson Controls, and Veolia. Ameresco competes primarily on the basis of its comprehensive, independent offering of energy efficiency and renewable energy services, as well as the breadth and depth of its expertise.

In 2025, Ameresco served customers throughout North America and Europe. Approximately 61.0% of its revenues were derived from federal, state, provincial, or local government entities, including public housing authorities, public universities, and municipal utilities. The company's federal customers include various divisions of the U.S. federal government. The U.S. federal government is considered a single customer and segment for reporting purposes. For the year ended December 31, 2025, Ameresco's largest 20 customers accounted for approximately 57.2% of its total revenues. Other than the U.S. federal government, no customers represented 10% or more of its revenues during this period.