Amaresco Dips on Juneau Hookup
Ameresco, Inc., (NYSE: AMRC) shares started Tuesday negative. The company, which purports to be a leading energy solutions provider dedicated to helping customers navigate the energy transition, today announced its partnership with Juneau Hydropower, Inc. a recently Licensed Utility to develop, construct and operate a 19.8-megawatt (MW) hydroelectric facility at Sweetheart Lake, 33 miles south of downtown Juneau and its transmission and distribution assets.
Sweetheart Lake is designed to generate an average of 116,000 megawatt-hours (MWh) annually, providing a 20% increase in baseload clean hydropower over Juneau’s current electrical generation.
The project scope also covers the installation of a battery energy storage system (BESS), over 40 miles of high-voltage transmission infrastructure, including eight miles of undersea cable that will cross Gilbert Bay, and an interconnection substation with the existing Snettisham Transmission line adding energy security to Alaska’s capital city.
“This project is the catalyst for Juneau's sustained growth and prosperity, and we’ve used over 40 years of hydrological data to design hydropower operational parameters so that we can reliably produce energy in even the driest of years,” said Duff Mitchell, Managing Director, Juneau Hydropower.
“By harnessing the power of Alaska’s waters, we’re investing in a future where unprecedented events can be weathered with confidence. We’ve worked in harmony with local environmental scientists and stakeholders to create the reliable, resilient power needed by our community.”
AMRC shares fell 70 cents to $16.00.
