Ameresco acquires APS Energy Services
Renewable energy company Ameresco (NYSE:AMRC) said today it has acquired privately-held APS Energy Services from Pinnacle West Capital Corp (NYSE:PNW) in a bid to strengthen its presence in the Southwest.
Terms of the transaction were not disclosed. However, the company expects the deal to add to 2011 earnings, it said in a statement.
Ameresco, which develops energy management projects for the commercial, industrial, state government and healthcare industries, said APS Energy Services will be renamed to Ameresco Southwest.
Tempe, Arizona-based APS Energy, a unit of Pinnacle West Capital Corp, provides energy efficiency and renewable services across the Southwest.
"As a Southwest energy services provider with strong leadership APS Energy Services adds substantial bench strength to Ameresco," said Ameresco CEO, George Sakellaris.
"With the acquisition of APS Energy Services, Ameresco strengthens its presence in the Southwest, while adhering to its strategy to grow organically."
Ameresco said it has implemented over $2 billion in energy saving projects for its customers across North America.
Ameresco, founded in 2000, offers services to reduce energy consumption, lower operating and maintenance costs, all the while benefiting the environment.
Its services include upgrades to a facility's energy infrastructure and the development, construction and operation of renewable energy plants. The company has 59 offices in 34 states and five Canadian provinces.
Framingham, Massachusetts-based Ameresco's shares closed down 2.03%, or 21 cents, to $10.13 on Friday.
Related news
- London Mining remains on track to hit 2012 production target at Marampa
- Ceres Power Holdings reports significant improvements of its fuel cell products
- Oxford Catalysts Group shares advance as it announces first start-up of FT reactor
- Mariana Resources kicks off drilling programme at Las Calandrias gold-silver project
- Orogen Gold begins Phase 1 drilling programme at Deli Jovan
- Magnolia Petroleum on track to hit 100 wells target by end-2012
- Mwana Africa sells 15pct stake in Freda Rebecca gold mine for $405k - UPDATE
