Ameresco Expands Long-Standing Collaboration with the University of Illinois Chicago Through $30 Million Phase 2 Energy Efficiency Project | AMRC Stock News

Article's Main Image
  • Ameresco (AMRC, Financial) collaborates with the University of Illinois Chicago on a $30 million energy efficiency project.
  • The project targets annual savings of $1 million through HVAC upgrades at two key campus buildings.
  • Completion is expected in 18 months, with projected CO2 savings of over 2,100 metric tons annually.

Ameresco, Inc. (AMRC), a prominent energy solutions provider, has announced a significant $30 million Phase 2 collaboration with the University of Illinois Chicago (UIC) to enhance energy efficiency across the campus. This project builds upon a decade-long partnership between Ameresco and UIC, focusing on upgrading HVAC infrastructure in two essential buildings: University Hall and the Behavioral Science Building.

The initiative includes the installation of 24 energy-efficient air handling units and sophisticated smart controls for heating and cooling. These enhancements are designed to deliver combined annual energy and operational savings exceeding $1 million for the university, while also addressing deferred maintenance of aged mechanical equipment.

Projected to conclude in 18 months, the project is expected to significantly reduce UIC's environmental footprint. It is estimated to cut down greenhouse gas emissions equivalent to those generated by driving approximately 5.5 million miles in an average gasoline-powered passenger vehicle or through the carbon sequestration of around 2,100 acres of U.S. forests in a year. This translates to annual carbon dioxide savings of over 2,100 metric tons.

UIC’s commitment to sustainability, emphasized through this project, is aligned with their Climate Commitment Action Plan (CCAP 2024), specifically the Energy Efficiency Portfolio. This initiative reinforces UIC's leadership in sustainability in higher education, building on its legacy since the publication of its first Climate Action Plan in 2009.

As Ameresco continues to support UIC in improving its infrastructure, John Coronado, UIC's vice chancellor for administrative services, stated, “These projects will reduce the university’s energy footprint and also transform our facilities to better serve our students, faculty, and staff.”

Disclosures

I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.