Framingham, Mass., March 15, 2011 — Ameresco, Inc., an energy efficiency and renewable energy company, entered into an energy savings performance contract with Shenandoah County Public Schools, located 90 miles west of Washington, D.C. in the northern Shenandoah Valley of Virginia.
The $7.3 million project is expected to provide annual energy savings of $480,000 over a 16-year term.
Ameresco worked with Shenandoah County Public Schools to complete the Qualified School Construction Bonds application. The Shenandoah County Public Schools were awarded an interest free $7.3 million grant through the QSCB under the American Recovery and Reinvestment Act. The annual savings are expected to exceed $480,000, generating a positive cash flow for the schools over the term of the project.
Ameresco completed a thorough energy performance audit in order to better understand the facilities' baseline energy and other utility consumption.