January 22, 2019

Ameresco buys Acton solar firm

Photo/Grant Welker
Framingham's Ameresco has bought an Acton solar firm to expand its services for commercial-scale solar projects.

Renewable energy company Ameresco has bought an Acton solar firm, Maximum Solar, to expand its operations to owners of commercial-scale solar projects.

Maximum Solar says it manages more than 150 megawatts of solar facilities throughout the Northeast. The company provides operations and management contracts, remote monitoring, inspections, troubleshooting, maintenance and other services.

Ameresco, which announced the acquisition Jan. 16, did not disclose the financial terms of the deal but said it doesn't anticipate the costs to have a material impact on the company's financials. Ameresco shares fell slightly on the news, with stocks trading in the $15 per share range in the past few weeks.

The acquisition enables Framingham's Ameresco to develop its in-house services to operate and maintain solar facilities. The company has won contracts with municipalities and developers, including a $150-million project in Hawaii last year, to oversee energy efficiency and renewable energy projects.

Ameresco most recently reported third-quarter revenues of $205 million, up 0.3 percent from the prior year. Net income was $10.7 million, up year-over-year by 26 percent.

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