Ameresco and PIDC Celebrate Completion of 6 MW Natural Gas-fired Peaking Plant Project at the Navy Yard in Philadelphia

Ameresco also recently started work on a newly contracted expansion
of the peaking plant, adding two megawatts (2 MW) of planned incremental
capacity, increasing the total plant capacity to eight megawatts (8 MW)
by the end of 2018

FRAMINGHAM, Mass. & PHILADELPHIA–(BUSINESS WIRE)–#microgrid—Ameresco,
Inc., (NYSE:AMRC), a leading energy
efficiency and renewable
energy company, and PIDC, Philadelphia’s public-private economic
development corporation and master developer of the Navy Yard, today
announced the final completion of the six megawatt (6 MW) natural
gas-fired peaking plant at the Navy Yard in Philadelphia, and that the
plant is now operational.

Earlier today, representatives from Ameresco, PIDC, the City of
Philadelphia, U.S. Navy, and Mural Arts Philadelphia participated in a
ribbon-cutting event to celebrate the completion of this innovative
plant. The year-long project involved comprehensive design, engineering,
and construction, and includes ongoing long-term operation and
maintenance (O&M) of the new natural-gas fired peaking plant. The
facility anchors one of the largest private microgrids in the United
States located at the Navy Yard in Philadelphia, and provides peaking
generation, PJM ancillary service participation, resiliency and
microgrid integration capabilities. The event also marked the debut of a
bright and colorful scrim on the fence surrounding the peaking plant,
designed and created by artist Nate Harris, as part of an ongoing public
art collaboration at the Navy Yard between PIDC and Mural Arts
Philadelphia.

“Completion of this project is a tremendous achievement for our City and
the Navy Yard,” stated Deputy Mayor Rich Lazer, on behalf of Mayor Jim
Kenney, City of Philadelphia. “Not only does this peaking plant provide
a reliable, innovative solution for ongoing energy requirements, but it
is a great foundation to support significant future job growth as
businesses continue to locate and grow within Philadelphia.”

“We are thrilled to join with Ameresco today to cut the ribbon on this
new peaking plant, which helps support the energy growth and demand at
the Navy Yard,” said Prema Katari Gupta, Senior Vice President, Navy
Yard Planning, Development, and Operations at PIDC. “This peaking plant
allows the Navy Yard to continue to develop, expand, and attract new
businesses and jobs to Philadelphia; support our smart energy
initiatives; and provide for greater energy security and resiliency as
required.”

Now operational, the multi-million-dollar peaking plant is expected to
run during the Navy Yard’s peak demand periods and during intervals of
high-cost energy and capacity from the grid. By generating power during
peak times, the project will allow PIDC to reliably meet the projected
demand growth needs of the Navy Yard and its tenants. The plant will
allow PIDC to participate in the PJM Ancillary Service Market and
generate revenues to help offset the cost of the increased capacity.

“Ameresco is extremely proud of our partnership with PIDC and we’re
excited to complete this critical infrastructure project,” said Michael
T. Bakas, Executive Vice President, Ameresco. “As a key component of the
Navy Yard’s leading-edge microgrid, the plant is capable of providing
certain resiliency services and critical support in the event of
extended grid outages in addition to shaving the peak load requirements
of the microgrid. This role for Ameresco leverages its depth of
experience at developing and operating comprehensive, distributed energy
systems integrated into microgrids that serve mission critical
facilities for resiliency and cost control purposes.”

Bakas continued, “In order to support further load growth at the Navy
Yard, Ameresco designed the project to allow for ease of growth. To that
end, Ameresco is excited to begin work on the newly contracted expansion
of the peaking plant. Two megawatts (2 MW) of planned incremental
capacity will increase the plant capacity to eight megawatts (8 MW) by
the end of 2018 providing further ‘hardening’ of this comprehensive,
ever expanding Microgrid.”

Local Philadelphia artist Nate Harris has designed multiple
installations throughout the Navy Yard. Through a collaboration between
PIDC and Mural Arts Philadelphia, Harris’ newest installation covers the
fence in front of the peaking plant and continues to evoke the spirit of
the Navy Yard with abstract representations of its buildings and ships,
bringing vibrant color to the site.

“As the Navy Yard continues to evolve and attract new visitors and
companies, we are thrilled to continue our partnership with PIDC, in
order to bring beauty to this space and to shine a light on its historic
significance,” said Jane Golden, Executive Director of Mural Arts
Philadelphia. “We’re grateful to PIDC and Ameresco for their innovation
with this new plant, and for their ongoing interest in spotlighting
local artistic talent.”

About the Navy Yard
Described by POLITICO Magazine as "the
coolest shipyard in America" and by Urban Land Institute as "one of the
most successful office/industrial master-planned redevelopments in U.S.
history," the Navy Yard is a 1,200-acre thriving waterfront community,
with 7.5 million square feet of real estate in a mix of historic
buildings and LEED® certified new construction oriented around
world-class open space. More than $1 billion of public and private
funding has been invested into the campus since the base closure,
attracting over 150 companies employing more than 13,500 workers. At
full build-out, the Navy Yard will support up 20 million square feet of
development, 30,000 people, and over $3 billion of private investment.
For more information, visit www.navyyard.org.

About PIDC
PIDC is Philadelphia’s public-private economic
development corporation. A non-profit founded in 1958 by the City of
Philadelphia and the Greater Philadelphia Chamber of Commerce, PIDC’s
mission is to spur investment, support business growth, and foster
developments that create jobs, revitalize neighborhoods, and drive
growth to every corner of Philadelphia. Over the last 60 years, PIDC has
invested $14 billion of financing that has leveraged over $25 billion in
total investment and assisted in retaining and creating hundreds of
thousands of jobs in Philadelphia.

In its master developer role at the Navy Yard, PIDC manages all aspects
of the property’s management and development, including master planning,
leasing, property management, infrastructure development, utility
operation, and structuring development transactions. For more
information about PIDC, visit www.PIDCphila.com.

About Ameresco, Inc.
Founded in 2000, Ameresco, Inc.
(NYSE:AMRC) is a leading independent provider of comprehensive services,
energy efficiency, infrastructure upgrades, asset sustainability and
renewable energy solutions for businesses and organizations throughout
North America and Europe. Ameresco’s sustainability services include
upgrades to a facility’s energy infrastructure and the development,
construction and operation of renewable energy plants. Ameresco has
successfully completed energy saving, environmentally responsible
projects with Federal, state and local governments, healthcare and
educational institutions, housing authorities, and commercial and
industrial customers. With its corporate headquarters in Framingham, MA,
Ameresco has more than 1,000 employees providing local expertise in the
United States, Canada, and the United Kingdom. For more information,
visit www.ameresco.com.

The announcement of a customer’s entry into a project contract is not
necessarily indicative of the timing or amount of revenue from such
contract, of the company’s overall revenue for any particular period or
of trends in the company’s overall total construction backlog. This
project was included in our previously reported fully-contracted backlog
as of September 30, 2017.

Contacts

Ameresco:
CarolAnn Hibbard, 508-661-2264
[email protected]
or
PIDC:
Jennifer
Tran, 215-218-2854
[email protected]