Ameresco to build biogas plant in Philadelphia
The Philadelphia Water Department has awarded Ameresco Inc. a 16-year, $47.5 million contract to design, build and maintain a biogas-to-energy facility at its Northeast Water Pollution Control Plant.
The Northeast Cogeneration Facility will use biogas produced by the Northeast Water Pollution Control Plant to generate 5.6 megawatts of power for the plant. It currently uses half the biogas it generates for heat and burns off the other half.
The contract calls for Ameresco (NYSE:AMRC), which is based in Framingham, Mass., to pay the cost of the project up front and get reimbursed over time from the savings on energy costs that the facility produces for the Water Department. Even after paying Ameresco, the Water Department expects to save $12 million on energy over the life of the contract.
The project qualifies for an American Recovery and Reinvestment Act grant and is being financed by the Energy Services unit of Charlotte, N.C.-based Bank of America Corp.
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