AMRC - Earnings call transcript Q2 2021

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Operator

Good day, ladies and gentlemen. Thank you for standing by, and welcome to the Ameresco, Inc.

Second Quarter 2021 Earnings Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time.

conference recorded. this reminder, a is being As I to your like to conference over turn the host, would now Ms. Leila Dillon, Vice President, Marketing and Communications.

begin. may You

Leila Dillon

Thank everyone. afternoon, for and you Towanda, us today's We joining call. you, appreciate good

Officer; Mark are here Officer. and Chairman, Chief Vice Sakellaris, Joining President Doran Officer; and me Senior and George Hole, Financial Vice President Ameresco's and Executive Chiplock, Chief Accounting President Chief

of pertain forward-looking remarks. make call regarding contains Before cause refer company's We differ statements that George, to results uncertainties you caution statement to We filings. you afternoon to to are may expectations and assume business. revise risks could our current today's no release the events obligation materially press the future information on beliefs. statements those projections documents based in like forward-looking over our to performance that a I This actual call. statements. the differ Actual regarding the forward-looking These factors turn result and would I made the brief results forward-looking that of SEC this any as such company's materially or management's issued contained call or We future financial to company. on from important a to discuss and

will as reconciliation, George? now our is in slides, with will turn can and non-GAAP the Generally accordance an the in financial financial I behind we which to call the measures over release Principles. financial prepared not use from downloaded appendix of GAAP available during as be George. the in press measures to non-GAAP addition, our referring non-GAAP to be explanation non-GAAP of website. Accepted In are this call. measures These well A Accounting

George Sakellaris

and Leila, good you, afternoon, Thank everyone.

diversified strength last compared tripled in by second quarter, our all year's achieved model. and of lines, we marked income benefits excellent broad EBITDA with as across grew to another net growth revenues. quarter business quarter We reflecting of business adjusted Ameresco the We our for The XX% second XX%.

of from contracted as well And timing that as our strong project projects. project and a achieved Doran backlog Our to softening growth, quarter experienced complex continued focus pandemic-related on discuss due while of more very that in a of we in issues a have minutes, our another backlog contracted benefiting shift business-as-usual comprehensive million the are to backlog converted are will organizations to since report ongoing business of more to few $XX the we we returning of pleased the environment. quarter. to benefits end seeing the Also, already execution, awarded

its This the such, project our demonstrating paves a is XX in In current the moving engaged customers activity now activity RNG projects at including into assets McCarty of megawatts As our operation, we excellent for forward. Road future record growth. way highest are second facility. quarter, the level brought ever, very

in XXXX. Our engineering operations three we development goal plant of our the RNG And momentum as world-class biogas expertise XXXX to RNG and successful and anticipate another for during makes and opportunities. partner history four continuing plants commissioning asset RNG is long Ameresco

clean interest, executing the projects in just to of amount in some significant is to the industry. has RNG largest investor that win This one the continues technology complex diversified While industry significant executing see and energy and clean operating. a and of expertise many us in of expertise Ameresco technologies allows it most

project army the grid helping will way long XXXX. net highlights this and with Fort the project Liggett ambitious targets a At awarded and autonomous storage base existing by heart an ability secure go energy use $XX.X project its system. zero micro be expertise. with a Hunter this this additional towards interconnect to island mode million generation Our will recently reached of This

absolute necessity military. an increase greatly has also will it important, for base's As the become which the resiliency,

med fact, government clients army by critical the our resonating even missions. which crippled require as industries, to Service only to and a across power. pleased facilities can directives one were of Leaderboard but also energy water be infrastructure number recognized in for providing offering, client of resilient with continue Insights' base, recently-enacted are Similar across report. provider other we temporary diversified institutional the that significant recently supplies support federal opportunities the be as In very and Elsewhere, loss days a directives our in prioritization Energy and not drive Guidehouse

continue significant flexible important Ameresco customer higher offering, market. in this see to financially interest education We especially in the

we will designed provide service as of University, this infrastructure energy-related with leadership example in recent our a upgrades. Northwestern an agreement energy an space, we As where

for to built-ins We upgrades reducing Potential help strategy provide related defer no innovation, performance. sure announcing emissions as management exciting Hughes go-to-market on directors. Claire directing cover both additional energy under Board do additional a some strategic I the of she be tremendous the to two Along and a and by joined plants. Johnson while add to a brings and upfront main appointment diversity first and structure analysis financial in This to long-term perspective, a agreement our marks and address more take customer related their with our gas agreements requirements both now great, will achieve will to partnership will maintenance interest greenhouse Doran share top over the The provide with business our the by structure. also agreement brands director to Claire a and including to turn with than Stripe. value comments to a in Google goal leaders, of and Doran? and and independent educational industry we beginning want more build, Board. will XXX strong I call XXst. July will technology partnership its challenges XX% successfully operations the ongoing University range of long-term campuses, on experience our service of scaling The to central us future. capital of institution. product including than software-related minute Chicago agreement to energy the forward an Northwestern service decades part, from look Evanston financial continues maintenance helping XXXX.

Doran Hole

Thank George, to refer have our our to the good you, slides information. everyone. for and and release that website financial additional been press supplemental posted Please afternoon,

the impressive revenue second four Several The energy momentum our quarter our growth business net with strong performance clearly assets lines, demonstrated great Revenue and revenue, EBITDA. energy growth and led from with in in projects solid XX% growth XX% factors the to of adjusted year-on-year, our across assets. income led by businesses. excellent business increased

strategy execute and time growing high-margin building our assets base. long-term of recurring to First, we continue over our on revenue our

addition, efficiencies In plants. at increased due RNG production our to improved our

RINs. also benefited in we the price market strength continued Lastly, of from the

contract which take portion production project upside support positive allows reminder, financing a to to a on healthy from of a and reduce movements. us volatility. sold merchant As anticipated is our advantage The basis, production we price remaining of

these markets. also Our our number entire holistically an larger, businesses benefiting as projects in of business growth continued our projects of more business its our and higher margins. carry the geographies robust as customers complex growth We The portfolios. with lines recurring is their at revenue see water across earnings more strong energy increase and execution look

basis points XX.X%, and hit our margin quarter, sequentially basis XX gross XXX increasing the year-over-year. points During

$X.XX, growth an an of EPS drove primarily growth, increase of earnings lower impressive grew with $X.XX to $XX.X insurance costs, XX% quarter million. revenue GAAP non-GAAP of adjusted Our employee of in our related operating margin and taxes, EPS XX%. expansion, and expenses, to increase along an income with EBITDA Despite health

the impact exclude results non-GAAP our partnerships. quarters, equity tax from of previous in As interest activities noncontrolling

pandemic. relatively flat and Moving to our a the backlog. to contracted total since of maintained beginning have tremendous the backlog, We're conversions project of the given pleased to revenue backlog awarded

execution the as purposely heart site significant of As to efforts time. was risk project you during may access the crisis, during our recall, that a we shifted COVID-XX

new with customers causing crisis and also Our in dealing were awards. RFPs themselves, the delays

to expect the megawatts. backlog, four McCarty to as opportunities plant our including portfolio XX.X the process. the solar quarter, during RNG growth a assets, work return way through XX megawatts and We their XX Road totaling operating assets We added megawatt our in

our XX development. megawatts added in We also assets another to

revolver XXX our to Our growth businesses, million was long-term we grow of our million Ameresco's us O&M to in providing We revenue of needed $XX never quarter senior approximately are visibility. stronger with continuing we $X.X cash resources has of $XXX aggressive increase in assets that and execute backlog, incentives. $X contracted The Together, the available signed considerable and our strategy. have facility million result liquidity an megawatts to higher-margin as our ready we recurring billion been the to the million our revenue operating access revolver. with with of capacity QX. our in long-term ended $XXX billion $XX have amendment on

example environmental, tree Ameresco and focus week a in other photo a actively assets. we customer non-recourse million instructions, challenge, of July. facility green a financing project a April and to off week. financing full solar of activities. senior non-recourse an website. Many interest widespread broad seedling green comes amortization carries Using finance across photos well kicked this initiatives green employee planning of have drew the be from access of development financing received closed initiatives projects equity capturing Notably, and we this down our access and its with approximately of on quarter. of their great ability multiple XX-year our can the with million $XXX monetize a rate X.XX% Employees found social We educational as planting in Additionally, facility, over these classes. to tranche to tree tax as ESG continued Every A governance this nationwide projects XX the first only $XX section we term. launching content. and recent in participated this

back community reaffirming we our our to XXXX the during continue worked cybersecurity months. We company-wide given to reporting program protocols. closing, the expertise, volunteering look release, available of addition, summer press the regions business In forward on employees to financial as identify across to we importance numerous expanded next this our quarter. and our team visibility training in And educate guidance are In ESG our great on as in finally, outlined the cybersecurity opportunities our collectively momentum. invest we comprehensive

like comments. over for Now to back I'd turn the to call George closing

George Sakellaris

partners heartfelt want our our policy favorable continued dedication and for in our thank Doran. a for And In and footprint marketplace. a thrive. with leading Operator, upgrades, Ameresco savings, and also position gas front I and commitment take carbon you, opportunities moment our infrastructure resiliency go the their to again their to We tremendous puts I increased to changed and in employees questions. customers the momentum. of suppliers call A see electric customers' closing, lower in the Thank for to to outstanding would execution. thanks cooperation. the us, their to to open their focus now continue de-carbonization or needs cost dynamics have to This coupled like their

Operator

Thank first [Operator you. line Our of with Instructions] from the Noah question Oppenheimer. Kaye comes

is line Your open.

Noah Kaye

rather everyone, morning, good Good afternoon.

George Sakellaris

are. Good morning, where you depends

Noah Kaye

So have in your calls used in the to morning.

George Sakellaris

Yeah.

Noah Kaye

with start to wanted the Project just side. I

I think the a government. into business. bit the detail remarks, you mentioned the now you about if some and schools, record in activity seeing levels go at vertical trends of I in talk muni, by wonder, the that could regions Project more then possible you're across prepared and

seen us momentum going a you? of just where potentially a the that. nice stimulus system. positioned think you the to give have be into COVID translate for education to We just into you'd bookings and think of, benefit some One is money ton from well what sense would is come But

George Sakellaris

stab across and Okay, the some amount Noah. But in a I the money, can schools give hospitals maybe and they in leverage what's colleges, say it COVID-XX the would with some of a add schools, some And considerable of to then and I municipalities, that. board. it's it. got happening color they've and will more universities Doran

why So they And pick that sector. I is the activity particular my because we comments, a see market that the more to we That's activity good of in one beginning in in want carbon said to reduction that, foot see C&I sector. up. that of achieve,

more the bit little in generally, maybe board. of the And pretty than it's demand, had happened, but activity because double RFPs other – it's minor last second much we of that year, have have and and the before. So seen the But on. that quarters third so pent-up very a across we we thing now activity

the and six a the going to up. projects actual to to picking year development, contracts. months across of it's and big and it's awards segments. because when course, And getting to larger resiliency, turn So, take larger they then, all of on that's a of becoming market are our federal issue But

Noah Kaye

George, clarify, to talking add or like to anything Doran, are year, normal? want said is you more activity just want to relative to I'll Is we double I kind to before. of you normal, this a time guess, that. that than the unless, to about relative last activity pre-pandemic RFP the really

George Sakellaris

then what it before. substantially, pre-pandemic, that lot, mention with was thing the that activity, it's Even a don't development substantially higher than in we assets the higher. used And to be tremendously other

Noah Kaye

Yeah.

Energy as part the value the Service, the an mean, think C&I assets the on help these insight On ongoing tremendous generating on data, Northwestern the that you're just would understand the from in appetite for is, a here of proposition, all agreement, congrats basis. space. I I measuring us performance of from

these to capital And a no is of you really customers. proposition of well. of value so upfront some part partner the of And the become course, potentially sort as

up, much you trending? the model this versus that talk And Energy of C&I as traditional picking how the of market that is a So how Service? about kind is when

Doran Hole

yes. So,

Doran. think is into would inquiry the that Service corporate I don't as from really on picking I'll be The attractive is industrial and certainly and amount substantially. last no, of go up model your that question, So the is I will the side. it's a Energy but say proportions something

carbon publicly that have them they help and disclosing helps be, they ESG track We are companies where their their these of about their might really talk what kind can our of zero. and parts net business when goals that ESG/net zero measure multiple reduction,

yet. exclusive higher the Certainly, are industrials. So corporates it's interested but this in to and certainly not the or we the see ed schools, corporates

Noah Kaye

turn I’ll it over. Thanks. Great.

Leila Dillon

you. Thank

Doran Hole

Noah. Thank you,

George Sakellaris

Thank Noah. you,

Operator

Our comes Julien with from America. of line question Bank Dumoulin next the of

open. Your line is

Unidentified Analyst

Anya is in stepping guys. Hey, Julien Good afternoon this [ph] for here.

Doran Hole

Anya. Hi,

Unidentified Analyst

Hey.

DX I it does market remain to pricing, reflect So think, the here. guidance maybe first off, conservative? or turning RNG still RIN fully Does somewhat your

Doran Hole

consistency market try we Hi. want those We It to being to move that around. remains Anya. with conservative -- I somewhat we and there. conservative, know don't mean prices stick

Unidentified Analyst

That's Okay. on then fair. generally too. growth, RNG And maybe more

just to amount historically up Any four-project years. seems like about lately? higher a to being that that next reason could the three given over have talked this guys few growth You the to discussed think cadence scale coming of

George Sakellaris

of hand, stands provided XX so so couple As we exclusive development, for have the but is now, the rights next we years. this plans other to in permit before guidance, we on think plants have it what and takes did on, have I that on. we But right and disclose the that time them

very feel announced. with the good have we projects we So

schedule, the And the four. on three hand, too. we the of for -- but years On other beyond the the have great visibility that

Unidentified Analyst

then little just subject? Okay. could on you updates And mitigants maybe cost Great. talk for that any and just Thanks. about finally, bit a and that inflation

Doran Hole

this I'll I the can. Sure. address best

of that's externally, I about, talked think widely a course. topic internally it's and both

get do So, bit on work talked we those as business, a of the probably project to about we've before, derisk before projects contracts quite signed.

our we in So our our to in can customer lock so our sign protect contracts, we other best contractors, we margins. before procurement in words, do lock

assets amount a Secondly, to the as traditional a it's be, impacting the we horizon, have very, returns. the Service And go sheet, investment might assets, Energy that balance there's our the we're of this absorb that without assets of able long-term when whatever like that very materially as inflation we it manageable. been on a feel result, certain it or comes whether to it's fact a because energy

Unidentified Analyst

back in step I'll you. Thank great. Okay, the queue.

Operator

you. Thank

Craig-Hallum. question the comes next Stine from line Erin of with Our

open. line is Your

Eric Stine

everyone. Hi

George Sakellaris

Hi Eric.

Eric Stine

Hey.

you're the you Just curious I maybe mean won't current try ahead to going of any some just it you're against you you seeing equipment on secure projects, that that seeing are advance. steps you're often the assume But But to equipment taking forward? mentioned or in environment, or agnostic. you would protect anything equipment buy side, that helps shortages? and kind that in I given

Doran Hole

the on remind I mean impact that to to concentrated folks a basis a on overall execution. way substantial buy don't that have any have the of very only we is answer business. our we things I really ensure into communicate diversified that types and regular equipped the their through met. And so to customers equipment we think teams timing it are We are as our managers project expectations that that of have are just procurement. substantial can for not our that that we to execution running kind reason, some a -- relates out And the to in centralized have shortages/delays issues that we're field anticipate substantial with project

Eric Stine

the follow for to previous last on question. No, my that's news maybe there. press up Good just great. And one,

Just side, on XXXX, any either as you and dairy far for those for buckets? XXXX in is the in or fact, the RNG of you're pipeline just the RNG four that remind can three planning as there me,

George Sakellaris

no. the to you along of sector probably activity down other some are know some We'll No, lines, and hand, looking yet. some nothing announcements as those should we announce good But we make road. have at that on but well, the that them very in

Eric Stine

Thank Okay. you.

Operator

you. Thank

next comes with Baird. Ben line Kallo Our from question the of

line is open. Your

Ben Kallo

Hey, congratulations. good and afternoon

George Sakellaris

Thanks Ben.

Ben Kallo

of from going You of the in -- press that. you chunk to talked XX since a was that. and you through call, guys big jump megawatts reporting releases XX good to your about when biggest a reported. portfolio. That's you the are assets And number know last additional I I added your all back

end So, of talked you activity that, all are still that? or back maybe you we just with comfortable thinking be level before. the the you And should about about upper to go can then

Doran Hole

know, XX% of developed. of and into first. always that said, assets of likelihood solar I to the include we're in comfortable other that with world, placing you sort assets your placing we're in when your moving mean service. be There's that a assets range, Remember with the seeing a I I'll sitting puts development can question, things the we lot only out think terms activity with That still over those address We new activity that's takes, being proposal timing, utility level, assets and of as control. probably are are in of into operation.

So we wide. like keep a to the little bit range

So all. can't guidance at sharpen there the really

Ben Kallo

okay. That's

to the a – willing On customers there other Energy what caused as but are of out you. market change? to bringing where model. parties the could different to the how this the you trying has talk there's Service front, go are does guys do deal? some to financing the what know I are Thank work partner, this – different And in you just part then a – folks that

Doran Hole

we side kind and I careful financing foremost, bring to strategy the take it, first to parties financing on circumstances circumstances, one. the and our of road, In larger down simply as with to later for projects, we think projects. So on especially smaller In balance may we day finance everything consideration and on is we the other portfolios to of may whether need table some will. not sheet hold the

from simplicity, the comes couple to One payment negotiate buy I the customer into of where the customer, the which simply places. involved equipment, a the get of all idea we the is doesn't popularity with a financing. think install at that the and have is stream equipment

many own that doing position this these strategy their to of as they that like is credit. customers a would to second impact The would any are fundraising pursue prefer in a where opposed

George Sakellaris

Yes.

partners. terms for if and of you in of as think to that sheet But us. a get for well We at the is a this have ourselves the approached as financial have better point project, we're control balance time, Many no we in people have better customer. strong shortage there position

Ben Kallo

you. Thank Great.

Operator

James. Thank with next Raymond from question you. Molchanov Pavel of comes [Operator Our the line Instructions]

Your line is open.

Pavel Molchanov

most are the from recent and Should on Atlantic, as the that opportunity a at across Three taking placing very more Europe: for part that your project signal the emphasis you question. the Greece. historically look Thanks been the UK a business? have of small we announcements of

George Sakellaris

very Finally, a in traction we over get good Europe.

no Europe. -- services in great management Europe we again, going planning that the as environment and are As for now we that to be the we how in started the strategizing And to we – past and we're part that Britta we number we company, little the with because put grow already about what you because, in great. me in on might a to great looking three company we which question that years we're out are expand in UK, it's use more UK And – of now, And to see. world traction. than milestone. recall, new is and a great expanding three is we're we across bought as we about in level, platform the looking ago, getting got done have UK a to MacIntosh the an that Right will And that. since we will energy to capitalize

Pavel Molchanov

the acquisition in context, the in referenced And past. that you

Ameresco, half these now think Maximum two Solar, opportunities last more made looking acquisition you by than this wrong, M&A How if the I inorganic days? correct years at I'm is and ago. growth me generally through and was are a

George Sakellaris

look we see up, for And sense. only to very will for the we the we the acquisitions, a when to what little comes marketplace, surprised approach. we in regard. Europe, more, getting if are capital doing in especially focus something we continue We do economic we will in and market, Ameresco, acquisitions disciplined call say, growth, opportunity aggressive make I but our raised I after are that be not that wouldn't and accretive, accretive to well. be on they which execute in we're to international would But organic us very, in bit go And good the to have

Pavel Molchanov

Right.

George Sakellaris

you. Yes, thank

Leila Dillon

Thank you very much.

Operator

you. Thank

Our William the Tim Blair. Mulrooney next line from question comes of with

line Your is open.

Tim Mulrooney

Good afternoon.

George Sakellaris

Good afternoon.

Doran Hole

there. Hi

Tim Mulrooney

question. housekeeping Doran,

assets RNG XXX-megawatt are three this development is equivalents of or as RNG your XXXX XXXX in the in that other plants RNG well? and four also the and does in beyond in that include development XXXX, For construction,

Doran Hole

others includes XXXX beyond It

George Sakellaris

Yes.

Doran Hole

believe. I

Tim Mulrooney

other some gas that thing plants kind have of and or you and I well of as those, that identified the XX sites to It's rights guess?

Doran Hole

and see out mean kind of remainder in XXXX, then that the the I four three can right. That's list you of XX. filling XXXX, in

Tim Mulrooney

I Q&A, you getting issue, the are said a during talk bigger to is you. resiliency, of becoming and And more a Thank larger federal that? Okay, guess or freeze, just larger that gaining years particularly why then, it's is, now I just the of about from up and the kind George, waking the for Can question mean has issue bit which my side. it many really on in earlier due this and the you percolating projects to okay. fires the primarily California Texas the is little steam been now? folks top? background

George Sakellaris

example, solar, have for costs storms that's the take supposed you Island And Paris down, what, Well, percolated driver And to basically, So, micro but then and they million Again, down the prone project when $XX we grids. expensive need know no, it's said, in very We are because getting the economics very when They innovations -- started project. the heat storage. another now out, sometime here. all combined resiliency. of the is of the top. years. the be technological Like the or better improvements we few back, to much come power, were last cheaper, they're to

with So, we that. can isolate storage, the you got one back, few and to theory, and went with $XX combined heat back battery the the wouldn't they became be a now with savings. grid, solar. micro all do project themselves, a that the million A And of with the power years able plant

all go and they come universities as have have to larger. project that the whether resiliency people again, come are colleges And a economic rolling because solution thing they're resiliency, realize wind the and that customer. contingency made with to part case storms we more the might but that that's – have, we or of other where the so it's economics to reduction, weather-related about more out. a and solar, cybersecurity for now the whatever or similar event they key the weather-related, on. good not now it's whether it's the longer, beginning talking And make that And And generation. green, and sense take be that's they much more is the those So for has backup speed asking about we'll

Tim Mulrooney

That’s Thanks it. Got taking my question. great. for

Operator

Thank you.

Stifel. of Our Stephen next from line comes question with the Gengaro

is line Your open.

Stephen Gengaro

Thanks and Two afternoon, gentlemen. for things me. good

I here? funky CapEx sort XX what the first, XX amount this you've being relative when to rest megawatts, energy for issue year a expectations your for a might to looking I'm wrong, just CapEx at little commissioned. Is the assets the look to it or this and The done. at per be looks employed of of dollars I and understand Is a versus megawatt what's the projects? issue trying there mix getting timing the

Doran Hole

dollar Steve, me let second, one look quick take at a those figures.

Stephen Gengaro

thinking Doran, while is just And margins. someone RIN be anything So you're around was we margins other asked in that follow-up that, just of at and your the the know of had -- maybe on impact looking about But should as I pricing about the guidance above XXXX. was or understand of sort sort there model. first of like first the in full and critical versus up just drivers looks bit little where half back half step Because the sort half margin a back of half second is in year? it year of the margin half the the

Doran Hole

Mark that Yes. I'm going margin to tackle question. let

Mark Chiplock

certainly I to that on production think RIN improved benefit I the it's can of seeing but we're the pricing, some of mean, assets also briefly. I function of the talk improved as just well. a

too. the as think have of visibility margin the we look will but of what's of projects I assets, decent we the mix So with well, to of also part some will of which happening what's and it as takes function a with half be be the puts happening the second year, our

see then be we benefit that way, conservatism the other may in expect to So And the our of I then happen the think we still margins some with we've that, our RIN range think provided. maintained have we'd pricing, within still obviously, they estimates. go differently if things I

Stephen Gengaro

And O&M seasonality, think, on is some right? too, side, there I the

Mark Chiplock

Not to a O&M. lot of seasonality

might O&M maintenance that adjustments various lot unplanned I really side. not but certain of on think quarter-to-quarter some on down the projects, to impact the whole some things seasonality come O&M a of

Stephen Gengaro

Thank you. Great.

Doran Hole

go the Steve, CapEx on thing. just back to

there numbers, don't CapEx And sense little is CapEx skewed service there's CapEx not it's terms I toward placed the math a about assets that related a in assets we that when you megawatts of we're CapEx, that dollars little when next in bit a year, constructing. the mismatch not of it's the those placed in that's get related the this so at until all in that year? only actually think being will include service talk look -- of bit to of to dollars CapEx

Stephen Gengaro

Understand.

for thank clarifying. you Okay,

Doran Hole

Absolutely.

Operator

you. Thank

next Our Piper of Pearce from comes line question Hammond with the Sandler.

Your is open. line

Pearce Hammond

thanks and for my question. taking afternoon good Yes,

are for more battery construction a right resiliency $XXX it interest the the today reliability? for seeing at question growing system now one we're million curious, it energy more And the for and I a start customers micro grid. me. of power Norfolk what's Just a project. Basically, highlighted naval and the note, appetite getting with Is problems At was micro as you you just battery from storage Thank had shipyard last and quarter, had lot grids, storage that? energy you. project,

George Sakellaris

some we development it. again, it. it. battery, they No say, as installed a where well magnitudes from for what some no coming And some actually accounts. It's several solar the we as about about question question customers in back storages. cases, institutional what have Even requests installation on I batteries installed about with They're associated and is We're of have how mean, microgrid C&I in in seeing customers. to-date. more we other and more have

of level idea level what you So, the interest a is. that gives an of --

Pearce Hammond

Thank you George.

Operator

Thank you.

B. of question Souther the next with line Riley. Our from comes Chris

is open. line Your

Chris Souther

question taking for thanks Hello, my here.

discuss see timing take the a talking awards. work new start looking net RFPs about of the we'd talk could you that activity start market. But the to into to reflect about, want early next more that to higher are backlog. year kind some these Biden in little just I half maybe I uptick of or at? in bit imagine going year ESPC could really of some you've thing when they're to lot this the we been to likely Is the So, of back the time under that of be a

George Sakellaris

is down infrastructure projects. build more of it year help get if on early going to of you I a it projects various will next of more them. second Congress, some think the areas, it will makes the They will I areas, be through and larger and more half actually, road. the and see quite few with the What's the think us

has -- built institutions and the up the gets to the especially but on picked over C&I in or front federal the to So, already, other government, it sentiment outside the momentum marketplace ESG market. the

Chris Souther

of are the there frame side, you are the you on That’s production And or that the improvements what efficiency RNG impact the make could the into the portfolio, additional within kind expectations kind very as your you would guys pricing versus what And out have as stronger quarter. quarter. some that was those helpful. of conversions? evaluating the existing conversions efficiency called RIN of made during Maybe been heading there well you

George Sakellaris

good Yes, question.

so and one, of take a about later the But ongoing tackle various Doran is We improvements the year-ago for and the will working. instituted an I and So, can optimizing the process. plant operation, plants based then on managers the some it's operation on, the other the part. of on incentives

And this we very a so operators proposition good, only company. have and feel team assets, we but within an developing, why excellent are of team. management and That's that building, that's value operating not we excellent great the

as Now were I to know the the and on how as anything. much prices so far on, rig don't going we impact get

Doran Hole

relative think – and where we're RIN of each mix of a contributions given that the production the assets point Yes, there's we about think at such adding those. fact we're the prices, I and impact the of talking I don't

Chris Souther

where Okay. kind solar Service of will going solar. a discussions up to wanted additional Energy do increase that of that just as Energy kind are discussions separately Understood. I'm some services kind you When the you a in up be kind to just the it of – of is add a one at fair that in that pipeline, with way here. end from of frame solar last of kind people lot the kind of development say the or could think end And eventually those could as maybe just of coming the kind pipeline, the Service to piece? looking going separate of I to

George Sakellaris

we part some to developing, as But that what Energy get it actual whether the or into better working along green would sites the development. are of highways it's X, call a Service, the potential land site does megawatts is or it. landfill I X XX solar The on, a

Chris Souther

Thanks, Okay. guys.

George Sakellaris

development. the and again, the group, [indiscernible] is, the helping what that development where in there of beginning increased develop and years of can one see have to You us it's we done the that they lot, we things our And we last call couple Richwoods. development a solar greenside capability on

Operator

your am concludes I questions gentlemen, Thank queue. and not Ladies any showing in further conference call. today's for you participation. you. this the Thank

Everyone, disconnect. now day. a wonderful may You have

Ameresco (AMRC) 2 Aug 212021 Q2 Earnings call transcript