Framingham-based Ameresco Acquires Applied Energy Group

Ameresco, a leading energy efficiency and renewable energy company, announced today, July 15 it has acquired Applied Energy Group  a privately held company providing energy efficiency and demand side management consulting services.

Applied Energy Group (AEG), headquartered in Islandia, NY, currently serves utilities and government agencies in the Northeast, Mid-Atlantic, Midwest and other regions. Ameresco is headquarted in Framingham.

In addition to designing, managing and evaluating energy efficiency programs, Applied Energy Group also provides business operations and regulatory support, renewable energy programs, energy management and information technology solutions.

"AEG is a premier consulting company with a solid record of proven business practices for utilities, and specializes in designing, managing and evaluating utility efficiency programs," said George P. Sakellaris, president and chief executive officer of Ameresco in a press release. "AEG's position at the forefront of this large and growing market strengthens Ameresco's leadership position within energy efficiency while expanding our offering to utility customers. We look forward to having AEG as part of the Ameresco family."

Electric utilities are the largest providers of energy efficiency programs in the United States. According to a survey by the Institute for Electric Efficiency (IEE), rate-payer funded electric utility energy efficiency programs amounted to $5.4 billion in 2010. The IEE believes that these efficiency programs will likely reach or exceed $12 billion by 2020.

"We are excited to be joining Ameresco, a North American leader in energy efficiency and renewable energy," said Michael Marks, president of AEG in a press release. "We believe that our energy efficiency focus aligns well and AEG will be better positioned to build upon our expertise and customer driven solutions by cultivating new business and service offerings," continued Marks.

With the acquisition, Ameresco will add Applied Energey Group's employees to its current workforce of more than 750 and the company will continue to be called Applied Energy Group.

Terms of the transaction were not disclosed. Ameresco will provide additional details regarding its financial outlook and this transaction as part of its upcoming second quarter earnings conference call on Aug. 10