Ameresco doubles size with DukeSolutions acquisition

14 Mar 2002 – Massachusetts – based energy services company Ameresco yesterday said it had bought the DukeSolutions subsidiary of Duke Energy for an undisclosed sum. The deal will double the size of the firm, which specializes in offering energy demand and supply side services, and risk management.

Ameresco President and CEO George Sakellari said, “The acquisition is part of Ameresco’s national growth strategy that focuses on organic business growth as well as the acquisition of top-tier energy services companies throughout the United States. The transaction is expected to facilitate a broader national marketing effort, to include an expanded menu of energy services (including energy supply management), and entry into related end-use markets.”

Ameresco, based in Framingham, has two principal businesses: consulting for clients on their energy use, and generating power for utilities and companies with large power needs

DukeSolutions focuses on commercial and industrial, institutional and government customers.

“As Duke Energy pursues a focus on wholesale energy markets, it is appropriate to place DukeSolutions with a company where the business mission is aligned,” Bruce Williamson, CEO of Duke Energy Global Markets said. “We are pleased that the DukeSolutions business can continue with a company that is clearly focused on developing energy services as a core business.”

The deal was expected to be completed by the end of the second quarter.

“I can guarantee there won’t be substantial layoffs, because that’s not the reason we’re buying the company,” said a spokesman for Ameresco.

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