Ameresco's Data Center Push Drives Record Backlog Growth
Event summary
- Ameresco reported a record $4.4B awarded backlog, up 65% YoY, driven by data center projects.
- $1.8B in new awards this quarter, with $1.2B from data centers alone.
- Revenue grew 9% to $515.5M, with adjusted EBITDA up 12% to $62.8M.
- Raised Non-GAAP EPS guidance to $1.15–$1.35 due to improved tax credit visibility.
The big picture
Ameresco's strong Q2 performance underscores the growing demand for behind-the-meter energy solutions, particularly in data centers facing grid power constraints. The company's ability to secure large-scale contracts highlights its strategic shift toward higher-margin, recurring revenue streams. With $11.5B in total revenue visibility and a disciplined approach to financing, Ameresco is positioning itself as a key player in the energy infrastructure modernization space.
What we're watching
- Data Center Demand
- Whether Ameresco can sustain its momentum in the data center sector, where it now has five projects in backlog and a growing pipeline.
- Execution Risk
- The pace at which Ameresco converts its awarded backlog into contracted revenue, particularly for large-scale data center projects still in development.
- Financial Flexibility
- How Ameresco deploys its $471M in new financing commitments to support growth while maintaining a 3.2x leverage ratio below its covenant limit.