Ameresco Inc. and Northeast Utilities (NU) announced last week that Ameresco has purchased Select Energy Services Inc., a wholly-owned energy services subsidiary in NU's competitive business group.
Originally established in 1982 as Hospital Efficiency Corp., Select Energy Services was acquired in 1990 by NU. Select Energy Services has completed more than $300 million in energy service projects and has a current backlog of more than $200 million of work pending.
With the acquisition, Ameresco will add Select Energy Services' employees to its current workforce of more than 360, strengthen its presence in the Mid-Atlantic region, and increase Ameresco's operations and maintenance capabilities among current and developing customers.
Select Energy Services' work in Europe will serve as the foundation of Ameresco's expansion overseas. Select Energy Services' "strong portfolio of federal government work and proven experience" with photovoltaic and solar energy projects will broaden Ameresco's portfolio of customers in the quickly expanding renewable energy market, NU said.
NU is in the process of divesting its competitive energy businesses in order to focus solely on regulated utility operations. As a result of this sale, NU will record a pre-tax charge to income of approximately $6 million in the second quarter of 2006.
NU recently said that its subsidiary Select Energy Inc. is selling its retail gas and power marketing business, including its wholly-owned subsidiary Select Energy New York Inc., to Amerada Hess (see NGI, May 8).
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