Why Is Renewable Energy Company Ameresco Stock Gaining Today?

Ameresco, Inc. (NYSE:AMRC) shares are trading higher on Friday.

Ameresco, in partnership with the U.S. Navy and Hawaiian Electric Company (HECO), has announced that the Pu’uloa Microgrid project will be part of the Grid Resilience and Innovation Partnerships (GRIP) Program.

This initiative aims to enhance energy resilience for Joint Base Pearl Harbor Hickam (JBPHH) and the island of Oahu.

The GRIP Program was established by the Bipartisan Infrastructure Law and is administered by the U.S. Department of Energy’s Grid Deployment Office (GDO).

“As extreme weather events continue to stress electric systems across the country, the Biden-Harris Administration is using every tool in the toolbox to make sure America’s power grid can provide reliable, affordable power,” said Maria Robinson, Director, Grid Deployment Office, U.S. Department of Energy.

The company stated that the Pu`uloa Microgrid will employ a hybrid approach to microgrids and smart grid technologies, aiming to enhance grid resilience and diversify the energy mix while creating well-paying jobs and providing affordable, clean energy to Hawaii customers.

According to Benzinga Pro, AMRC stock has lost over 2% in the past year. Investors can gain exposure to the stock via SPDR S&P Kensho Clean Power ETF (NYSE:CNRG) and Invesco Global Clean Energy ETF (NYSE:PBD).

“Partnering with the U.S. Navy and Hawaiian Electric Company on the groundbreaking Pu`uloa Microgrid project will not only enhance energy resilience and reliability for Joint Base Pearl Harbor Hickam but also provide significant benefits to the broader Oahu community,” said Nicole Bulgarino, Executive Vice President at Ameresco.

Price Action: AMRC shares are trading higher by 2.99% to $31.83 at last check Friday.

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This article Why Is Renewable Energy Company Ameresco Stock Gaining Today? originally appeared on Benzinga.com