Ameresco reaches agreement with SCE on substantial completion of two BESS projects; to receive ~$110M

Ameresco, Inc.

SCE to pay ~$110M within 7 days for substantial completion milestone of two battery storage projects.
Liquidated damages and force majeure claims remain disputed; Ameresco maintains LDs should not apply.
Third BESS project significantly impacted by 2023 California rainfall; expected substantial completion in Q4 2024.
Original guaranteed completion date was August 1, 2022; delays cited from supply chain, weather, and SCE instruction.

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