TRC Companies, Inc., a recognized leader in engineering, environmental consulting and construction-management services, today announced it has acquired the contract to serve as Program Administrator of New Jersey's Clean Energy Program™ (NJCEP), which has provided more than $300 million annually in support to homeowners, businesses and government entities upgrading to high-efficiency and renewable energy technology.
"The acquisition of New Jersey's Clean Energy Program contract supports TRC's strategy of enhancing our leadership position in the energy efficiency services market," said TRC Chief Strategy Officer James Stephenson. "In order to prepare for evolving energy policies and economic drivers, TRC continues to broaden its capabilities to support a diverse portfolio of energy sources, including Power, Oil & Gas and Clean Energy."
All the staff who have been working for the prior NJCEP Administrator, Ameresco Inc. and its wholly owned subsidiary, Applied Energy Group Inc. (AEG), will be joining TRC. Financial terms of the transaction were not disclosed.
"We at TRC are honored to assume our expanded role as the Program Administrator of this exciting program," said Frank Reilly, TRC Senior Vice President of Energy Efficiency. "We look forward to the opportunity to expand participation in NJCEP, improve cost-effectiveness and deliver excellent service and economic and environmental benefits to New Jersey homeowners, businesses and government entities."
TRC and AEG anticipate the transition will be seamless, with the same team continuing in its existing role without interruption. TRC's Energy Efficiency practice is a growing, national leader in the design and implementation of state energy efficiency programs and provides services similar to the administration of NJCEP in several other states.
NJCEP, established on January 22, 2003 in accordance with the Electric Discount and Energy Competition Act (EDECA), provides financial and other incentives to the state's residential customers, businesses and schools that install high-efficiency or renewable energy technologies, thereby reducing energy usage, lowering customers' energy bills and reducing environmental impacts. The program is authorized and overseen by the New Jersey Board of Public Utilities (NJBPU), and its website is www.NJCleanEnergy.com .
A pioneer in groundbreaking scientific and engineering developments since the 1960s, TRC is a national engineering, environmental consulting and construction management firm that provides integrated services to the power, environmental, infrastructure and oil and gas markets. TRC serves a broad range of commercial, industrial and government clients, implementing complex projects from initial concept to delivery and operation. TRC delivers results that enable clients to achieve success in a complex and changing world.
Certain statements in this press release may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You can identify these statements by forward-looking words such as "may," "expects," "plans," "anticipates," "believes," "estimates," or other words of similar import. You should consider statements that contain these words carefully because they discuss TRC's future expectations, contain projections of the Company's future results of operations or of its financial condition, or state other "forward-looking" information. TRC believes that it is important to communicate its future expectations to its investors. However, there may be events in the future that the Company is not able to accurately predict or control and that may cause its actual results to differ materially from the expectations described in its forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, and actual results may differ materially from those discussed as a result of various factors, including, but not limited to, circumstances which could create large cash outflows, such as contract losses, litigation, uncollectible receivables and income tax assessments; regulatory uncertainty; the availability of funding for government projects; the level of demand for TRC's services; product acceptance; industry-wide competitive factors; the ability to continue to attract and retain highly skilled and qualified personnel; the availability and adequacy of insurance; capital availability and project investment by TRC's clients; and general political or economic conditions. Furthermore, market trends are subject to changes, which could adversely affect future results. See the risk factors and additional discussion in TRC's Annual Report on Form 10-K for the fiscal year ended June 30, 2016, and other factors included from time to time in the Company's other filings with the Securities and Exchange Commission.
Source: TRC Companies, Inc.
Date: Jan 17, 2017