Ameresco, Inc. (NYSE: AMRC) has entered into a senior secured loan facility with Nuveen Energy Infrastructure Credit to support its European business. The agreement, dated November 10, 2026, was announced on November 12, 2026, and was executed by Ameresco Euro Holdco Limited, an indirect subsidiary of the company.
The Credit Agreement provides for a revolving loan facility with an initial principal amount of $125 million. The company has the option to request uncommitted incremental loans, which may increase the total available capacity to $225 million. The facility is intended to fund eligible solar, battery energy storage, and energy efficiency projects, as well as general working capital needs across the United Kingdom and Europe.
The loan facility matures on November 10, 2031. Borrowings are available from the closing date until November 10, 2029. The interest rate is set at the applicable reference rate plus a margin of 5.875%, which may increase to 6.375% under certain conditions. The facility includes a minimum multiple of invested capital (MOIC) requirement of 1.20x upon maturity or early repayment.
Financial covenants included in the agreement require the Borrower to maintain a minimum trailing twelve-month EBITDA of $30.0 million, a debt service coverage ratio of at least 2.00 to 1.00, a current ratio of 1.00 to 1.00, and minimum liquidity of $7.5 million. The facility is secured by pledges of equity interests in the Borrower and its subsidiaries, including the Sunel JV, and security interests in certain bank accounts and assets.
Ameresco’s European business revenue grew from $62 million in 2022 to $529 million in 2025, representing approximately 25% of the company’s total revenue. The company stated that the financing is structured with limited recourse to Ameresco, Inc. and does not affect the company’s senior secured corporate leverage ratios.
