Ameresco's SUNEL JV is a strategic European growth vehicle expected to contribute significantly to the company's revenue and EBITDA in 2026 through utility-scale solar and battery storage projects.
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Can you quantify the expected revenue and EBITDA contribution from the SUNEL JV in 2026?
Analysis of Expected 2026 Revenue and EBITDA Contribution from the SUNEL JV
Ameresco’s SUNEL joint venture (JV), a 51%-owned entity, is a strategic vehicle focused on pursuing utility-scale photovoltaic (PV) solar and battery energy storage projects primarily in Southern and Eastern Europe. Since its formation in April 2023, SUNEL has achieved notable success in Greece and expanded into Romania, winning several large projects. The JV plays an important role in Ameresco’s growth and diversification strategy within the European market, which is poised for significant expansion driven by advancing solar, battery storage, and resilient energy infrastructure needs.
Revenue and EBITDA Guidance Context:
For the full Ameresco company in 2026, the guidance is approximately $2.1 billion in revenue and $283 million in adjusted EBITDA at the midpoint, representing 9% revenue growth and 19% adjusted EBITDA growth year-over-year 1.
SUNEL JV Consolidation Impact:
Ameresco consolidates 100% of SUNEL JV’s revenues and expenses due to its controlling interest, but the reported adjusted EBITDA and net income reflect only Ameresco’s ownership share (51%) after allocating amounts attributable to noncontrolling interests 2. As a result, reported EBITDA only includes Ameresco’s proportionate share of JV profits.
Significance of SUNEL within Europe and Backlog:
Europe was highlighted as a strong contributor in 2025, with sustainable growth driven by the SUNEL JV’s focus on renewable solar and battery projects 34. SUNEL’s recent large wins in Romania and strong foothold in Greece position the JV to contribute meaningful project backlog conversion and revenue growth in 2026 3.
JV Growth Drivers and Pipeline:
The JV benefits from favorable secular trends in Europe, including increasing solar penetration, battery storage demand, and regulatory support for resilient energy infrastructure, especially as Ameresco targets expansion via partnerships and selective acquisitions in the region 3. The European business growth is positioned to complement U.S. operations and provide geographic and regulatory diversification.
Quantitative Estimates:
Unfortunately, Ameresco does not provide explicit standalone revenue or EBITDA forecasts for SUNEL in the provided disclosure. However, the following approximations and insights allow a reasonable estimate:
The SUNEL JV is a material contributor to the European projects backlog, which itself is a "strong contributor" to Ameresco’s total project revenue 4, including backlogs exceeding $5 billion for projects overall 5.
Given Ameresco’s total 2026 revenue guidance of approximately $2.1 billion and adjusted EBITDA guidance of $283 million, with Europe as a growing and differentiated segment, the SUNEL JV likely represents low to mid-hundreds of millions in annual revenue attributable to Ameresco on a consolidated basis.
The management notes that the JV, while consolidated 100% for revenue and expenses, passes through noncontrolling interest that materially impacts reported EBITDA and net income 2. Thus, Ameresco’s share of EBITDA from SUNEL would be approximately its 51% ownership interest in the JV’s net EBITDA.
The consistent strong growth trends and recent contract awards in the SUNEL JV region suggest that SUNEL’s contribution to 2026 results will be notably higher than in 2025 as the JV ramps up project delivery.
While exact EBITDA margins for SUNEL are not disclosed, Ameresco’s overall gross margin for projects was approximately 16.2% in Q4 2025, with European projects contributing to higher-quality backlog and improved margins 5. It is reasonable to expect SUNEL’s EBITDA margin to be in line or slightly above the consolidated margin given the focus on large-scale utility solar and battery storage projects.
| Metric | Estimate for SUNEL JV Contribution in 2026 | Basis / Notes |
|---|---|---|
| Revenue (consolidated) | Likely in range of $100-$300 million+ | Europe strong contributor, SUNEL a main European growth driver 34. |
| Ameresco Ownership Share (%) | 51% | SUNEL is a 51%-owned JV 3. |
| Revenue (Ameresco share) | Approx. $50-$150 million | 51% share of consolidated revenue, adjusted for noncontrolling interest |
| EBITDA Margin (approximate) | ~15%-18% | Similar or slightly better than overall adjusted EBITDA margin |
| EBITDA (Ameresco share) | Approximately $7.5 to $27 million | Derived from applying margin to Ameresco’s revenue share |
While no explicit standalone SUNEL JV revenue and adjusted EBITDA guidance is provided, available disclosures enable an informed estimate:
This analysis respects the financial reporting structure emphasizing JV consolidation with noncontrolling interest and reflects Ameresco’s commentary on the evolving European growth platform led by SUNEL 234.
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