11:52 AM EDT, 09/03/2024 (MT Newswires) -- Ameresco ( AMRC ) said Tuesday it has entered into an agreement on the "substantial completion" of two of three battery energy storage system projects it has been designing and building for Southern California Edison.

Ameresco ( AMRC ) said that under their deal, Southern California Edison agreed to pay about $110 million in substantial completion milestone payments.

The payments reflect a set-off of liquidated damages that are still disputed and about $3 million for additional work Southern California Edison requires, Ameresco ( AMRC ) said.

The company said the third project is expected to be substantially completed in Q4.

Ameresco ( AMRC ) previously said it was unable to finish the projects by the guaranteed completion date because of supply chain delays, weather and other events.

Shares of Ameresco ( AMRC ) were down 5.8% in recent Tuesday trading.

Price: 28.70, Change: -1.75, Percent Change: -5.75