Ameresco and Matchbook Learning’s Sustainable Campus: A Model for Green Infrastructure Investment

Indianapolis’ Match High School and Career Center, unveiled at a ribbon-cutting ceremony in April 2025, represents a landmark collaboration between Ameresco, Inc. (NYSE: AMRC) and Matchbook Learning Schools of Indiana, Inc. The $20+ million project—partially funded by a $5.3 million U.S. Department of Energy (DOE) grant—combines cutting-edge energy infrastructure with vocational training, positioning it as a blueprint for future public-private partnerships in sustainable education.

Project Overview: Energy Efficiency Meets Vocational Training

The project repurposed two industrial warehouses into a 54,000-square-foot campus, split into a main high school and a career center. Key energy upgrades included a 165 kW photovoltaic solar array, a battery energy storage system (BESS), insulated roofs, LED lighting, and high-efficiency HVAC systems. These upgrades aim to slash operational costs and reduce carbon emissions, aligning with the DOE’s Renew America’s Schools Grant priorities.

The career center, opened in summer 2024, offers hands-on training in construction trades, engineering, and entrepreneurship, while the main school finalized construction by March 2025. The facilities also serve as living laboratories for students, who learn through the building’s energy systems.

Strategic Implications for Ameresco

Ameresco, a leader in renewable energy infrastructure, secured this project after an RFP process, leveraging its expertise in solar, storage, and energy efficiency. The project was part of the company’s contracted backlog, contributing to its revenue pipeline.

The project underscores Ameresco’s ability to deliver complex, grant-funded projects, a key advantage in a market increasingly driven by federal climate initiatives. The DOE grant’s highly competitive selection (24 winners out of 1,000+ applicants) signals the project’s alignment with federal priorities, potentially opening doors to future funding opportunities.

Market Context: The Green Infrastructure Boom

The U.S. government has prioritized sustainable school infrastructure through grants like Renew America’s Schools, part of a broader push to decarbonize the $600 billion K–12 facility market. The Biden administration’s Inflation Reduction Act (IRA) and Infrastructure Investment and Jobs Act (IIJA) further incentivize energy upgrades, creating a tailwind for firms like Ameresco.

Meanwhile, demand for vocational training in clean energy sectors is surging. The U.S. Bureau of Labor Statistics projects 25% growth in solar installer jobs by 2030, while the American Wind Energy Association estimates 75,000 new jobs in renewables by 2035. The Match Career Center’s focus on these skills positions graduates to fill critical roles.

Risks and Considerations

• Grant Dependency: Ameresco’s reliance on federal grants, while strategic, introduces policy risk. A shift in DOE priorities could reduce future funding opportunities.
• Execution Risks: Delays in the main school’s opening (initially slated for January 2025, but pushed to March 2025) highlight project management challenges.
• Market Competition: Ameresco faces rivals like First Solar (FSLR) and NextEra Energy (NEE) in the solar and storage space, though its focus on educational infrastructure offers differentiation.

Conclusion: A Sustainable Investment Play

The Match High School and Career Center exemplifies the confluence of federal funding, private expertise, and community need. For Ameresco, the project demonstrates its value in delivering complex, grant-backed infrastructure—a skill set in high demand as schools and municipalities pursue decarbonization.

With the DOE grant covering only 26% of the total project cost, the partnership also highlights Ameresco’s ability to secure complementary financing. The project’s success—completed on time and under budget—bolsters its reputation, while its vocational focus aligns with the Biden administration’s $4 billion National Climate Workforce Initiative.

Investors should watch for Ameresco’s backlog growth and contract wins in the K–12 sector, as these metrics signal scalability. The company’s stock, which rose 18% in 2024 amid rising renewable energy demand, could gain further momentum if it secures similar projects.

As climate resilience and job training become non-negotiable priorities, the Match High School model is poised to replicate nationwide—a trend that bodes well for Ameresco and the broader green infrastructure sector.