Ameresco Secures Over $70 Million Through Sale of RNG-Related Investment Tax Credits, Signaling Strength in Renewable Energy Market
Ameresco, Inc. (NYSE: AMRC), a prominent energy solutions company with a mission rooted in helping customers successfully navigate the transition to cleaner, more sustainable energy sources, has announced a significant financial achievement. The company successfully completed the sale of approximately $71 million in Investment Tax Credits (ITCs) generated from three renewable natural gas (RNG) projects that convert landfill gas into a clean energy source.
These three projects—conceived, developed, financed, built, and now operated by Ameresco—were officially placed into service in 2024. Each of them utilizes landfill gas as a feedstock to produce renewable natural gas, which is subsequently integrated into the broader energy grid. The sale of these tax credits represents a strategic financial transaction that enhances the company’s capital flexibility while underlining the growing importance of RNG in America’s clean energy future.
Expanding Financial Strategies in a Growing Market
This deal is particularly noteworthy as it marks Ameresco’s third ITC sale to a corporate buyer and its first sale involving RNG tax credits under the newly implemented tax credit transferability rules, which were enacted as part of recent clean energy policy initiatives in the U.S. These rules allow companies to transfer eligible tax credits to third parties, creating a new form of market liquidity for clean energy project developers and investors.
The ability to sell tax credits for cash—rather than merely applying them against tax liability—is a crucial development that provides immediate funding for ongoing or future projects. By taking advantage of these updated provisions, Ameresco is demonstrating not only its deep familiarity with the renewable energy finance landscape but also its ability to innovate and adapt to changes in clean energy policy and economics.
“We are excited to complete our first RNG tax credit sale, which reflects the growing value and market confidence in renewable natural gas as a critical component of the clean energy transition,” said Mike Bakas, President of Renewable Fuels at Ameresco. “This milestone builds on our recent success monetizing solar and battery storage tax credits, including our landmark transaction with MassMutual, and demonstrates our ability to leverage a variety of financial structures to unlock value from our energy assets.”
Supporting the Energy Transition with Renewable Fuels
Ameresco’s leadership in renewable fuels is reinforced by its diverse project portfolio that includes energy efficiency solutions, solar photovoltaic systems, battery energy storage systems (BESS), and renewable gas projects across the United States and beyond. The company views renewable natural gas as a bridge solution—offering near-term greenhouse gas emissions reductions while supporting sectors that are difficult to electrify, such as heavy industry and long-haul transportation.
The projects involved in this tax credit sale are part of Ameresco’s broader efforts to transform waste into clean energy. Landfill gas-to-RNG facilities capture methane emissions from decomposing organic matter in municipal solid waste landfills, which would otherwise escape into the atmosphere as a potent greenhouse gas. By upgrading the methane into pipeline-quality natural gas, Ameresco not only prevents harmful emissions but also produces a valuable, dispatchable fuel that can substitute for fossil natural gas in homes, vehicles, and industrial processes.
These projects also deliver ancillary benefits. They promote local economic development, create green jobs, and provide municipalities with long-term partners for sustainable waste management. By investing in these kinds of infrastructure projects, Ameresco is helping communities reduce their carbon footprints while strengthening the resiliency and diversity of the national energy supply.
Leveraging Financial Innovation for Sustainability
The sale of tax credits derived from renewable energy production is not just a financing tool—it’s a signal to the market about the viability and bankability of these projects. Ameresco’s transaction sends a strong message that renewable natural gas, once considered a niche solution, is now attracting serious attention from mainstream investors and corporate buyers.
This most recent tax credit sale builds on Ameresco’s earlier monetization of solar and battery storage ITCs, including a notable transaction with financial services giant MassMutual, which represented one of the largest such deals of its kind in the United States. These transactions help Ameresco realize the value of its clean energy assets quickly and efficiently, providing essential capital that can be reinvested into additional development efforts.
“Our ability to diversify funding through multiple structures and investor types gives us a competitive edge,” said Bakas. “The transferability of tax credits is a game-changer for clean energy companies like Ameresco. It opens new doors for liquidity, accelerates project deployment timelines, and allows us to scale with greater speed and agility.”
Indeed, Ameresco’s strong track record in financial innovation has positioned it as a go-to partner for municipalities, corporations, and institutions seeking sustainable energy infrastructure with proven returns. The company’s reputation for execution, its familiarity with public-private partnerships, and its access to a wide array of financing mechanisms make it uniquely capable of capitalizing on evolving market opportunities.
Partnership with STX Group
To execute this latest transaction, STX Group, a global leader in environmental commodity markets and sustainable finance solutions, served as the exclusive facilitator. STX Group’s expertise helped navigate the complex landscape of clean energy finance, ensuring that the ITC sale was conducted efficiently, transparently, and in compliance with all regulatory requirements.
This collaboration is an example of how companies within the clean energy ecosystem are working together to accelerate the energy transition by leveraging financial markets. STX’s role was pivotal in identifying a suitable corporate buyer and facilitating the due diligence and closing processes.
By working with experienced financial partners like STX Group, Ameresco is maximizing its return on investment while also demonstrating that sustainable infrastructure can be a strong driver of shareholder value and stakeholder trust.
Commitment to Long-Term Sustainability
As Ameresco celebrates this transaction, the company is reaffirming its commitment to sustainability and to creating value through clean energy innovation. The RNG projects at the heart of this deal are just a portion of a much larger portfolio that includes dozens of ongoing or completed clean energy initiatives across North America and Europe.
Ameresco’s future plans include continued investment in renewable fuels, solar and storage projects, grid resilience, and decarbonization solutions tailored for large institutional clients, including universities, military bases, and data centers. The company is also actively exploring new markets and technologies, such as green hydrogen and carbon capture, that promise to play critical roles in achieving net-zero emissions targets.
“Our team is proud to lead in the design and delivery of sustainable energy solutions that not only reduce emissions but also make strong economic sense,” said Bakas. “We will continue to explore opportunities to monetize our diverse portfolio of energy assets and to create enduring value for our clients, our investors, and the planet.”
