Ameresco and HASI Establish Neogenyx Fuels JV to Accelerate Advanced Biofuels Growth
Ameresco, Inc., a leading provider of energy infrastructure solutions, and HA Sustainable Infrastructure Capital, Inc. (HASI), a prominent investor in sustainable infrastructure assets, have announced a landmark agreement to spin off Ameresco’s biofuels business into a newly created joint venture, Neogenyx Fuels. This strategic move signals a significant step forward in scaling advanced biofuels production and accelerating the global transition toward low-carbon energy solutions.
Under the terms of the agreement, Ameresco will retain a 70% ownership stake in Neogenyx Fuels, while HASI will hold the remaining 30%. The transaction involves Ameresco contributing its established biofuels platform—including its extensive asset base, operational expertise, and development capabilities—into the joint venture. In parallel, HASI has committed to invest $400 million to fuel the growth and expansion of the new entity. The deal values Neogenyx Fuels at an estimated $1.8 billion post-money enterprise value and is expected to close within the current quarter, pending customary conditions.
The formation of Neogenyx Fuels is designed to unlock the embedded value within Ameresco’s long-standing biofuels business while creating a dedicated platform for rapid growth. By combining Ameresco’s technical depth and project execution capabilities with HASI’s flexible capital resources and proven investment experience, the joint venture is positioned to become a major force in the advanced fuels sector. This partnership reflects a shared vision of building scalable, resilient, and sustainable energy systems capable of meeting rising global demand.
For more than 25 years, Ameresco has played a pioneering role in the biofuels industry, particularly in converting biogas into renewable natural gas (RNG), a low-carbon fuel alternative. The company’s expertise spans the full lifecycle of project development—from greenfield design and construction to long-term operations and maintenance. This deep experience forms the backbone of Neogenyx Fuels’ capabilities and positions it to deliver high-performance projects at scale.
HASI, on the other hand, brings a strong track record of financing and structuring investments in sustainable infrastructure. The firm has collaborated with Ameresco on more than 60 transactions since 2001, spanning multiple asset classes. This longstanding relationship provides a solid foundation of trust and alignment, enabling both parties to efficiently execute on their shared growth strategy.
The renewable natural gas market is currently experiencing rapid expansion, driven by increasing demand for cleaner energy sources and supportive regulatory frameworks. RNG is derived from organic waste materials such as landfill gas, agricultural residues, and wastewater treatment byproducts, making it a versatile and sustainable fuel option. Its ability to serve as a “drop-in” replacement for conventional natural gas without requiring significant infrastructure changes further enhances its appeal.
Market projections underscore the strong growth outlook for RNG. A recent industry study forecasts that demand could increase from approximately 139–153 million MMBtu per year today to as much as 612 million MMBtu annually by 2030. This growth is expected to be fueled not only by traditional sectors such as transportation and power generation but also by emerging applications in sustainable aviation fuel, maritime shipping, and international energy markets. These trends highlight the strategic importance of expanding RNG production capacity and infrastructure.
Neogenyx Fuels aims to capitalize on this momentum by developing, owning, and operating a diversified portfolio of advanced fuel assets. Following the completion of the transaction, the company is expected to rank among the largest biogas project developers in the United States. Its pipeline includes numerous projects at various stages of development, providing a clear pathway for sustained growth and value creation.
Beyond its commercial ambitions, the joint venture is also expected to contribute to broader economic and environmental objectives. The expansion of biofuels infrastructure can drive job creation across engineering, construction, and operations, while also reducing greenhouse gas emissions and enhancing energy security. By promoting the use of domestically produced, low-carbon fuels, Neogenyx Fuels will support national efforts to transition toward a more sustainable energy system.
Leadership for the new venture will be spearheaded by Michael T. Bakas, who will serve as Chief Executive Officer. Under his direction, Neogenyx Fuels will focus on building a next-generation platform that integrates innovation, operational excellence, and long-term strategic planning. The company’s mission extends beyond RNG to include the development of future-ready solutions such as advanced drop-in fuels, low-carbon chemicals, and molecular products that can further decarbonize hard-to-abate sectors.
The $400 million capital commitment from HASI will be allocated strategically to maximize impact. Of this total, $300 million will be directly invested into Neogenyx Fuels to fund project development, acquisitions, and operational scaling. The remaining $100 million will be provided to Ameresco as compensation for the contributed business. Ameresco plans to use these proceeds to strengthen its balance sheet, pursue additional growth opportunities, and support working capital needs.
From a financial reporting perspective, Ameresco will consolidate Neogenyx Fuels into its financial statements, meaning overall revenue figures are expected to remain largely unchanged. However, HASI’s 30% ownership stake will be reflected as a non-controlling interest, reducing the portion of net income attributable to Ameresco shareholders. Adjusted EBITDA and key operational metrics will reflect Ameresco’s 70% ownership share following the transaction’s completion.
On the balance sheet, Ameresco will include the full value of Neogenyx Fuels’ assets and liabilities, including any associated debt. At the same time, HASI’s equity stake will be recorded under shareholders’ equity as a non-controlling interest. This structure allows Ameresco to maintain operational control while benefiting from external capital support and risk-sharing.
The transaction has been supported by leading financial and legal advisors. Guggenheim Securities served as financial advisor to Ameresco, with Kirkland & Ellis LLP providing legal counsel. HASI was advised by Lazard Inc. on financial matters and Gibson, Dunn & Crutcher LLP on legal aspects. The involvement of these firms underscores the complexity and strategic importance of the deal.
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