HASI Invests in Wastewater Infrastructure
HA Sustainable Infrastructure Capital, Inc. (“HASI”) (NYSE: HASI), a leading investor in sustainable infrastructure assets, has announced the closing of a structured equity investment in the Pasco Resource Recovery Center (“Pasco Center”), a wastewater treatment and reuse facility serving the City of Pasco, Washington. The transaction was completed in partnership with Burnham, a developer, owner, and operator focused on wastewater treatment, water reuse, and resource recovery infrastructure.
The investment represents an important expansion of HASI’s sustainable infrastructure portfolio and marks the company’s first investment in water infrastructure. Through the transaction, HASI is supporting a facility designed to address wastewater management, water conservation, renewable energy generation, and agricultural resource needs in the Pasco community.
Developed, owned, and operated by Burnham, the Pasco Center provides wastewater treatment and reuse services for seven industrial food-processing facilities in the region. Food-processing operations can generate significant volumes of wastewater containing organic material, creating challenges for communities and industrial operators seeking to manage water resources efficiently. The Pasco Center addresses those challenges by using advanced treatment and resource recovery processes that convert wastewater into useful products.
A central component of the facility’s operations is anaerobic digestion. Through this process, organic matter contained in wastewater is broken down in an oxygen-free environment. The process allows the facility to treat wastewater while also recovering valuable resources. One of the resulting products is renewable natural gas (“RNG”), which can be sold as a renewable energy commodity and potentially help reduce reliance on conventional fossil-based natural gas.
The facility also plays an important role in water conservation. The Pasco Center has the capacity to recycle more than one billion gallons of water each year for agricultural irrigation. Instead of treating wastewater solely as a waste stream, the facility converts it into a reusable water resource that can support agricultural production.
The recycled water is used to irrigate approximately 1,900 acres of agricultural fields owned by the City of Pasco. This water reuse application is particularly significant in a region where agriculture is an important part of the local economy and efficient management of water resources is increasingly important. By redirecting treated water toward agricultural use, the project can help reduce demand for other water sources while supporting productive farmland.
Beyond water recovery and renewable energy production, the Pasco Center contributes to broader resource recovery efforts by producing nutrient-rich soil amendments. These materials can provide another beneficial use for recovered resources from the wastewater treatment process, further improving the overall sustainability profile of the facility.
The project is also the result of a partnership between Burnham and the City of Pasco. In 2025, the Pasco Center replaced the city’s original Process Water Reuse Facility. The replacement project substantially increased wastewater processing capacity while reducing the environmental impact associated with wastewater management.
The upgraded facility is designed to provide a more comprehensive resource recovery solution for the community. By combining wastewater treatment, water reuse, renewable natural gas production, and soil amendment generation, the Pasco Center demonstrates how infrastructure traditionally viewed primarily as a public service can also become a platform for environmental and economic value creation.
For HASI, the transaction aligns with its strategy of investing in sustainable infrastructure assets that can generate long-term contracted cash flows while delivering measurable environmental benefits. The Pasco Center is supported by a 30-year wastewater treatment agreement with the City of Pasco, providing a long-term contractual framework for the investment.
HASI said the investment, which closed in July 2026, demonstrates the potential of water infrastructure as an important component of the broader sustainable infrastructure market. As communities face growing pressure to conserve water, improve wastewater treatment, reduce emissions, and strengthen infrastructure resilience, projects that integrate several of these objectives may become increasingly attractive to investors.
“HASI is excited to invest in this innovative facility, which not only returns clean water for agricultural use, improves air quality, and reduces emissions in the Pasco area, but also produces RNG to decarbonize the local economy,” said Annmarie Reynolds, HASI’s Co-Chief Investment Officer. “We look forward to investing further into water infrastructure and broadening our impact.”
Burnham views the transaction as an important step in expanding its infrastructure platform and developing additional solutions for communities dealing with wastewater and water resource challenges. The company’s model focuses on creating infrastructure that can provide essential public services while recovering valuable resources and generating environmental benefits.
“The Pasco Center is exactly the kind of project Burnham was built to deliver — turning a wastewater challenge into clean, reusable water and a source of renewable energy for the community,” said Chris Tynan, Burnham’s Chief Executive Officer.
Tynan added that HASI’s investment could help Burnham pursue similar projects in other markets where public utilities are seeking modern approaches to wastewater treatment and resource recovery. He described the transaction as a strong first step in the relationship between the two companies and indicated that additional partnership opportunities could emerge as Burnham continues to expand its platform.
The Pasco project highlights the increasing convergence of water infrastructure, renewable energy, agriculture, and sustainable investment. Wastewater facilities are increasingly being evaluated not simply for their ability to process waste but also for their potential to recover water, energy, nutrients, and other resources.
In Pasco, the combination of anaerobic digestion, water recycling, RNG production, and agricultural reuse creates multiple environmental benefits from a single infrastructure asset. The facility’s ability to recycle more than one billion gallons of water annually provides a substantial contribution to local water management, while its renewable gas production adds an energy component to the project.
The investment also illustrates how public-private partnerships can support the modernization of essential infrastructure. Through its partnership with Burnham, the City of Pasco has access to an expanded wastewater treatment and reuse facility, while HASI provides capital to support sustainable infrastructure development.
As demand grows for resilient water systems and lower-carbon infrastructure, the Pasco Center could serve as an example of how wastewater facilities can be transformed into integrated resource recovery assets. HASI’s entry into the water infrastructure sector also signals its intention to explore additional opportunities in a market where investment needs are expected to remain significant.
The completion of the Pasco Center investment therefore represents more than a single financing transaction. It marks HASI’s entry into water infrastructure, strengthens Burnham’s ability to pursue additional wastewater projects, and supports the City of Pasco’s long-term water and resource management objectives. By combining reliable wastewater services with water reuse, renewable energy generation, and resource recovery, the facility demonstrates the broader role sustainable infrastructure can play in supporting communities and advancing environmental goals.
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