In the United States (US), Ameresco, Inc., a leading energy infrastructure solutions provider, and HA Sustainable Infrastructure Capital, Inc., a leading investor in sustainable infrastructure assets, today announced their agreement to spin off Ameresco’s biofuels business into a newly formed joint venture: Neogenyx Fuels.
Neogenyx Fuels will be owned 70 percent by Ameresco and 30 percent by HASI. As part of the transaction, Ameresco will contribute its biofuels business, comprising its scaled asset base and proven development and operating capabilities, into the joint venture, and HASI will commit to invest US$400 million to support the growth of Neogenyx Fuels.
The transaction represents a strategic step to unlock the significant value embedded in Ameresco’s biofuels business, representing a US$1.8 billion post-money enterprise value.
The agreement has been signed, with closing expected within the quarter.
Develop, own, and operate advanced fuel solutions
Backed by two established industry leaders, Neogenyx Fuels will be a premier developer, owner, and operator of advanced fuel solutions, accelerating the global energy transition.
The joint venture is structured to drive long-term growth by pairing Ameresco’s deep technical expertise and proven execution capabilities with HASI’s scalable and flexible capital platform and extensive track record of structuring and executing investments in sustainable infrastructure assets.
Together, this foundation of technical independence, engineering excellence, and operational rigor positions Neogenyx Fuels to deliver resilient energy solutions at scale globally.
Ameresco has been a leader in the biofuels industry for the last twenty-five years, turning the beneficial use of biogas into a reliable low-carbon fuel source. By enhancing the business through strategic focus and HASI’s expansive capital resources, Neogenyx Fuels will be positioned to scale faster and deliver a greater impact in this fast-growing market. We are proud of what this business has accomplished at Ameresco and incredibly excited about the next phase of its journey, said George P. Sakellaris, CEO of Ameresco.
Tremendous growth in RNG
The renewable natural gas (RNG) market is experiencing tremendous growth, supported by the rising global demand for low-carbon energy sources and an increased emphasis on domestic energy supplies and drop-in fuel solutions.
According to a 2025 ICF market study, RNG demand is projected to grow across sectors from approximately 139-153M MMBtu/y today to as much as 612M MMBtu/y by 2030, with emerging demand in sustainable aviation fuel (SAF), maritime applications, and international markets further reinforcing the long-term trajectory for domestic RNG production.
HASI is excited to deepen its relationship with Ameresco, which has been an outstanding partner across more than 60 joint transactions in multiple asset classes since 2001. As we expect continued growth in the RNG market, we are confident in deploying capital with a best-in-class operator, enabling us to create a valuable enterprise, said Jeffrey A. Lipson, President and CEO at HASI.
Major player
After closing, Neogenyx Fuels will be one of the largest developers of biogas projects in the United States, a product of Ameresco’s 25-year track record in greenfield development and long-term asset operation.
With a tremendous development pipeline, Neogenyx Fuels will be poised to support the buildout of scalable infrastructure that can drive job creation while reinforcing US leadership in both domestic use and global export of next-generation fuels.
Neogenyx Fuels will represent a next-generation platform for advanced biofuels, delivering resilient energy supply today, while building the foundation for tomorrow’s drop‑in fuels, molecular products and chemicals, and other low‑carbon solutions. We will be uniting a deeply experienced team, proven execution, and a growing organic pipeline, backed by a capital partnership built for long-term growth. I could not be more excited about the lasting impact we will deliver in the global energy transition, said Michael T. Bakas, who will be CEO of Neogenyx Fuels.
Of the US$400 million commitment from HASI, US$300 million will be directly invested in Neogenyx Fuels to drive business growth, and US$100 million will be direct compensation to Ameresco for the existing business, which will be used for strategic opportunities, working capital, and deleveraging throughout the year.
Ameresco plans to consolidate Neogenyx Fuels, and therefore, revenue will remain largely unchanged on a consolidated basis.
However, 30 percent of net income will be attributable to HASI and reflected below the line as non-controlling interest, reducing the amounts attributable to Ameresco’s shareholders.
Ameresco’s reported Adjusted EBITDA, as well as its operating assets and assets in development metrics, will reflect its 70 percent ownership once the transaction is closed.
On the balance sheet, Ameresco will consolidate the full value of the Neogenyx Fuels assets and liabilities, including all of the Neogenyx Fuels debt, but it will record HASI’s 30 percent share of the joint venture’s equity in the non-controlling interest line within shareholders’ equity.
Guggenheim Securities acted as financial advisor, and Kirkland & Ellis LLP as legal advisor, to Ameresco in connection with the transaction. Lazard Inc. acted as financial advisor, and Gibson, Dunn & Crutcher LLP as legal advisor, to HASI in connection with the transaction.
