• Ameresco and HASI are forming Neogenyx Fuels, a new advanced biofuels joint venture valued at $1.8 billion.
• HASI will commit $400 million, with $300 million invested directly into the new platform and $100 million paid to Ameresco.
• The venture targets rising RNG demand, which ICF projects could reach up to 612 million MMBtu per year by 2030.

Ameresco and HASI are moving to carve out Ameresco’s biofuels business into a new joint venture, creating one of the largest biogas development platforms in the United States.

The new company, Neogenyx Fuels, will be owned 70% by Ameresco and 30% by HASI. Ameresco will contribute its biofuels assets, development pipeline, operating capabilities, and technical expertise. HASI will provide $400 million in committed capital to support growth.

The transaction values the new venture at $1.8 billion on a post money enterprise value basis. The companies have signed the agreement, with closing expected within the quarter.

For Ameresco, the transaction separates a fast growing biofuels business while keeping majority ownership. For HASI, it expands exposure to sustainable infrastructure assets at a time when demand for low carbon fuels is rising across power, transport, industry, aviation, and marine markets.

Capital Structure Creates Room For Growth

HASI’s $400 million commitment has two parts. The first $300 million will be invested directly into Neogenyx Fuels to support growth. The remaining $100 million will go to Ameresco as direct compensation for the existing business.

Ameresco said it plans to use that $100 million for strategic opportunities, working capital, and deleveraging during the year.

After closing, Ameresco expects to consolidate Neogenyx Fuels in its financial statements. As a result, revenue should remain largely unchanged on a consolidated basis. However, 30% of net income will be attributable to HASI and shown as non controlling interest.

Ameresco’s reported adjusted EBITDA, operating assets, and assets in development metrics will reflect its 70% ownership after the deal closes. On the balance sheet, Ameresco will consolidate the full value of Neogenyx Fuels assets and liabilities, including debt. HASI’s 30% equity share will be recorded as non controlling interest within shareholders’ equity.

That structure gives Ameresco continued control, while bringing in capital for expansion without a full divestment.

RNG Demand Is Moving Beyond Traditional Markets

The venture is built around renewable natural gas and advanced biofuels, both of which sit at the intersection of energy security, decarbonization, and industrial policy.

According to a 2025 ICF market study cited by the companies, RNG demand is projected to grow from about 139 million to 153 million MMBtu per year today to as much as 612 million MMBtu per year by 2030.

Demand is also expanding beyond traditional gas markets. The companies pointed to sustainable aviation fuel, maritime applications, international demand, and future molecular products and chemicals as areas that could strengthen the long term case for domestic RNG production.

That matters for executives and investors because RNG is not only a climate asset. It is also a fuel security asset. It can use existing infrastructure, support waste to energy models, and provide drop in fuel options for sectors that cannot quickly electrify.

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Executives Position Neogenyx Fuels As A Scale Platform

Ameresco said its biofuels business draws on 25 years of greenfield development and long term asset operation. The company has built its position by turning biogas into low carbon fuel across a growing project base.

“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,” said George P. Sakellaris, Chief Executive Officer of Ameresco. “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.”

HASI also framed the deal as a continuation of a long standing partnership.

“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,” said Jeffrey A. Lipson, HASI President and Chief Executive Officer. “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.”

Michael T. Bakas, who will serve as Chief Executive Officer of Neogenyx Fuels, positioned the company as a platform for today’s fuel needs and future low carbon markets.

“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,” said Bakas. “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.”

What Investors And Executives Should Watch

The deal reflects a broader shift in sustainable infrastructure finance. Capital is moving toward platforms that combine operating assets, development pipelines, and long term demand from hard to abate sectors.

For boards and investors, the key issue is execution. Neogenyx Fuels will need to convert pipeline into operating assets while managing feedstock supply, permitting, offtake, project finance, and policy risk.

Still, the strategic logic is clear. Ameresco gains capital and focus. HASI gains a larger foothold in RNG. The U.S. gains another scaled platform in low carbon fuel infrastructure.

As energy markets weigh security, price volatility, and decarbonization, advanced biofuels are becoming part of a wider industrial strategy. Neogenyx Fuels now enters that market with capital, technical depth, and a mandate to scale.