Ameresco, Inc. (NYSE: AMRC) and HA Sustainable Infrastructure Capital, Inc. (NYSE: HASI) have announced a definitive agreement to spin off Ameresco’s biofuels division into a newly formed joint venture, Neogenyx Fuels. The transaction values the new entity at a post-money enterprise value of $1.8 billion, creating a major new player in the rapidly expanding advanced fuels market.
Under the terms of the agreement, Ameresco will retain a 70% majority stake in Neogenyx Fuels, contributing its existing biofuels asset base and development capabilities. HASI will hold the remaining 30% and has committed a $400 million investment to accelerate the venture’s growth.
Neogenyx Fuels combines Ameresco’s 25-year technical track record in biogas with HASI’s flexible capital platform. Of HASI’s $400 million commitment, $300 million is earmarked for direct investment in business growth, while $100 million serves as direct compensation to 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,” said George P. Sakellaris, CEO of Ameresco.
Jeffrey A. Lipson, CEO of HASI, noted that the move deepens a partnership that has spanned more than 60 joint transactions since 2001. “As we expect continued growth in the RNG market, we are confident in deploying capital with a best-in-class operator,” Lipson added.
The launch comes as the renewable natural gas (RNG) sector enters a period of significant acceleration. A 2025 ICF study projects that RNG demand could rise from current levels of around 150M MMBtu/y to as much as 612M MMBtu/y by 2030. This growth is driven by the decarbonisation of heavy transport, as well as emerging requirements in sustainable aviation fuel (SAF) and maritime applications.
Michael T. Bakas, who will serve as CEO of Neogenyx Fuels, described the venture as a “next-generation platform” for 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,” Bakas said.
The transaction is expected to close within the current quarter. Following the close, Ameresco will continue to consolidate Neogenyx Fuels on its balance sheet. While consolidated revenue is expected to remain largely unchanged, 30% of net income will be attributed to HASI as a non-controlling interest.
Ameresco intends to use the $100 million in direct compensation for strategic opportunities, working capital, and deleveraging throughout 2026. Guggenheim Securities and Kirkland & Ellis LLP advised Ameresco on the deal, while Lazard Inc. and Gibson, Dunn & Crutcher LLP represented HASI.
