Ameresco and HASI agreed to form Neogenyx Fuels, a new advanced biofuels joint venture valued at $1.8 billion post-money enterprise value. Ameresco will own 70%, while HASI will own 30% and commit $400 million, including $300 million for growth and $100 million paid directly to Ameresco.

The deal shows that U.S. advanced biofuels M&A is shifting toward scaled RNG platforms with operating control and capital backing. Buyers are not only funding single biogas projects. They are backing developers with existing assets, technical teams, and long-term pipelines.

Ameresco is contributing its biofuels business, including its 25-year development and operating track record. No MW or MMBtu production capacity was disclosed, but the company said Neogenyx will be one of the largest U.S. biogas project developers after closing.

HASI’s role is important. The investor already manages more than $16 billion across sustainable infrastructure and has completed over 60 joint transactions with Ameresco since 2001. That history lowers execution risk and gives Neogenyx a capital partner built for repeat project deployment.

The signal is clear: advanced fuels investors want scale, proven operations, and funded growth pipelines. Neogenyx gives HASI exposure to RNG expansion while allowing Ameresco to unlock value without losing control.

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