Ameresco Forms Neogenix JV With HASI to Scale Biogas, Reports Q1 Growth
The structure supplies multi-year biogas capital plus cash that Ameresco plans to use to cut debt.
Overview
- Ameresco created Neogenix Fuels with HASI, validating a $1.8 billion value for its biogas platform and securing $300 million for projects plus $100 million in cash.
- Revenue rose 14% as strong federal and regional project work offset extreme weather that idled three renewable natural gas plants and slowed solar construction.
- The company said its federal business stayed solid with a 20% increase in awarded backlog and more proposals for hardening and reliability projects.
- Management named two co-presidents to sharpen focus on energy infrastructure, including data-center power, and on building efficiency upgrades.
- HASI will own a 30% noncontrolling stake in the biogas venture, which Ameresco said will change how adjusted EBITDA and net income appear in its results.