Ameresco (AMRC) said late Tuesday it has closed its transaction with HA Sustainable Infrastructure Capital (HASI) to spin off its biofuels business into a newly formed joint venture, Neogenyx Fuels.

Neogenyx Fuels is owned 70% by Ameresco and 30% by HA Sustainable Infrastructure Capital, the company said.

As part of the completed transaction, Ameresco has contributed its biofuels business, consisting of its scaled asset base and development and operating capabilities, into the joint venture, and HASI has committed to invest $400 million to support the growth of Neogenyx Fuels, $100 million of which was distributed to Ameresco, according to a statement.

Also, Ameresco reaffirmed its fiscal 2026 guidance announced on its May 4 earnings call.