HASI Enters Water Infrastructure Market with Structured Equity Deal
HA Sustainable Infrastructure Capital has completed its first water-infrastructure investment, providing structured equity for a Washington wastewater facility that recycles industrial process water while producing renewable natural gas.
The Pasco Resource Recovery Center was developed and is owned and operated by Burnham through a 30-year public-private partnership with the City of Pasco. The approximately $180 million facility serves seven food-processing plants in the Columbia Basin, a major agricultural region.
The center can treat about eight million gallons of wastewater daily and recycle more than one billion gallons annually. Treated water is stored and used to irrigate 1,900 acres of city-owned farmland, reducing demand for other water supplies.
Anaerobic digesters break down organic material in the wastewater and capture biogas, which is upgraded into pipeline-quality renewable natural gas. Cascade Natural Gas is expected to purchase more than three million therms annually under a long-term agreement, roughly equivalent to the gas consumption of 5,000 homes.
“HASI is excited to invest in this innovative facility, which not only returns clean water for agricultural use, improves air quality and reduces emissions in the Pasco area, but also produces RNG,” co-Chief Investment Officer Annmarie Reynolds said.
The center replaced Pasco’s original Process Water Reuse Facility in 2025, expanding capacity as local processors, including a new Darigold operation, increased demand.
The 30-year wastewater agreement provides contracted revenue supporting HASI’s investment, while RNG sales help offset treatment costs.
Financial terms of the July transaction were not disclosed.
HASI manages more than $17 billion across renewable power, storage, energy efficiency and RNG investments. Burnham, backed by Ares Management’s Infrastructure Opportunities strategy, said the transaction could help it replicate the model with other public utilities confronting water and wastewater constraints.
Connect Money is spotlighting rising stars who have made a valuable contribution to the alternative investments industry. Based on your nomination, we will recognize professionals who have significantly influenced both the workplace and community. The deadline is September 9. Click here to submit your nominations and help us highlight the next generation of leaders.
