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Hannon Armstrong Sustainable Infrastructure Capital Inc. (NYSE: HASI) is a prominent financial services firm focused on providing debt and equity financing in the energy efficiency and renewable energy markets. Based in Annapolis, Maryland, the company tailors its investments to support projects that generate long-term, predictable, and recurring cash flows. Hannon Armstrong leverages its extensive industry expertise, having completed its first renewable energy financing over 25 years ago and its first energy efficiency financing more than 15 years ago.
Core Business and Focus:
HASI primarily targets two main areas:
- Energy Efficiency Projects: These projects aim to reduce energy usage and costs in buildings or facilities through the installation or improvement of components such as HVAC systems, lighting, energy controls, roofs, windows, building shells, and combined heat and power systems.
- Renewable Energy Projects: These projects focus on deploying clean energy sources like solar and wind to generate power. Hannon Armstrong provides financing solutions that facilitate the transition to more sustainable energy production methods.
Target Market:
The company provides preferred or senior-level capital to established sponsors and high-credit-quality obligors, including U.S. federal, state, and local governments, Global 1000 corporations, and private developers.
Recent Achievements and Projects:
Hannon Armstrong has been actively involved in significant financing initiatives. For instance, the company recently secured over $300 million in project financing commitments from funds managed by Apollo (NYSE: APO) and ATLAS SP Partners for SunPower's residential solar and storage lease programs. This transaction supports SunPower’s mission to expand access to clean energy solutions across the United States.
Financial Condition:
As a Real Estate Investment Trust (REIT), elected and qualified for federal income-tax purposes since December 31, 2013, Hannon Armstrong has demonstrated robust financial health and stability. The company continues to attract significant investment, enabling it to support a variety of clean energy projects that align with its sustainability goals.
Partnerships:
Hannon Armstrong has established strategic partnerships with key players in the energy sector, such as SunPower Corp. This collaboration underscores its commitment to facilitating the adoption of renewable energy and enhancing energy efficiency nationwide.
Conclusion:
Hannon Armstrong Sustainable Infrastructure Capital Inc. stands as a leader in financing environmentally sustainable energy projects. With a solid foundation in industry knowledge and a focus on providing tailored financial solutions, HASI continues to drive the transition toward a more sustainable energy future.
Pivot Energy has secured major financing arrangements totaling over $450 million to support the construction of 300 Megawatts of distributed generation solar projects across the United States. The financing includes a debt warehouse facility led by First Citizens Bank and ATLAS SP Partners, along with a structured equity investment from HASI in a new project joint venture. The portfolio comprises 96 projects across nine states, primarily focusing on community solar installations, with the remainder being commercial Power Purchase Agreements. The projects are expected to be operational within two years, representing Pivot's largest financing agreement to date.
HASI reported Q3 2024 results with mixed performance. Managed assets increased 14% year-over-year to $13.1 billion, while the portfolio grew 15% to $6.3 billion. The company closed $396 million in transactions during Q3, bringing YTD total to $1.2 billion. New portfolio investments yielded approximately 10.5%, with total portfolio yield rising to 8.1%. However, GAAP EPS declined to $(0.17) from $0.20 year ago, while Adjusted EPS decreased to $0.52 from $0.62. The company maintained its guidance for 8-10% compound annual growth in adjusted EPS from 2024 to 2026.
HA Sustainable Infrastructure Capital, Inc. (NYSE: HASI), a leading investor in climate solutions, has announced the release date for its third quarter 2024 results. The company will disclose its financial performance after market close on Thursday, November 7, 2024, followed by a conference call at 5:00 p.m. (Eastern Time).
Investors can access the conference call by dialing 1-877-407-0890 (Toll-Free) or +1-201-389-0918 (toll). An audio webcast with slides will also be available on HASI's website. For those unable to attend, a replay will be accessible as an on-demand webcast on the company's website. HASI utilizes its website as a primary channel for distributing material company information, including financial data.
Vision RNG (VRNG) has secured $207 million in project financing from HASI to construct two landfill gas-to-renewable natural gas (LFG-to-RNG) projects in Ohio. The funding includes a $130 million construction facility and a $77 million investment tax credit (ITC) bridge loan. These projects, developed in partnership with WIN Waste Innovations, are expected to initially produce over 2 million MMBtus of RNG annually, with plans to double production within 11 years.
The initiatives aim to reduce approximately 120,000 tons of fossil-based CO2 emissions annually, equivalent to the CO2 produced by over 12 million gallons of gasoline or 250,000 barrels of oil each year. The projects will also create local jobs and contribute to a sustainable energy future by converting landfill gas, a byproduct of waste decomposition, into valuable renewable resources.
HA Sustainable Infrastructure Capital (HASI) reported its second quarter of 2024 results. Key highlights include a 21% YoY increase in managed assets to $13 billion and a 27% YoY growth in its portfolio to $6.2 billion. The company formed a new strategic partnership with KKR, targeting a $2 billion co-investment in sustainable projects over 18 months. HASI issued its first investment-grade bond, raising $700 million at a 6.375% coupon. The company closed $260 million in transactions in Q2 2024 and $823 million in the first half of 2024, consistent with the previous year. Yields on new portfolio investments exceeded 10.5%, with a total portfolio yield of over 8.0%. HASI's GAAP EPS rose to $0.23 from $0.14 a year ago, and adjusted EPS increased to $0.63 from $0.53. The quarterly dividend was declared at $0.415 per share. Net income grew to $26.5 million from $13.5 million. The company's investment activity includes significant contributions to clean energy, with over 300 MW of solar and wind power funded in Q2 2024.
HASI (NYSE: HASI), a leading investor in climate solutions, has announced the release date for its second quarter 2024 earnings report. The company will disclose its results after market close on Thursday, August 1, 2024, followed by a conference call at 5:00 p.m. Eastern Time. Investors can access the call by dialing 1-877-407-0890 (Toll-Free) or +1-201-389-0918 (toll). An audio webcast with slides will also be available on HASI's website. A replay of the call will be accessible as an on-demand webcast on the company's website. HASI utilizes its website to distribute material company information and financial data.
Hannon Armstrong Sustainable Infrastructure Capital (HASI) has announced the pricing of a $700 million private offering of 6.375% green senior unsecured notes due 2034. The notes, guaranteed by several affiliated entities, are set to settle on July 1, 2024, pending customary closing conditions. Net proceeds of approximately $688 million will be used to repay parts of the company's unsecured credit facility and buy back some of its 6.00% senior notes due 2025. Remaining funds will be invested in or refinance eligible green projects. The notes are being offered to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S.
Hannon Armstrong Sustainable Infrastructure Capital (HASI) has announced that it received a BBB- investment grade credit rating from Fitch Ratings. This is HASI's second investment grade rating, with the first being a Baa3 rating from Moody’s since June 2022. Fitch highlighted HASI's enhanced business profile, improved funding flexibility, strong asset quality, solid operating performance, and leverage within the targeted range. The upgrade is also attributed to HASI's proven track record in renewable energy financing, robust securitization platform, enhanced liquidity, and experienced management. According to CFO Marc Pangburn, this dual investment grade status will allow HASI's bonds to be included in investment grade indices, increasing access to low-cost, long-duration debt capital.
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) reported Q1 2024 results, including a $2b partnership with KKR. They achieved $0.98 GAAP EPS, a 36% increase in portfolio, and a 24% growth in managed assets. They closed $562 million of investments. The sustainability initiatives will avoid 520,000 metric tons of carbon emissions annually. The company expects 8-10% annual growth in adjusted EPS from 2024 to 2026.
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) and KKR have established a $2 billion strategic partnership to invest in climate positive projects in the U.S. through CarbonCount Holdings 1 (CCH1). Each company has committed up to $1 billion to CCH1 for clean energy assets over 18 months. HASI will manage CCH1, measure emissions, and focus on renewable energy projects. The partnership aims to accelerate the energy transition and reduce reliance on public equity markets.
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