Hannon Armstrong Announces $100 Million CarbonCount® Green Commercial Paper Note Program
27 September 2021 - 9:01PM
Business Wire
First Green Commercial Paper Program in the
United States Provides for CarbonCount® Reporting on Avoided
Emissions
Hannon Armstrong Sustainable Infrastructure Capital, Inc.
(“Hannon Armstrong,” or the “Company”) (NYSE: HASI), a leading
investor in climate solutions, today announced the establishment of
a $100 million CarbonCount® Green Commercial Paper Note Program
(the “CarbonCount® Green CP Program”), marking the launch of the
first fully Green Commercial Paper program in the United States.
BofA Securities, Inc. is acting as the sole dealer and green
structuring advisor on the program.
Amounts available under the CarbonCount® Green CP Program may be
borrowed, repaid and re-borrowed from time to time, with the
maximum aggregate face or principal amount of CarbonCount® Green
Commercial Paper Notes outstanding at any one time not exceeding
$100 million. The CarbonCount® Green Commercial Paper Notes will be
sold on terms that are customary for the United States commercial
paper market and will be at least equal in right of payment with
all of Hannon Armstrong’s other unsecured and unsubordinated
indebtedness. Payment of the CarbonCount® Green Commercial Paper
Notes will be supported by a direct-pay letter of credit issued by
Bank of America, N.A.
Consistent with our investment thesis and Sustainability
Investment Policy, Hannon Armstrong only invests in assets that are
neutral to negative on incremental carbon emissions or have some
other tangible environmental benefit, such as reducing water
consumption. We track and report on the impact of all investments
utilizing our CarbonCount® metric, a proprietary scoring tool for
evaluating investments in U.S. based renewable energy, energy
efficiency, and climate resilience projects to determine the
efficiency by which each dollar of invested capital reduces annual
carbon dioxide equivalent (CO2e) emissions. This first-of-its-kind
methodology promotes transparency in project finance by creating a
simple and comparable metric for infrastructure projects to be
evaluated in terms of how much the capital investment is mitigating
climate change.
The Company intends to allocate an amount equal to the net
proceeds of CarbonCount® Green Commercial Paper Notes to acquire or
refinance, in whole or in part, Eligible Green Projects, which
include Behind-the-Meter, Grid-Connected and Sustainable
Infrastructure projects:
- Behind-the-Meter: distributed building or facility
projects, which reduce energy usage or cost through the use of
solar generation and energy storage or energy efficiency
improvements including heating, ventilation and air conditioning
systems, lighting, energy controls, roofs, windows, building
shells, and/or combined heat and power systems;
- Grid-Connected: projects that deploy cleaner energy
sources, such as solar and wind to generate power where the
off-taker or counterparty is part of the wholesale electric power
grid; and
- Sustainable Infrastructure: upgraded transmission and
distribution systems, water and storm water infrastructure, and
other projects that improve water or energy efficiency, increase
resiliency, positively impact the environment, or more efficiently
use natural resources.
Pending allocation of the full amount equal to the net proceeds
from the concurrently outstanding CarbonCount® Green Commercial
Paper Notes at any point of time, the Company intends to invest
such net proceeds in interest-bearing accounts and short-term,
interest-bearing securities that are consistent with the Company’s
intention to continue to qualify for taxation as a REIT.
“This CarbonCount® Green Commercial Paper Program is another
cost-effective and innovative component of our diverse funding
platform, as we remain a leader in both climate positive investing
and green debt issuance,” said Jeffrey A. Lipson, Chief Financial
Officer and Chief Operating Officer.
ABOUT HANNON ARMSTRONG
Hannon Armstrong (NYSE: HASI) is the first U.S. public company
solely dedicated to investments in climate solutions, providing
capital to leading companies in energy efficiency, renewable
energy, and other sustainable infrastructure markets. With more
than $8 billion in managed assets, Hannon Armstrong’s core purpose
is to make climate-positive investments with superior risk-adjusted
returns. For more information, please visit www.hannonarmstrong.com. Follow Hannon Armstrong
on LinkedIn and Twitter @HannonArmstrong.
Forward-Looking Statements
Some of the information in this press release contains
forward-looking statements and within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. When used in this
press release, words such as “believe,” “expect,” “anticipate,”
“estimate,” “plan,” “continue,” “intend,” “should,” “may,”
“target,” or similar expressions, are intended to identify such
forward-looking statements. Forward-looking statements are subject
to significant risks and uncertainties. Investors are cautioned
against placing undue reliance on such statements. Actual results
may differ materially from those set forth in the forward-looking
statements. Factors that could cause actual results to differ
materially from those described in the forward-looking statements
include those discussed under the caption “Risk Factors” included
in the Company’s Annual Report on Form 10-K for the Company’s
fiscal year ended December 31, 2020, which was filed with the U.S.
Securities and Exchange Commission (“SEC”), as well as in other
reports that the Company files with the SEC.
Forward-looking statements are based on beliefs, assumptions and
expectations as of the date of this press release. The Company
disclaims any obligation to publicly release the results of any
revisions to these forward-looking statements reflecting new
estimates, events or circumstances after the date of this press
release.
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version on businesswire.com: https://www.businesswire.com/news/home/20210927005387/en/
Investor Inquiries Chad Reed 410-571-6189
investors@hannonarmstrong.org
Media Inquiries Gil Jenkins 443-321-5753
media@hannonarmstrong.com
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