Hannon Armstrong Invests in a 1.3 GW Renewables Portfolio Owned and Operated by AES
04 January 2023 - 11:30PM
Business Wire
Hannon Armstrong Sustainable Infrastructure Capital, Inc.
("Hannon Armstrong" or "HASI") (NYSE: HASI), a leading investor in
climate solutions, today announced the close of two new
programmatic investments in grid-connected renewable energy assets
developed, owned and operated by The AES Corporation (NYSE: AES), a
Fortune 500 global energy company and one of the largest developers
and operators of clean power in the United States, with a
51-gigawatt (GW) development pipeline in the U.S.
Per the agreement, signed on December 22, 2022, HASI will make a
common equity investment in an approximately 1.3-GW portfolio of
operating solar and wind projects located across six states:
Arizona, California, New York, South Dakota, Utah, and Virginia.
Additionally, HASI is financing land owned by AES for a solar
project and a standalone battery energy storage system in
California.
"We are thrilled to expand our programmatic relationship with
AES through this new partnership, which is designed to encourage
additional investments over the next several years," said Susan
Nickey, Chief Client Officer of Hannon Armstrong. "AES' purpose to
accelerate the future of energy and create a sustainable future is
totally aligned with our mission as a climate positive investor,"
added Nickey.
"AES is committed to accelerating a greener, smarter energy
future," said Leo Moreno, President of AES Clean Energy. "This
investment creates an opportunity to expand our development of
renewable energy projects, growing our portfolio of wind, solar and
battery energy storage facilities across the U.S."
In accordance with the terms of the equity investment in the
renewable energy portfolio, HASI intends to acquire a 49% equity
interest in the portfolio that includes 17 operating solar
projects, and one wind project. With a weighted average remaining
contract life of approximately 18 years, the portfolio's cash flows
are contracted with a diverse group of predominately
investment-grade corporate, utility, and municipal off-takers. AES
will continue to own and operate the assets.
The additional solar and storage land financings build on the
five-year track record of solar land transactions with AES' clean
energy business in the U.S. "These senior-level land financing and
common equity transactions with AES are a great example of how we
help solve the multiple investment needs of our clients, all
transacted with an integrated team," said Manny Haile-Mariam,
Managing Director of Hannon Armstrong.
About Hannon Armstrong
Hannon Armstrong (NYSE: HASI) is the first U.S. public company
solely dedicated to investments in climate solutions, providing
capital to assets developed by leading companies in energy
efficiency, renewable energy, and other sustainable infrastructure
markets. With more than $9 billion in managed assets, our core
purpose is to make climate positive investments with superior
risk-adjusted returns. For more information, please visit
hannonarmstrong.com or follow us on Twitter and LinkedIn.
Forward-Looking Statements
Some of the information contained in this press release is
forward-looking statements 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 that are subject to
risks and uncertainties. For these statements, we claim the
protections of the safe harbor for forward-looking statements
contained in such Sections. These forward-looking statements
include information about possible or assumed future results of our
business, financial condition, liquidity, results of operations,
plans and objectives. When we use the words "believe," "expect,"
"anticipate," "estimate," "plan," "continue," "intend," "should,"
"may" or similar expressions, we intend to identify 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 our most recent Annual
Report on Form 10-K as well as in other periodic reports that we
file with the U.S. Securities and Exchange Commission
Forward-looking statements are based on beliefs, assumptions and
expectations as of the date of this press release. We disclaim 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230104005350/en/
Media: Gil Jenkins media@hannonarmstrong.com
443-321-5753
Investors: Neha Gaddam investors@hannonarmstrong.com
410-571-6189
HA Sustainable Infrastru... (NYSE:HASI)
Historical Stock Chart
From Jun 2024 to Jul 2024
HA Sustainable Infrastru... (NYSE:HASI)
Historical Stock Chart
From Jul 2023 to Jul 2024