HA Sustainable Infrastructure Capital, Inc. Announces Launch of Private Offering of Green Senior Unsecured Notes
Key Highlights:
- On June 15, 2026, HA Sustainable Infrastructure Capital, Inc. (“HASI” or “the Company”), a Delaware corporation, announced the commencement of a private offering of green senior unsecured notes (“the Notes”), subject to market conditions.
- At issuance, the Notes will be guaranteed by several related entities, including Hannon Armstrong Sustainable Infrastructure, L.P., Hannon Armstrong Capital, LLC, HAT Holdings I LLC, HAT Holdings II LLC, HAC Holdings I LLC, and HAC Holdings II LLC.
- The offering is designed to support HASI’s continued investment in sustainable infrastructure assets and is expected to enhance scale benefits, operational and transactional efficiencies, and provide attractive risk-adjusted returns for shareholders.
Strategic and Business Overview:
- HASI operates as an investment firm dedicated to sustainable infrastructure, prioritizing long-term client relationships and a non-competitive stance with its clients. This approach differentiates HASI from many competing capital providers.
- The Company leverages permanent capital, enabling flexibility and creativity in structuring investments, and is able to invest in smaller transaction sizes across the capital structure, opening up more opportunities.
- HASI’s multi-decade experience in climate solutions markets—Behind the Meter (BTM), Grid-Connected, and Fuels, Transport, and Nature—has allowed it to maintain strong margins through various interest rate and economic cycles.
Financial Performance:
- For the three months ended March 31, 2026, and for the years ended 2025, 2024, 2023, 2022, 2021, and 2020, HASI’s new asset yields (excluding follow-on investments) averaged 10.8%, 10.8%, 10.6%, 9.1%, 7.6%, 7.1%, and 7.5%, respectively.
- The cost of newly issued debt (excluding revolving credit and commercial paper, and including hedges) for the years ended 2025, 2024, 2023, 2022, 2021, and 2020 was 6.8%, 6.6%, 6.3%, 4.9%, 3.4%, and 4.2%, respectively. This resulted in net spreads of 4.0%, 3.9%, 2.8%, 2.7%, 3.7%, and 3.3%.
- HASI operates its business so as to maintain its exemption from registration as an investment company under the Investment Company Act of 1940.
Market Trends and Resilience:
- HASI identifies strong, multi-year trends supporting demand for clean energy infrastructure, including increased energy consumption, grid resilience and reliability, and heightened focus on energy national security amid geopolitical uncertainty.
- Management notes that tariffs have had a de minimis impact on HASI’s portfolio, pipeline, and future pipeline, indicating resilience against potential regulatory changes.
Investment Strategy:
- HASI’s investment criteria focus on income-generating sustainable infrastructure assets, supported by long-term recurring cash flows and contracted with creditworthy, incentivized off-takers.
- The Company utilizes sophisticated structures to protect its capital, often securing preferred positions in the capital structure and collateralized investments, further mitigating risk.
Financing and Sustainability Initiatives:
- HASI employs hedging strategies, including interest rate swaps, to manage financing costs. Debt issuances are often accompanied by estimated carbon emission savings, using CarbonCount.
- Certain debt offerings meet the International Capital Markets Association’s Green Bond Principles, making HASI’s debt attractive to ESG-focused investors.
- The Company’s investment strategy requires that all HASI investments are neutral or negative in incremental carbon emissions or have other measurable environmental benefits.
Portfolio Overview:
- As of the reporting period, HASI’s managed assets (including equity method investments, assets held in securitization trusts, fee-generating co-investment structures, and non-fee generating assets) totaled approximately \$16.4 billion, up from \$16.1 billion in the prior period.
- GAAP-based portfolio assets amounted to \$7.6 billion, assets held in securitization trusts were \$7.3 billion, fee-generating assets in co-investment structures were \$1.1 billion, and non-fee generating co-investment assets were \$316 million.
Shareholder and Price-Sensitive Information:
- The private offering of green senior unsecured notes is a significant event that may influence HASI’s capital structure, liquidity, and future investment capacity. This could potentially impact the Company’s ability to pursue new investments and support its growth trajectory.
- The resilience of HASI’s portfolio to tariffs and regulatory changes, along with its strong net spreads and attractive asset yields, reinforce its value proposition to shareholders and may affect share price expectations positively.
- Confirmation that HASI is not an emerging growth company, and its common stock (\$0.01 par value per share) trades under the symbol HASI on the New York Stock Exchange.
Disclaimer:
This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. Readers should conduct their own research and consult with professional advisors before making any investment decisions. All forward-looking statements are subject to risks and uncertainties, and actual results may differ materially.
