News | January 4, 2024

HASI Invests In 605 MW Renewables Portfolio Owned And Operated By AES

ANNAPOLIS, MD.--(BUSINESS WIRE)--

HASI (NYSE: HASI), a leading investor in climate solutions, today announced an investment in a portfolio of 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.

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Pictured: Illustrative solar and solar-plus-storage projects included in the HASI and AES renewables portfolio. (Photos courtesy of AES)

Pictured: Illustrative solar and solar-plus-storage projects included in the HASI and AES renewables portfolio. (Photos courtesy of AES)

Per the agreement, which reached financial close on December 22, 2023, HASI will make a structured equity investment in an approximately 605-megawatt (MW) portfolio of solar and solar-plus-storage assets spanning seven power markets and 11 states: Arizona, California, Colorado, Connecticut, Georgia, Hawaii, Illinois, Massachusetts, New York, Rhode Island, and Vermont. The portfolio consists of more than 200 operational renewable energy projects, composed primarily of community solar and commercial & industrial solar assets, with more than a third of the total capacity paired with battery energy storage.

With a weighted average remaining contract life of 16 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 transaction further expands the longstanding relationship between HASI and AES. In January 2023, HASI announced a common equity investment with AES in an approximately 1.3-GW portfolio of operating utility-scale solar and wind projects. Additionally, HASI and AES' clean energy business in the U.S. have a six-year track record of successful solar land transactions.

“HASI is immensely proud to advance our partnership with AES with this latest transaction,” said Susan Nickey, Chief Client Officer of HASI. “Together, we share an unwavering commitment to accelerating the energy transition. AES’ exceptional leadership in closely aligning renewable energy supply with demand is precisely the focus our industry needs for the next phase of growth. This investment not only significantly expands our programmatic investment partnership but also offers diversification and scale to our balance sheet.”

“AES’ purpose is to accelerate the future of energy,” said James Marshall, Chief Financial Officer for AES’ clean energy business in the U.S. “This investment in AES’ operating renewables portfolio represents a continuation of our partnership with HASI that will free up capital to develop and build new clean energy projects in the U.S.”

About HASI

HASI (NYSE: HASI) is a leading climate positive investment firm that actively partners with clients to deploy real assets that facilitate the energy transition. With more than $11 billion in managed assets, our vision is that every investment improves our climate future. For more information, please visit hasi.com.

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.

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