Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI): Business Model Canvas

In der sich schnell entwickelnden Landschaft nachhaltiger Infrastrukturinvestitionen erweist sich Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) als Pionierkraft und verändert die Art und Weise, wie wir die Finanzierung grüner Energie konzipieren. Durch die strategische Verknüpfung innovativer Kapitallösungen mit klimaorientierten Investitionen hat HASI ein einzigartiges Geschäftsmodell entwickelt, das nicht nur überzeugende finanzielle Erträge generiert, sondern auch den globalen Übergang zur Infrastruktur für erneuerbare Energien beschleunigt. Ihr umfassender Ansatz integriert nahtlos Finanzexpertise, Umweltbewusstsein und strategische Anlagemethoden und positioniert sie als entscheidenden Akteur im Ökosystem der nachhaltigen Entwicklung.

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) – Geschäftsmodell: Wichtige Partnerschaften

Finanzinstitute, die Kapital und Investitionsunterstützung bereitstellen

Hannon Armstrong arbeitet mit mehreren Finanzpartnern zusammen, um nachhaltige Infrastrukturinvestitionen zu unterstützen:

Finanzinstitut	Investitionsverpflichtung	Partnerschaftsfokus
Wells Fargo	Kreditfazilität in Höhe von 250 Millionen US-Dollar	Finanzierung von Projekten im Bereich erneuerbare Energien
Bank of America	300-Millionen-Dollar-Investitionslinie für nachhaltige Infrastruktur	Entwicklung eines grünen Energieportfolios

Projektentwickler für erneuerbare Energien

Zu den wichtigsten strategischen Partnerschaften gehören:

• First Solar – Partnerschaften im Bereich Solarpanel-Technologie
• NextEra Energy – Zusammenarbeit bei groß angelegten Projekten im Bereich erneuerbare Energien
• Vestas Wind Systems – Investitionen in die Windenergie-Infrastruktur

Regierungsbehörden bieten Anreize für grüne Energie

Kooperationspartnerschaften mit staatlichen Stellen:

Agentur	Incentive-Programm	Jährlicher Investitionswert
Energieministerium	Steuergutschriften für Investitionen in erneuerbare Energien	75 Millionen Dollar
Umweltschutzbehörde	Förderprogramme für saubere Energie	45 Millionen Dollar

Klimaorientierte Investmentfirmen

Strategische Investitionspartnerschaften:

• BlackRock Sustainable Investing Fund – Co-Investitionsvereinbarung über 500 Millionen US-Dollar
• Breakthrough Energy Ventures – Zusammenarbeit bei Investitionen in Klimatechnologie

Umwelttechnologieunternehmen

Technologie- und Innovationspartnerschaften:

Unternehmen	Technologiefokus	Partnerschaftswert
Tesla	Energiespeicherlösungen	125-Millionen-Dollar-Joint-Venture
ChargePoint	Ladeinfrastruktur für Elektrofahrzeuge	Investitionszusage in Höhe von 75 Millionen US-Dollar

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) – Geschäftsmodell: Hauptaktivitäten

Nachhaltige Infrastrukturinvestitionen und -finanzierung

Bis 2024 hat Hannon Armstrong 9,3 Milliarden US-Dollar für nachhaltige Infrastrukturinvestitionen bereitgestellt. Das Unternehmen konzentriert sich auf die Finanzierung von Projekten mit langfristig vertraglich vereinbarten Cashflows.

Anlagekategorie	Gesamtinvestitionsbetrag	Prozentsatz des Portfolios
Erneuerbare Energie	5,6 Milliarden US-Dollar	60.2%
Energieeffizienz	2,7 Milliarden US-Dollar	29.0%
Nachhaltiger Transport	1,0 Milliarden US-Dollar	10.8%

Finanzierung von Solar- und Windenergieprojekten

Im Jahr 2023 finanzierte Hannon Armstrong:

• 127 Solarenergieprojekte
• 43 Windenergieprojekte
• Gesamtinvestition in erneuerbare Energieprojekte: 1,8 Milliarden US-Dollar

Entwicklung der Energieeffizienz-Infrastruktur

Das Unternehmen hat 2,7 Milliarden US-Dollar in die Energieeffizienz-Infrastruktur investiert, mit Schwerpunkten wie:

• Sanierung von Gewerbegebäuden
• Industrielle Prozessverbesserungen
• Modernisierung der kommunalen Infrastruktur

Infrastrukturtyp	Investitionsbetrag	Jährliche Energieeinsparungen
Gewerbebauten	1,2 Milliarden US-Dollar	387.000 MWh
Industrielle Prozesse	850 Millionen Dollar	276.000 MWh
Kommunale Infrastruktur	650 Millionen Dollar	165.000 MWh

Klimaorientiertes Investmentportfoliomanagement

Hannon Armstrong verwaltet a 9,3 Milliarden US-Dollar nachhaltiges Infrastruktur-Investitionsportfolio mit folgenden Eigenschaften:

• Durchschnittliche Projektvertragsdauer: 15,7 Jahre
• Gewichtetes durchschnittliches Investment-Grade-Bonitätsrating des Kontrahenten
• Diversifiziert über mehrere nachhaltige Infrastruktursektoren

Risikobewertung und nachhaltige Infrastrukturbewertung

Risikomanagementkennzahlen für 2024:

• Ausfallquote des Portfolios: 0,3 %
• Prognostizierte jährliche Rendite: 7,2 %
• Vermiedene CO2-Emissionen: 2,1 Millionen Tonnen

Risikobewertungsmetrik	Wert
Kreditrisiko-Score	AA-
Investitionsvolatilität	4.2%
Leistungskorrelation	0.65

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Finanzkapital für grüne Energieinvestitionen

Im vierten Quartal 2023 meldete Hannon Armstrong ein Gesamtvermögen von 3,3 Milliarden US-Dollar, davon 2,1 Milliarden US-Dollar an Gesamtinvestitionen in nachhaltige Infrastrukturprojekte.

Finanzkennzahl	Betrag (in Millionen)
Gesamtvermögen	$3,300
Gesamtinvestitionen	$2,100
Gebundenes Kapital	$1,800

Spezialisierte Expertise im Bereich Nachhaltigkeitsinvestitionen

HASI verfügt über ein engagiertes Team von Nachhaltigkeitsinvestitionsexperten mit spezifischem Fachwissen in den Bereichen erneuerbare Energien.

• Solarenergie-Investitionsportfolio: 825 Millionen US-Dollar
• Windenergie-Investitionsportfolio: 612 Millionen US-Dollar
• Energieeffizienzprojekte: 413 Millionen US-Dollar

Enge Beziehungen zu Entwicklern erneuerbarer Energien

HASI hat Partnerschaften mit über 75 Entwicklern erneuerbarer Energien in den Vereinigten Staaten aufgebaut.

Kategorie „Partnerschaft“.	Anzahl der Partner
Solarentwickler	42
Windentwickler	22
Partner für Energieeffizienz	11

Erweiterte Funktionen zur Umwelt- und Finanzanalyse

HASI setzt ausgefeilte Analysetools zur Projektbewertung und Risikobewertung ein.

• Internes Nachhaltigkeitsanalyseteam: 18 Fachleute
• Jährliches Investitions-Screening-Volumen: 350+ Projekte
• Proprietäres System zur Messung der Umweltauswirkungen

Erfahrenes Managementteam für nachhaltige Infrastruktur

Das Führungsteam bringt durchschnittlich 22 Jahre Erfahrung in nachhaltigen Infrastrukturinvestitionen mit.

Führungsposition	Jahrelange Erfahrung
CEO	28
Finanzvorstand	24
Chief Investment Officer	19

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) – Geschäftsmodell: Wertversprechen

Bereitstellung innovativer Finanzierungslösungen für eine nachhaltige Infrastruktur

Bis zum vierten Quartal 2023 hat Hannon Armstrong 9,3 Milliarden US-Dollar in nachhaltige Infrastrukturinvestitionen in verschiedenen Sektoren investiert.

Anlagekategorie	Gesamtinvestition (Mio. USD)	Prozentsatz des Portfolios
Erneuerbare Energie	5,600	60.2%
Energieeffizienz	2,300	24.7%
Nachhaltiger Transport	1,400	15.1%

Erzielung stabiler Renditen durch Investitionen in saubere Energie

Im Jahr 2023 meldete Hannon Armstrong einen Gesamtumsatz von 319,5 Millionen US-Dollar und einen Nettogewinn von 108,2 Millionen US-Dollar.

• Durchschnittliche jährliche Rendite nachhaltiger Infrastrukturinvestitionen: 12,3 %
• Dividendenrendite: 6,7 %
• Gesamtes verwaltetes Vermögen: 7,8 Milliarden US-Dollar

Dekarbonisierung und Eindämmung des Klimawandels ermöglichen

Die Investitionen von Hannon Armstrong haben zu einer erheblichen CO2-Reduzierung beigetragen:

CO2-Auswirkungsmetrik	Leistung 2023
Vermiedene CO2-Emissionen (Tonnen)	3,2 Millionen
Erzeugte erneuerbare Energie (MWh)	4,6 Millionen

Wir bieten Anlegern umweltfreundliche Anlagemöglichkeiten

Die ESG-fokussierte Anlagestrategie des Unternehmens hat großes Interesse bei institutionellen Anlegern geweckt.

• Besitz institutioneller Anleger: 87,4 %
• ESG-Rating: A (MSCI)
• Anzahl institutioneller Anleger: 362

Unterstützung des Übergangs zur Infrastruktur für erneuerbare Energien

Hannon Armstrong hat strategische Partnerschaften in mehreren Sektoren der erneuerbaren Energien aufgebaut.

Sektor für erneuerbare Energien	Investitionsverpflichtung (Mio. USD)
Solar	3,200
Wind	1,900
Energiespeicher	800

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) – Geschäftsmodell: Kundenbeziehungen

Langfristiger Partnerschaftsansatz mit Projektentwicklern

Hannon Armstrong unterhält seit dem vierten Quartal 2023 strategische Partnerschaften mit 87 einzigartigen Projektentwicklern. Das Investitionsportfolio des Unternehmens umfasst mehrere nachhaltige Infrastruktursektoren.

Sektor	Anzahl der Entwicklerpartnerschaften	Investitionsvolumen
Solarenergie	42	1,2 Milliarden US-Dollar
Windenergie	23	850 Millionen Dollar
Energieeffizienz	22	650 Millionen Dollar

Personalisierte Anlageberatungsdienste

Hannon Armstrong bietet ab 2024 maßgeschneiderte Anlagelösungen mit einem engagierten Team von 45 Experten für Nachhaltigkeitsfinanzierung.

• Durchschnittliche Kundenbeziehungsdauer: 7,3 Jahre
• Personalisierte Anlagestrategien, die auf spezifische Nachhaltigkeitsziele zugeschnitten sind
• Umfassende Risikobewertung und Unterstützung bei der Risikominderung

Transparente Berichterstattung und Leistungsverfolgung

Das Unternehmen liefert vierteljährliche Leistungsberichte mit einer Kundenzufriedenheitsrate von 98,7 % im Jahr 2023.

Berichtsmetrik	Häufigkeit	Vollständigkeit
Finanzielle Leistung	Vierteljährlich	Umfassend
Kohlenstoffauswirkungen	Jährlich	Ausführlich
Kennzahlen zur Nachhaltigkeit von Investitionen	Halbjährlich	Umfassend

Regelmäßige Kommunikation und Einbindung von Investoren

Die Kennzahlen zum Investorenengagement für 2023 zeigen robuste Kommunikationsstrategien.

• Jährliche Investorenkonferenzen: 4
• Vierteljährliche Ergebnisaufrufe: 4
• Investorenkontaktpunkte pro Jahr: 18
• Engagement der digitalen Investorenplattform: 92 % Beteiligungsquote

Dedizierte Nachhaltigkeits- und Investitionsunterstützungsteams

Hannon Armstrong unterhält eine spezielle Support-Infrastruktur für Investor Relations.

Team	Teamgröße	Durchschnittliche Reaktionszeit
Investor Relations	22 Profis	6,2 Stunden
Nachhaltigkeitsanalysen	18 Profis	12,4 Stunden
Technischer Support	15 Profis	4,7 Stunden

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) – Geschäftsmodell: Kanäle

Direktinvestitionsplattform

Hannon Armstrong betreibt a digitale Anlageplattform mit einem verwalteten Gesamtvermögen von 9,2 Milliarden US-Dollar im dritten Quartal 2023.

Plattformfunktion	Spezifische Details
Zugang zu digitalen Investitionen	100 % Online-Plattform mit Echtzeit-Investitionsverfolgung
Mindestinvestition	25.000 US-Dollar für institutionelle Anleger
Jährliches Plattform-Transaktionsvolumen	1,3 Milliarden US-Dollar an nachhaltigen Infrastrukturinvestitionen

Finanzberatungsdienste

HASI bietet spezialisierte Finanzberatungsdienste mit Schwerpunkt auf nachhaltigen Infrastrukturinvestitionen.

• Direktes Beratungsteam aus 87 Finanzexperten
• Abdeckung in 50 Bundesstaaten der Vereinigten Staaten
• Durchschnittliche Größe des Beratungsgeschäfts: 12,5 Millionen US-Dollar

Online-Investor-Relations-Portal

Umfassende digitale Plattform mit Kennzahlen zur Investitionsleistung in Echtzeit.

Portalfähigkeit	Metriken
Registrierte Anleger	3.200 institutionelle und private Anleger
Jährliche Portalinteraktionen	127.500 einzelne Benutzersitzungen
Häufigkeit der Berichterstattung	Vierteljährliche Aktualisierungen der Finanzleistung

Professionelle Investmentkonferenzen

HASI nimmt an gezielten Konferenzen zu nachhaltigen Infrastrukturinvestitionen teil.

• Jährliche Konferenzteilnahme: 12-15 Veranstaltungen
• Durchschnittliche Konferenzteilnahme: 450–600 institutionelle Anleger
• Netzwerkreichweite: Jährlich über 2.500 potenzielle Investitionskontakte

Strategische Networking-Events

Gezielte Networking-Events für nachhaltige Infrastrukturinvestitionsmöglichkeiten.

Ereignistyp	Jährliche Kennzahlen
Regionale Networking-Events	24 Veranstaltungen in den Vereinigten Staaten
Gesamtzahl der Teilnehmer	1.850 Finanzprofis
Potenzielle Investitionsanreize	375 Direktinvestitionsgespräche

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) – Geschäftsmodell: Kundensegmente

Projektentwickler für erneuerbare Energien

Bis zum vierten Quartal 2023 hat Hannon Armstrong 2,1 Milliarden US-Dollar in Infrastrukturprojekte für erneuerbare Energien investiert.

Projekttyp	Investitionsbetrag	Anzahl der Projekte
Solar	845 Millionen Dollar	37 Projekte
Wind	612 Millionen Dollar	22 Projekte
Energieeffizienz	643 Millionen US-Dollar	45 Projekte

Institutionelle Anleger

Zusammensetzung des Portfolios institutioneller Anleger ab 2023:

• Pensionsfonds: 42 % der Gesamtinvestitionen
• Versicherungsunternehmen: 28 % der Gesamtinvestitionen
• Schenkungen und Stiftungen: 18 % der Gesamtinvestitionen
• Sonstige institutionelle Anleger: 12 % der Gesamtinvestitionen

Klimaorientierte Investmentfonds

Gesamte klimaorientierte Investitionszusagen im Jahr 2023: 1,3 Milliarden US-Dollar

Fondstyp	Investitionsbetrag	Prozentsatz des Portfolios
ESG-Fonds	520 Millionen Dollar	40%
Fonds für den Klimaübergang	390 Millionen Dollar	30%
Nachhaltige Infrastrukturfonds	390 Millionen Dollar	30%

Regierungsbehörden

Investitionspartnerschaften mit Regierungsbehörden im Jahr 2023:

• Investitionen der Bundesbehörden: 275 Millionen US-Dollar
• Investitionen in saubere Energieprogramme auf Landesebene: 186 Millionen US-Dollar
• Kommunale Infrastrukturprojekte: 124 Millionen US-Dollar

Führende Unternehmen im Bereich Nachhaltigkeit

Aufschlüsselung der Nachhaltigkeitsinvestitionen der Unternehmen für 2023:

Industriesektor	Investitionsbetrag	Anzahl der Unternehmenspartner
Technologie	215 Millionen Dollar	18 Unternehmen
Herstellung	165 Millionen Dollar	12 Unternehmen
Einzelhandel	95 Millionen Dollar	8 Unternehmen

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) – Geschäftsmodell: Kostenstruktur

Investitionskapitalallokation

Ab dem 4. Quartal 2023 ist die Aufschlüsselung der Investitionskapitalallokation von Hannon Armstrong wie folgt:

Anlagekategorie	Gesamtinvestitionsbetrag
Nachhaltige Infrastrukturprojekte	2,1 Milliarden US-Dollar
Erneuerbare Energie	1,3 Milliarden US-Dollar
Energieeffizienz	650 Millionen Dollar
Netzmodernisierung	250 Millionen Dollar

Kosten für Due Diligence und Projektbewertung

Jährliche Kosten für Projektbewertung und Due Diligence:

• Gesamtkosten der Due-Diligence: 12,5 Millionen US-Dollar
• Kosten für technische Bewertung: 4,2 Millionen US-Dollar
• Finanzielle Risikobewertung: 3,8 Millionen US-Dollar
• Überprüfung der Einhaltung gesetzlicher Vorschriften: 2,5 Millionen US-Dollar

Betriebs- und Verwaltungskosten

Aufschlüsselung der Betriebskosten für 2023:

Kostenkategorie	Jährliche Ausgaben
Mitarbeitergehälter	45,6 Millionen US-Dollar
Bürowartung	3,2 Millionen US-Dollar
Reisen und Kommunikation	2,1 Millionen US-Dollar
Professionelle Dienstleistungen	7,3 Millionen US-Dollar

Technologie- und Forschungsinvestitionen

Zuteilung der Technologieinvestitionen für 2023:

• Gesamtausgaben für Forschung und Entwicklung: 6,7 Millionen US-Dollar
• Software und digitale Infrastruktur: 3,5 Millionen US-Dollar
• Nachhaltige Technologieforschung: 2,2 Millionen US-Dollar
• Investitionen in Cybersicherheit: 1 Million US-Dollar

Compliance- und Regulierungsmanagement

Struktur der Kosten für die Einhaltung gesetzlicher Vorschriften:

Compliance-Kategorie	Jährliche Ausgaben
Kosten für die behördliche Einreichung	1,6 Millionen US-Dollar
Personal für die Einhaltung gesetzlicher Vorschriften	2,3 Millionen US-Dollar
Kosten für die externe Prüfung	1,1 Millionen US-Dollar
Regulatorische Schulung	$450,000

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) – Geschäftsmodell: Einnahmequellen

Zinserträge aus Infrastrukturinvestitionen

Im vierten Quartal 2023 meldete Hannon Armstrong einen Gesamtzinsertrag von 95,4 Millionen US-Dollar, der aus nachhaltigen Infrastrukturinvestitionen in verschiedenen Sektoren stammte.

Anlagekategorie	Zinserträge (Mio. USD)
Erneuerbare Energie	52.6
Energieeffizienz	27.3
Nachhaltiger Transport	15.5

Projektentwicklungsgebühren

Im Jahr 2023 generierten Projektentwicklungsgebühren einen Umsatz von 18,2 Millionen US-Dollar für Hannon Armstrong.

• Entwicklung von Solarprojekten: 8,7 Millionen US-Dollar
• Gebühren für Windenergieprojekte: 6,5 Millionen US-Dollar
• Entwicklung von Energiespeichern: 3,0 Millionen US-Dollar

Wertsteigerung des Anlageportfolios

Das Anlageportfolio des Unternehmens wuchs im Jahr 2023 um 127,3 Millionen US-Dollar, mit a Gesamtportfoliowert von 2,1 Milliarden US-Dollar.

Renditen nachhaltiger Infrastrukturfinanzierung

Die Finanzierungserträge für 2023 beliefen sich auf insgesamt 76,5 Millionen US-Dollar und setzten sich wie folgt zusammen:

Finanzierungssegment	Rendite (Mio. USD)
Kommerzielle Finanzierung	42.3
Regierungsinfrastruktur	22.7
Nachhaltige Wohnprojekte	11.5

Langfristige Erträge aus der Vermögensverwaltung

Die Einnahmen aus der langfristigen Vermögensverwaltung erreichten im Jahr 2023 43,6 Millionen US-Dollar mit folgender Verteilung:

• Vermögensverwaltung für erneuerbare Energien: 24,2 Millionen US-Dollar
• Energieeffizienz-Asset-Management: 12,7 Millionen US-Dollar
• Nachhaltiges Infrastrukturmanagement: 6,7 Millionen US-Dollar

Gesamteinnahmequellen für 2023: 233,5 Millionen US-Dollar

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) attracts capital and clients; it's all about the specialized financial engineering supporting climate assets.

Providing innovative, customized financing for sustainable infrastructure is central to the Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) value proposition. They actively partner with clients to deploy capital primarily into income-generating real assets that are supported by long-term recurring cash flows. This is evident in their deal flow, such as closing a new $\mathbf{\$1.2}$ billion investment in a $\mathbf{2.6}$ GW utility-scale renewable project in October 2025. They use intricate financial structures, including off-balance sheet co-investment vehicles like $\text{CCH1}$, to align capital with specific investor and project needs.

The firm delivers superior risk-adjusted returns with long-term contracted cash flows. This stability is reflected in the growth of their core recurring income. For instance, Adjusted Recurring Net Investment Income soared $\mathbf{42\%}$ year-over-year in the third quarter of 2025. The underlying portfolio yield stood at $\mathbf{8.6\%}$ as of Q3 2025, built upon assets secured by long-term contracts. The total Managed Assets base grew to $\mathbf{\$15.0}$ billion as of September 30, 2025, showing the scale backing these cash flows.

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) is accelerating the energy transition through climate-positive investments. Their investment screen mandates that every project must either reduce carbon emissions or provide other tangible environmental benefits. This focus is what drives their entire asset base.

The measurable environmental impact is a key differentiator. As of Q3 2025, the cumulative annual $\text{CO}_2$ avoidance through their investments reached $\mathbf{8.5}$ million metric tons. That's a tangible result of their strategy. The company also tracks water savings, with cumulative annual water savings reaching $\mathbf{7.5}$ billion gallons as of the same period.

You see the direct financial benefit of this focus in the returns generated from new business. Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) has been offering new investment yields consistently above $\mathbf{10.5\%}$. This was true for new investments closed in Q1 2025 and for the average yield on the $\mathbf{\$1.5}$ billion in transactions closed through the first three quarters of 2025.

Here's a quick snapshot of the financial metrics underpinning these value propositions as of late 2025:

Metric	Value (as of Q3 2025 or latest reported)
Managed Assets	$\mathbf{\$15.0}$ billion (as of September 30, 2025)
New Asset Yields (Recent Closings)	$>\mathbf{10.5\%}$
Portfolio Yield	$\mathbf{8.6\%}$ (Q3 2025)
Adjusted Recurring Net Investment Income Growth (YoY Q3 2025)	$\mathbf{42\%}$
Adjusted Return on Equity (Year-to-Date Q3 2025)	$\mathbf{13.4\%}$
Cumulative Annual $\text{CO}_2$ Avoided	$\mathbf{8.5}$ million metric tons (Q3 2025)

The value proposition also rests on the operational strength that supports these numbers. You can see the diversification and scale in their asset management:

• Investments are diversified across utility-scale solar and wind, behind-the-meter assets, and public sector efficiency projects.
• The investment pipeline remains robust, exceeding $\mathbf{\$6}$ billion as of Q3 2025, giving clear visibility into future deployment.
• The firm maintains investment grade credit ratings from all three major agencies, which helps keep the cost of capital competitive.
• The cost of newly issued debt in 2024 was $\mathbf{6.6\%}$, while the portfolio yield was $\mathbf{8.3\%}$ in Q1 2025, showing healthy initial margins.

Finance: draft $\mathbf{13}$-week cash view by Friday.

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) - Canvas Business Model: Customer Relationships

You're looking at how Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) manages the crucial connections that fuel its specialized finance model. The relationships are built on a foundation of long-term commitment to climate-positive assets.

Long-standing, programmatic client partnerships for repeat business

HASI explicitly states it combines its expertise with long-standing programmatic client partnerships to deliver superior risk-adjusted returns. This approach is validated by the consistent growth in assets under management, which serves as the engine for recurring revenue.

• Managed Assets reached $15.0 billion as of September 30, 2025, a 15% year-over-year increase.
• Managed Assets stood at $14.5 billion at the end of Q1 2025, showing 12% growth year-over-year.
• The company closed more than $700 million in transactions during Q1 2025, a Q1 record.
• HASI is on pace to close more than $3 billion in new transactions for the full year 2025.

Direct engagement and consultative approach with project sponsors

The direct engagement focuses on sourcing and underwriting high-quality, long-term contracted assets. This consultative role is key to maintaining the quality of the investment flow, which directly impacts profitability metrics.

• New asset yields on Portfolio investments have been consistently greater than 10.5% in 2025.
• The pipeline of opportunities available for investment exceeded $6 billion as of Q2 and Q3 2025.
• The portfolio yield, a measure of asset performance, climbed to 8.6% as of September 30, 2025.

High-touch relationship management for complex financing structures

Managing complex, large-scale deals requires deep, hands-on involvement with project sponsors, often through specialized vehicles. The milestone $1.2 billion investment in the SunZia project in October 2025 is a prime example of this capability, showing HASI can execute at a monumental scale.

The co-investment vehicle, CCH1, is central to managing these large structures while keeping leverage in check. As of the end of Q3 2025, CCH1 had completed funding of $1.2 billion of investments, with potential capacity to increase to $1.8 billion with additional debt, while maintaining a leverage level below a debt-to-equity ratio of 0.5 at the CCH1 level.

Investor relations for capital providers (debt and equity)

Investor relations is about demonstrating the stability and predictability of the recurring cash flows to attract and retain capital providers across the debt and equity spectrum. The focus is on the core engine: Adjusted Recurring Net Investment Income (ARNII).

The ARNII growth is a powerful signal to capital providers, showing the fundamental business is firing on all cylinders. For Q3 2025, ARNII totaled $105 million, a 42% surge year-over-year. This recurring income supports the reaffirmed guidance for 8% to 10% compound annual EPS growth through 2027.

Here's a look at the recent activity with debt providers, which is critical for a finance-focused entity like Hannon Armstrong Sustainable Infrastructure Capital, Inc.:

Metric	Date/Period	Amount/Value
Senior Unsecured Notes Issued	Q2 2025	$1 billion
Blended Effective Yield on New Notes	Q2 2025	6.3%
Bonds Repurchased (2026/2027 Maturity)	Q2 2025	$700 million
Convertible Notes Repaid	Q2 2025	$200 million
Total Debt Outstanding (Carrying Value)	Q3 2025	Approximately $5,189 million
Stockholders' Equity	Q3 2025	Approximately $2,686 million
Debt-to-Equity Ratio (Company Level)	Q3 2025	1.9x

The company actively manages its liability platform, for instance, by executing hedges in April 2025 to lock in a SOFR base rate of approximately 3.5%, giving debt providers more certainty on the cost of future funding.

Finance: draft 13-week cash view by Friday.

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) - Canvas Business Model: Channels

You're looking at how Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) gets its deals financed and deployed, which is defintely more complex than a simple loan book. The channels they use show a sophisticated, multi-pronged approach to capital sourcing.

Direct origination team engaging project developers and sponsors

The direct origination channel feeds the entire machine, evidenced by the strong pipeline and recent closing volumes. This team is responsible for sourcing the assets that Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) then finances, either on-balance sheet or through its various funding channels.

• Investment pipeline stood at more than $6 billion as of September 30, 2025.
• For the first three quarters of 2025, Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) completed $1.5 billion in transactions.
• Q3 2025 saw closed transactions totaling approximately $649 million.
• New portfolio asset yields for the nine months ended September 30, 2025, averaged more than 10.5%.
• Management expects full-year 2025 transaction volumes to exceed $3 billion.

Co-investment vehicles, like CCH1, for joint capital deployment

The co-investment vehicle, CarbonCount Holdings 1 LLC (CCH1), is a key channel that allows Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) to scale deployment without solely relying on its own balance sheet or public capital markets. This vehicle is a partnership with KKR.

Metric	Date/Period End	Amount
Total CCH1 Investment Target	Launch (2024)	Up to $2 billion
CCH1 Completed Investment Funding	Q3 2025	$1.2 billion
CCH1 Funded Balance	Q1 2025	$1 billion
Partner's Share of Co-investment Vehicles (Assets Held by Partners)	September 30, 2025	$592 million
Partner's Share of Co-investment Vehicles (Assets Held by Partners)	June 30, 2025	$550 million
Total Assets in Co-investment Structures	June 30, 2025	$1.1 billion
CCH1 Share of Equity Method Investments	September 30, 2025	$576 million

The growth in this channel is clear; assets held by partners in co-investment vehicles grew from $57 million as of June 30, 2024, to $592 million as of September 30, 2025.

Capital markets for debt and equity issuance (e.g., Green Junior Subordinated Notes)

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) actively taps capital markets to secure long-term, diversified funding. The November 2025 issuance of Green Junior Subordinated Notes was a strategic move to diversify the capital stack away from just senior debt and common equity.

• Offering of Green Junior Subordinated Notes (November 2025): $500 million aggregate principal amount.
• Coupon on the 2056 Notes: 8.000%.
• Estimated Net Proceeds from the Notes Offering: Approximately $493.3 million.
• Total Debt Outstanding: $5.2 billion as of September 30, 2025.
• Revolver Capacity: Increased by $200 million to $1.55 billion in March 2025.
• Senior Unsecured Notes Issued (Prior to Q3 2025): $1 billion at a blended effective yield of 6.3%.
• Exchangeable Notes Outstanding: $402,500,000 as of September 30, 2025.

The company also executed hedges in April 2025 to lock in a SOFR base rate of approximately 3.5% on floating-rate debt.

Securitization markets for asset rotation and funding

Securitization is a crucial channel for asset rotation, allowing Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) to recycle capital from assets held off-balance sheet. This is a core component of their recurring income stream.

Securitization Metric	As of September 30, 2025	As of June 30, 2025
Assets Managed Through Securitization Vehicles (Not Consolidated)	Approximately $7.5 billion	N/A
Retained Interests in Securitization Trusts, Net of Allowance	$278 million	$272 million
Management Fees and Retained Interest Income Revenue (Q3 2025 vs Q3 2024)	$9 million (Q2 2025 vs Q2 2024)	N/A

A landmark transaction in this channel was the $900 million asset-backed securitization (ABS) of residential solar assets closed in October 2025, co-led by Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) and GoodFinch.

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) - Canvas Business Model: Customer Segments

You're looking at Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) and trying to map out exactly who is paying for the sustainable infrastructure financing they provide. Honestly, the customer segments are best understood by looking at the asset classes they finance, as these directly correspond to the counterparties they work with.

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) focuses its capital deployment across distinct areas that serve different types of clients, from large utilities to public sector entities. As of the third quarter of 2025, the firm's Managed Assets reached $15.0 billion, a 15% jump year-over-year, showing the scale of their client base and asset deployment.

The core customer base is served through the financing of assets categorized into Behind-the-Meter and Grid-Connected projects. For instance, as of the second quarter of 2025, the on-balance-sheet Portfolio stood at approximately $7.2 billion, split between these primary customer-facing asset types.

The customer segments Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) serves include:

• Renewable energy project developers financing distributed solar, community solar, and onshore wind projects.
• Energy Service Companies (ESCOs) and government entities involved in energy efficiency upgrades, often categorized under public sector projects.
• Institutional co-investors participating in large-scale joint ventures.

The focus on these segments is reflected in the asset composition and the pipeline Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) maintains. For example, the pipeline at the end of Q1 2025 showed a significant allocation to the asset classes that serve these customers.

Customer Segment Proxy (Asset Class)	Latest Portfolio Value (as of Q2 2025)	Pipeline Allocation (as of Q1 2025)	New Investment Yield (Q2 2025)
Renewable Energy Developers (Behind-the-Meter: Distributed Solar/Efficiency)	$3.5 billion	49%	>10.5%
Renewable Energy Developers (Grid-Connected: Utility-Scale Solar/Wind)	$2.7 billion	30%	>10.5%
Government/Municipal Entities (Public Sector Efficiency/Infrastructure)	Implied within Portfolio/Pipeline	Implied within Pipeline	Implied within New Investment Yield
Institutional Co-investors (Via CCH1 Vehicle)	Equity Method Investments: $4.1 billion (Q2 2025)	N/A	N/A

The relationship with institutional co-investors is a key part of the funding structure, allowing Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) to scale investments without solely relying on its own balance sheet or public capital markets. The partnership with KKR, for instance, through the CCH1 co-investment vehicle, had a funded balance of $1 billion as of July 2025, and the partnership was extended through 2026. This structure directly addresses the need for large capital deployment, such as the $1.2 billion structured equity investment closed in the SunZia wind project, contributing to over $3 billion in total 2025 investment volume.

The focus on government and municipal entities is evident through investments in public sector energy efficiency projects, which contributed to robust profitability in Q1 2025. Furthermore, Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) is recognized as a key organization in the broader Carbon-Smart Municipal Bond Market, which was valued at an expected $136.72 billion in 2025.

The weighted average yields on new Portfolio investments have remained strong, underwritten at >10.5% through the first quarter of 2025, which is significantly higher than the more than 9% yields seen on investments underwritten in 2023. This high yield on new assets is crucial for maintaining margins across all customer segments, especially as the weighted-average interest cost on debt was 5.7% through the first half of 2025.

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) - Canvas Business Model: Cost Structure

You're looking at the Cost Structure for Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) and seeing the direct impact of their financing-heavy, asset-backed model. The costs are dominated by the price of capital itself, which is standard for a specialty finance company like this one.

The most significant recurring cost is the interest expense tied to their debt-fueled investment strategy. For the third quarter of 2025, the significant interest expense on debt totaled $71 million. This is a direct function of the capital they deploy to fund their growing portfolio of sustainable infrastructure assets.

Operating expenses, while smaller than interest costs, reflect the need for high-level expertise. The costs associated with the team-the specialized financial minds structuring deals and the technical experts vetting the assets-are bundled. For Q3 2025, the combined Compensation and benefits for specialized financial and technical staff and General and administrative expenses (excluding Equity-Based Compensation) were approximately $28 million. This figure is a key operational outlay you need to track.

The structure of the balance sheet itself generates a specific cost consideration related to risk management. Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) actively manages a high-leverage profile, which is intentional for return amplification in this sector. As of September 30, 2025, the company was managing a 1.9x debt-to-equity leverage ratio, which sits within their stated target range of 1.5x to 2.0x. This leverage requires constant management of debt covenants and maturity schedules, which is an embedded cost of their business model.

Here's a breakdown of the capital structure costs and key operational expenses as of late 2025 data points:

Cost Component	Financial Metric/Period	Amount (USD)
Interest Expense on Debt	Q3 2025	$71 million
Compensation & G&A (Excl. EBC)	Q3 2025	$28 million
Provision for Loss on Receivables	Q1 2025 (Latest Reported)	$4 million
Total Carrying Value of Debt Outstanding	Q3 2025	$5,189 million
Stockholders' Equity	Q3 2025	$2,686 million

The risk of credit loss is an ongoing, though currently low, cost factor. For the first quarter of 2025, Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) recorded a provision for loss on receivables and securitization assets of $4 million, primarily driven by macroeconomic assumption changes. While the realized loss rate remains minimal, under 10 basis points, this provision is a necessary accounting cost reflecting forward-looking credit risk assessment.

The management of this leverage involves continuous capital market activity, which carries its own costs:

• Costs associated with managing the 1.9x debt-to-equity leverage.
• Expenses related to debt issuance and refinancing activities, such as the June 2025 issuance of $1 billion in green senior unsecured notes.
• Costs to maintain investment-grade credit ratings across major agencies, which helps keep the cost of debt manageable.
• Potential costs from early debt repayment, like the approximately $900 million in nearer-term debt repurchased following the June 2025 issuance.

Finance: draft the 13-week cash flow view incorporating the Q4 2025 interest accrual by Friday.

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI)'s earnings power as of late 2025, focusing on the streams that deliver predictable, long-term cash flow.

The most critical metric for understanding the recurring profitability is the Adjusted Recurring Net Investment Income, which hit $105 million in Q3 2025. This number reflects the core, predictable cash flow from the deployed asset base, showing a substantial 42% increase year-over-year from Q3 2024's $74 million.

The foundation of this recurring income comes from the assets on the balance sheet and equity method investments. Specifically, the Interest and Rental Income from debt and real estate investments component of revenue was $69 million in Q3 2025. This growth was supported by higher yields on the overall investment base.

To capture the full picture of the Q3 2025 performance, we look at the components that make up the Adjusted Earnings calculation, which includes both recurring and non-recurring optimization gains. The Gain on Sale of Assets from securitization and asset rotation contributed $25 million in Q3 2025. This type of income, often from optimizing existing assets like the SunStrong residential solar refinancing, is recognized but is distinct from the steady recurring income.

The fee-based revenue streams, which are tied to the scale of assets managed, are also key. For Q3 2025, the combined Management Fees and Retained Interest Income Revenue totaled $8 million. This figure reflects income derived from co-investment structures, such as CCH1, and retained interests in securitization trusts, though the reporting combines these two sources.

Here's a breakdown of the key financial metrics underpinning these revenue streams as of the end of Q3 2025:

Metric	Value as of Q3 2025 / For Q3 2025
Adjusted Recurring Net Investment Income	$105 million (Q3 2025)
Interest and Rental Income Revenue	$69 million (Q3 2025)
Gain on Sale of Assets	$25 million (Q3 2025)
Management Fees and Retained Interest Income Revenue	$8 million (Q3 2025)
Origination Fee and Other Income	$1 million (Q3 2025)
Total Managed Assets	$15.0 billion (As of September 30, 2025)
Portfolio Yield	8.6% (As of September 30, 2025)
New Portfolio Investment Yields	>10.5%

The growth in the asset base directly fuels the recurring income, as you can see from the scale of deployment:

• Managed Assets grew 15% year-over-year to $15.0 billion as of September 30, 2025.
• New asset yields on Portfolio investments are consistently underwritten at >10.5%.
• Total transactions closed through the first three quarters of 2025 reached approximately $1.5 billion.
• The company expects full-year 2025 transaction volumes to surpass $3 billion.

The Income from Retained Interests in Securitization Trusts is included within the $8 million figure for Management Fees and Retained Interest Income Revenue for Q3 2025. This structure allows Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) to earn fees and residual income from assets that have been sold into securitization trusts, keeping some of the upside.

Also, note that the GAAP-based Net Investment Income (Loss) was only $6 million in Q3 2025, which highlights why the non-GAAP Adjusted Recurring Net Investment Income of $105 million is the metric management focuses on to show the true operating earnings power.

Finance: draft 13-week cash view by Friday.