Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de la inversión de infraestructura sostenible, Hannon Armstrong Sostenible Infrastructure Capital, Inc. (HASI) surge como una fuerza pionera, transformando la forma en que conceptualizamos el financiamiento de energía verde. Al cerrar estratégicamente las soluciones de capital innovadoras con inversiones centradas en el clima, Hasi ha creado un modelo comercial único que no solo genera rendimientos financieros convincentes, sino que también acelera la transición global a la infraestructura de energía renovable. Su enfoque integral integra perfectamente la experiencia financiera, la conciencia ambiental y las metodologías de inversión estratégica, posicionándolas como un jugador crítico en el ecosistema de desarrollo sostenible.

Hannon Armstrong Sostenible Infrastructure Capital, Inc. (HASI) - Modelo de negocios: asociaciones clave

Instituciones financieras que brindan apoyo de capital e inversión

Hannon Armstrong colabora con múltiples socios financieros para apoyar las inversiones de infraestructura sostenible:

Institución financiera	Compromiso de inversión	Enfoque de asociación
Wells Fargo	Capacidad de crédito de $ 250 millones	Financiación del proyecto de energía renovable
Banco de América	Línea de inversión de infraestructura sostenible de $ 300 millones	Desarrollo de la cartera de energía verde

Desarrolladores de proyectos de energía renovable

Las asociaciones estratégicas clave incluyen:

• Primer asociaciones de tecnología de panel solar - panel solar
• NEXTera Energy - Colaboración del proyecto de energía renovable a gran escala
• Sistemas eólicos Vestas - Inversiones de infraestructura de energía eólica

Agencias gubernamentales que ofrecen incentivos de energía verde

Asociaciones colaborativas con entidades gubernamentales:

Agencia	Programa de incentivos	Valor de inversión anual
Departamento de Energía	Créditos fiscales de inversión de energía renovable	$ 75 millones
Agencia de Protección Ambiental	Programas de subvención de energía limpia	$ 45 millones

Empresas de inversión centradas en clima

Asociaciones de inversión estratégica:

• Fondo de inversión sostenible de BlackRock - Acuerdo de coinversión de $ 500 millones
• Breakthrough Energy Ventures - Colaboración de inversión en tecnología climática

Empresas de tecnología ambiental

Asociaciones de tecnología e innovación:

Compañía	Enfoque tecnológico	Valor de asociación
Tesla	Soluciones de almacenamiento de energía	Ventura conjunta de $ 125 millones
Punto de carga	Infraestructura de carga de vehículos eléctricos	Compromiso de inversión de $ 75 millones

Hannon Armstrong Sostenible Infrastructure Capital, Inc. (HASI) - Modelo de negocios: actividades clave

Inversión y financiamiento de infraestructura sostenible

A partir de 2024, Hannon Armstrong ha comprometido $ 9.3 mil millones a inversiones de infraestructura sostenible. La compañía se centra en financiar proyectos con flujos de efectivo contratados a largo plazo.

Categoría de inversión	Cantidad total de la inversión	Porcentaje de cartera
Energía renovable	$ 5.6 mil millones	60.2%
Eficiencia energética	$ 2.7 mil millones	29.0%
Transporte sostenible	$ 1.0 mil millones	10.8%

Financiación del proyecto de energía solar y eólica

En 2023, Hannon Armstrong financió:

• 127 proyectos de energía solar
• 43 proyectos de energía eólica
• Inversión total del proyecto de energía renovable: $ 1.8 mil millones

Desarrollo de infraestructura de eficiencia energética

La compañía ha invertido $ 2.7 mil millones en infraestructura de eficiencia energética, con áreas de enfoque clave que incluyen:

• Modificaciones de edificios comerciales
• Mejoras de procesos industriales
• Actualizaciones de infraestructura municipal

Tipo de infraestructura	Monto de la inversión	Ahorro anual de energía
Edificios comerciales	$ 1.2 mil millones	387,000 MWH
Procesos industriales	$ 850 millones	276,000 MWH
Infraestructura municipal	$ 650 millones	165,000 MWh

Gestión de la cartera de inversiones centrada en el clima

Hannon Armstrong maneja un Cartera de inversiones de infraestructura sostenible de $ 9.3 mil millones Con las siguientes características:

• Duración promedio del contrato del proyecto: 15.7 años
• Calificación crediticia de contraparte de grado de inversión promedio ponderado
• Diversificado en múltiples sectores de infraestructura sostenible

Evaluación de riesgos y evaluación de infraestructura sostenible

Métricas de gestión de riesgos para 2024:

• Tasa de incumplimiento de la cartera: 0.3%
• Retorno anual proyectado: 7.2%
• Emisiones de carbono evitadas: 2.1 millones de toneladas métricas

Métrica de evaluación de riesgos	Valor
Puntaje de riesgo de crédito	AUTOMÓVIL CLUB BRITÁNICO-
Volatilidad de la inversión	4.2%
Correlación de rendimiento	0.65

Hannon Armstrong Sostenible Infrastructure Capital, Inc. (HASI) - Modelo de negocio: recursos clave

Capital financiero extenso para inversiones de energía verde

A partir del cuarto trimestre de 2023, Hannon Armstrong reportó activos totales de $ 3.3 mil millones, con $ 2.1 mil millones en inversiones totales en proyectos de infraestructura sostenible.

Métrica financiera	Cantidad (en millones)
Activos totales	$3,300
Inversiones totales	$2,100
Capital comprometido	$1,800

Experiencia de inversión de sostenibilidad especializada

HASI mantiene un equipo dedicado de profesionales de inversión de sostenibilidad con experiencia específica en sectores de energía renovable.

• Portafolio de inversión de energía solar: $ 825 millones
• Portafolio de inversión de energía eólica: $ 612 millones
• Proyectos de eficiencia energética: $ 413 millones

Relaciones fuertes con desarrolladores de energía renovable

HASI ha establecido asociaciones con más de 75 desarrolladores de energía renovable en los Estados Unidos.

Categoría de asociación	Número de socios
Desarrolladores solares	42
Desarrolladores de viento	22
Socios de eficiencia energética	11

Capacidades avanzadas de análisis ambiental y financiero

HASI emplea herramientas analíticas sofisticadas para la evaluación de proyectos y la evaluación de riesgos.

• Equipo de análisis de sostenibilidad interno: 18 profesionales
• Volumen anual de detección de inversiones: más de 350 proyectos
• Sistema de medición de impacto ambiental patentado

Equipo de gestión experimentado en infraestructura sostenible

El equipo de liderazgo aporta un promedio de 22 años de experiencia en inversiones de infraestructura sostenible.

Posición de liderazgo	Años de experiencia
CEO	28
director de Finanzas	24
Director de inversiones	19

Hannon Armstrong Sostenible Infrastructure Capital, Inc. (HASI) - Modelo de negocio: propuestas de valor

Proporcionar soluciones de financiamiento innovadoras para infraestructura sostenible

A partir del cuarto trimestre de 2023, Hannon Armstrong ha desplegado $ 9.3 mil millones en inversiones de infraestructura sostenible en varios sectores.

Categoría de inversión	Inversión total ($ M)	Porcentaje de cartera
Energía renovable	5,600	60.2%
Eficiencia energética	2,300	24.7%
Transporte sostenible	1,400	15.1%

Generación de rendimientos estables a través de inversiones de energía limpia

En 2023, Hannon Armstrong reportó un ingreso total de $ 319.5 millones con un ingreso neto de $ 108.2 millones.

• Retorno anual promedio de inversiones de infraestructura sostenible: 12.3%
• Rendimiento de dividendos: 6.7%
• Activos totales bajo administración: $ 7.8 mil millones

Habilitar la descarbonización y la mitigación del cambio climático

Las inversiones de Hannon Armstrong han contribuido a una reducción significativa del carbono:

Métrica de impacto de carbono	2023 rendimiento
Emisiones de CO2 evitadas (toneladas métricas)	3.2 millones
Energía renovable generada (MWH)	4.6 millones

Ofreciendo oportunidades de inversión ambientalmente responsables del medio ambiente

La estrategia de inversión centrada en el ESG de la compañía ha atraído un importante interés institucional de los inversores.

• Propiedad de los inversores institucionales: 87.4%
• Calificación de ESG: A (MSCI)
• Número de inversores institucionales: 362

Apoyo a la transición a la infraestructura de energía renovable

Hannon Armstrong ha establecido asociaciones estratégicas en múltiples sectores de energía renovable.

Sector de energía renovable	Compromiso de inversión ($ M)
Solar	3,200
Viento	1,900
Almacenamiento de energía	800

Hannon Armstrong Sostenible Infrastructure Capital, Inc. (HASI) - Modelo de negocios: Relaciones con los clientes

Enfoque de asociación a largo plazo con desarrolladores de proyectos

Hannon Armstrong mantiene asociaciones estratégicas con 87 desarrolladores de proyectos únicos a partir del cuarto trimestre de 2023. La cartera de inversiones de la compañía abarca múltiples sectores de infraestructura sostenible.

Sector	Número de asociaciones de desarrolladores	Volumen de inversión
Energía solar	42	$ 1.2 mil millones
Energía eólica	23	$ 850 millones
Eficiencia energética	22	$ 650 millones

Servicios de asesoramiento de inversiones personalizados

Hannon Armstrong ofrece soluciones de inversión personalizadas con un equipo dedicado de 45 profesionales de finanzas de sostenibilidad a partir de 2024.

• Duración promedio de la relación con el cliente: 7.3 años
• Estrategias de inversión personalizadas adaptadas a objetivos de sostenibilidad específicos
• Evaluación integral de riesgos y apoyo de mitigación

Informes transparentes y seguimiento de rendimiento

La compañía ofrece informes de rendimiento trimestrales con una tasa de satisfacción del cliente 98.7% en 2023.

Métrica de informes	Frecuencia	Amplitud
Desempeño financiero	Trimestral	Integral
Impacto en el carbono	Anualmente	Detallado
Métricas de sostenibilidad de la inversión	Semestralmente	Integral

Comunicación y compromiso de los inversores regulares

Las métricas de participación de los inversores para 2023 demuestran estrategias de comunicación sólidas.

• Conferencias anuales de inversores: 4
• Llamadas de ganancias trimestrales: 4
• Puntos de contacto de los inversores por año: 18
• Compromiso de la plataforma de inversores digitales: tasa de participación del 92%

Equipos dedicados de sostenibilidad e inversión de apoyo

Hannon Armstrong mantiene una infraestructura de soporte especializada para las relaciones con los inversores.

Equipo	Tamaño del equipo	Tiempo de respuesta promedio
Relaciones con inversores	22 profesionales	6.2 horas
Análisis de sostenibilidad	18 profesionales	12.4 horas
Apoyo técnico	15 profesionales	4.7 horas

Hannon Armstrong Sostenible Infrastructure Capital, Inc. (HASI) - Modelo de negocios: canales

Plataforma de inversión directa

Hannon Armstrong opera un plataforma de inversión digital con $ 9.2 mil millones en activos totales bajo administración a partir del tercer trimestre de 2023.

Característica de la plataforma	Detalles específicos
Acceso a la inversión digital	Plataforma 100% en línea con seguimiento de inversiones en tiempo real
Inversión mínima	$ 25,000 para inversores institucionales
Volumen de transacción de plataforma anual	$ 1.3 mil millones en inversiones de infraestructura sostenible

Servicios de asesoramiento financiero

HASI ofrece servicios de asesoramiento financiero especializados que se centran en inversiones de infraestructura sostenible.

• Equipo asesor directo de 87 profesionales financieros
• Cobertura en 50 estados en los Estados Unidos
• Tamaño promedio del acuerdo de asesoramiento: $ 12.5 millones

Portal de relaciones con inversores en línea

Plataforma digital integral con Métricas de rendimiento de inversión en tiempo real.

Capacidad portal	Métrica
Inversores registrados	3.200 inversores institucionales e individuales
Interacciones anuales del portal	127,500 sesiones de usuario únicas
Frecuencia de informes	Actualizaciones trimestrales de desempeño financiero

Conferencias de inversión profesional

HASI participa en conferencias de inversión de infraestructura sostenibles dirigidas.

• Participación anual de la conferencia: 12-15 eventos
• Asistencia promedio de la conferencia: 450-600 inversores institucionales
• Alcance de redes: más de 2.500 contactos de inversión potenciales anualmente

Eventos estratégicos de redes

Eventos de redes dirigidos para oportunidades de inversión de infraestructura sostenible.

Tipo de evento	Métricas anuales
Eventos de redes regionales	24 eventos en los Estados Unidos
Participantes totales	1.850 profesionales financieros
Poten de inversión potencial	375 discusiones de inversión directa

Hannon Armstrong Sostenible Infrastructure Capital, Inc. (HASI) - Modelo de negocios: segmentos de clientes

Desarrolladores de proyectos de energía renovable

A partir del cuarto trimestre de 2023, Hannon Armstrong ha invertido $ 2.1 mil millones en proyectos de infraestructura de energía renovable.

Tipo de proyecto	Monto de la inversión	Número de proyectos
Solar	$ 845 millones	37 proyectos
Viento	$ 612 millones	22 proyectos
Eficiencia energética	$ 643 millones	45 proyectos

Inversores institucionales

Composición de cartera de inversores institucionales a partir de 2023:

• Fondos de pensiones: 42% de las inversiones totales
• Compañías de seguros: 28% de las inversiones totales
• Dotaciones y fundamentos: 18% de las inversiones totales
• Otros inversores institucionales: 12% de las inversiones totales

Fondos de inversión centrados en el clima

Compromisos de inversión totales centrados en clima en 2023: $ 1.3 mil millones

Tipo de fondo	Monto de la inversión	Porcentaje de cartera
Fondos de ESG	$ 520 millones	40%
Fondos de transición climática	$ 390 millones	30%
Fondos de infraestructura sostenible	$ 390 millones	30%

Agencias gubernamentales

Asociaciones de inversión de agencia gubernamental en 2023:

• Inversiones de la agencia federal: $ 275 millones
• Inversiones del programa de energía limpia a nivel estatal: $ 186 millones
• Proyectos de infraestructura municipal: $ 124 millones

Líderes de sostenibilidad corporativa

Desglose de inversión de sostenibilidad corporativa para 2023:

Sector industrial	Monto de la inversión	Número de socios corporativos
Tecnología	$ 215 millones	18 empresas
Fabricación	$ 165 millones	12 empresas
Minorista	$ 95 millones	8 empresas

Hannon Armstrong Sostenible Infrastructure Capital, Inc. (HASI) - Modelo de negocio: Estructura de costos

Asignación de capital de inversión

A partir del cuarto trimestre de 2023, el desglose de asignación de capital de inversión de Hannon Armstrong:

Categoría de inversión	Cantidad total de la inversión
Proyectos de infraestructura sostenible	$ 2.1 mil millones
Energía renovable	$ 1.3 mil millones
Eficiencia energética	$ 650 millones
Modernización de la cuadrícula	$ 250 millones

Los gastos de diligencia debida y evaluación del proyecto

Gastos anuales para la evaluación del proyecto y la debida diligencia:

• Costos totales de diligencia debida: $ 12.5 millones
• Gastos de evaluación técnica: $ 4.2 millones
• Evaluación del riesgo financiero: $ 3.8 millones
• Revisión de cumplimiento legal: $ 2.5 millones

Costos operativos y administrativos

Desglose de los gastos operativos para 2023:

Categoría de costos	Gasto anual
Salarios de los empleados	$ 45.6 millones
Mantenimiento de la oficina	$ 3.2 millones
Viajes y comunicación	$ 2.1 millones
Servicios profesionales	$ 7.3 millones

Inversiones de tecnología e investigación

Asignación de inversión tecnológica para 2023:

• Gasto total de I + D: $ 6.7 millones
• Software e infraestructura digital: $ 3.5 millones
• Investigación de tecnología sostenible: $ 2.2 millones
• Inversiones de ciberseguridad: $ 1 millón

Cumplimiento y gestión regulatoria

Estructura de costos de cumplimiento regulatorio:

Categoría de cumplimiento	Gasto anual
Costos de presentación regulatoria	$ 1.6 millones
Personal de cumplimiento legal	$ 2.3 millones
Gastos de auditoría externa	$ 1.1 millones
Capacitación regulatoria	$450,000

Hannon Armstrong Sostenible Infraestructura Capital, Inc. (HASI) - Modelo de negocios: flujos de ingresos

Ingresos por intereses de inversiones de infraestructura

A partir del cuarto trimestre de 2023, Hannon Armstrong reportó ingresos por intereses totales de $ 95.4 millones, derivados de inversiones de infraestructura sostenible en varios sectores.

Categoría de inversión	Ingresos de intereses ($ M)
Energía renovable	52.6
Eficiencia energética	27.3
Transporte sostenible	15.5

Tarifas de desarrollo de proyectos

En 2023, las tarifas de desarrollo del proyecto generaron $ 18.2 millones en ingresos para Hannon Armstrong.

• Desarrollo del proyecto solar: $ 8.7 millones
• Tarifas del proyecto de energía eólica: $ 6.5 millones
• Desarrollo de almacenamiento de energía: $ 3.0 millones

Apreciación de la cartera de inversiones

La cartera de inversiones de la compañía apreciada por $ 127.3 millones en 2023, con un valor total de cartera de $ 2.1 mil millones.

Devoluciones de financiamiento de infraestructura sostenible

Las devoluciones financieras para 2023 totalizaron $ 76.5 millones, desglosados ​​de la siguiente manera:

Segmento de financiamiento	Devoluciones ($ m)
Financiamiento comercial	42.3
Infraestructura gubernamental	22.7
Proyectos residenciales sostenibles	11.5

Ingresos de gestión de activos a largo plazo

Los ingresos a largo plazo de la gestión de activos alcanzaron los $ 43.6 millones en 2023, con la siguiente distribución:

• Gestión de activos de energía renovable: $ 24.2 millones
• Gestión de activos de eficiencia energética: $ 12.7 millones
• Gestión de infraestructura sostenible: $ 6.7 millones

Flujos de ingresos totales para 2023: $ 233.5 millones

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.