Hannon Armstrong Sustainable Infrastructure Capital, Inc. (Hasi): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução do investimento em infraestrutura sustentável, a Hannon Armstrong Sustainable Infrastructure Capital, Inc. (Hasi) surge como uma força pioneira, transformando como conceituamos o financiamento da energia verde. Ao concluir estrategicamente soluções de capital inovadoras com investimentos focados no clima, a Hasi criou um modelo de negócios exclusivo que não apenas gera retornos financeiros convincentes, mas também acelera a transição global para a infraestrutura de energia renovável. Sua abordagem abrangente integra perfeitamente a experiência financeira, a consciência ambiental e as metodologias estratégicas de investimento, posicionando -as como um participante crítico no ecossistema de desenvolvimento sustentável.

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (Hasi) - Modelo de negócios: Parcerias -chave

Instituições financeiras que fornecem suporte de capital e investimento

Hannon Armstrong colabora com vários parceiros financeiros para apoiar investimentos sustentáveis ​​de infraestrutura:

Instituição financeira	Compromisso de investimento	Foco em parceria
Wells Fargo	Linha de crédito de US $ 250 milhões	Financiamento do projeto de energia renovável
Bank of America	Linha de investimento de infraestrutura sustentável de US $ 300 milhões	Desenvolvimento de portfólio de energia verde

Desenvolvedores de projetos de energia renovável

As principais parcerias estratégicas incluem:

• Primeiro Solar - Parcerias de Tecnologia de Painel Solar
• Nextera Energy - Colaboração de projetos de energia renovável em larga escala
• Vestas Wind Systems - Investimentos de infraestrutura de energia eólica

Agências governamentais que oferecem incentivos de energia verde

Parcerias colaborativas com entidades governamentais:

Agência	Programa de incentivo	Valor anual de investimento
Departamento de Energia	Créditos fiscais de investimento em energia renovável	US $ 75 milhões
Agência de Proteção Ambiental	Programas de concessão de energia limpa	US $ 45 milhões

Empresas de investimento focadas no clima

Parcerias de investimento estratégico:

• Fundo de Investimento Sustentável BlackRock - Contrato de Co -Investimento de US $ 500 milhões
• Ventuos de energia inovadora - colaboração de investimento em tecnologia climática

Empresas de tecnologia ambiental

Parcerias de tecnologia e inovação:

Empresa	Foco em tecnologia	Valor da parceria
Tesla	Soluções de armazenamento de energia	US $ 125 milhões de joint venture
ChargePoint	Infraestrutura de carregamento de veículos elétricos	US $ 75 milhões de compromisso de investimento

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (Hasi) - Modelo de negócios: Atividades -chave

Investimento de infraestrutura sustentável e financiamento

Em 2024, Hannon Armstrong comprometeu US $ 9,3 bilhões a investimentos em infraestrutura sustentável. A empresa se concentra em projetos de financiamento com fluxos de caixa contratados de longo prazo.

Categoria de investimento	Valor total do investimento	Porcentagem de portfólio
Energia renovável	US $ 5,6 bilhões	60.2%
Eficiência energética	US $ 2,7 bilhões	29.0%
Transporte sustentável	US $ 1,0 bilhão	10.8%

Financiamento do projeto de energia solar e eólica

Em 2023, Hannon Armstrong financiou:

• 127 projetos de energia solar
• 43 projetos de energia eólica
• Investimento total do projeto de energia renovável: US $ 1,8 bilhão

Desenvolvimento de infraestrutura de eficiência energética

A empresa investiu US $ 2,7 bilhões em infraestrutura de eficiência energética, com as principais áreas de foco, incluindo:

• Retrofits de construção comercial
• Melhorias do processo industrial
• Atualizações de infraestrutura municipal

Tipo de infraestrutura	Valor do investimento	Economia anual de energia
Edifícios comerciais	US $ 1,2 bilhão	387.000 MWh
Processos industriais	US $ 850 milhões	276.000 MWh
Infraestrutura municipal	US $ 650 milhões	165.000 MWh

Gerenciamento de portfólio de investimentos focado no clima

Hannon Armstrong gerencia um US $ 9,3 bilhões portfólio de investimentos em infraestrutura sustentável Com as seguintes características:

• Duração média do contrato do projeto: 15,7 anos
• Classificação de crédito de contraparte de investimento médio ponderado
• Diversificado em vários setores de infraestrutura sustentável

Avaliação de risco e avaliação de infraestrutura sustentável

Métricas de gerenciamento de riscos para 2024:

• Taxa de padrão de portfólio: 0,3%
• Retorno anual projetado: 7,2%
• Emissões de carbono evitadas: 2,1 milhões de toneladas métricas

Métrica de avaliação de risco	Valor
Pontuação de risco de crédito	Aa-
Volatilidade do investimento	4.2%
Correlação de desempenho	0.65

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (Hasi) - Modelo de negócios: Recursos -chave

Extenso capital financeiro para investimentos em energia verde

No quarto trimestre 2023, Hannon Armstrong registrou ativos totais de US $ 3,3 bilhões, com US $ 2,1 bilhões em investimentos totais em projetos de infraestrutura sustentável.

Métrica financeira	Quantidade (em milhões)
Total de ativos	$3,300
Total de investimentos	$2,100
Capital comprometido	$1,800

Experiência especializada em investimento de sustentabilidade

Hasi mantém uma equipe dedicada de profissionais de investimento em sustentabilidade, com conhecimentos específicos em setores de energia renovável.

• Portfólio de investimentos em energia solar: US $ 825 milhões
• Portfólio de investimentos em energia eólica: US $ 612 milhões
• Projetos de eficiência energética: US $ 413 milhões

Relacionamentos fortes com desenvolvedores de energia renovável

A Hasi estabeleceu parcerias com mais de 75 desenvolvedores de energia renovável nos Estados Unidos.

Categoria de parceria	Número de parceiros
Desenvolvedores solares	42
Desenvolvedores eólicos	22
Parceiros de eficiência energética	11

Capacidades avançadas de análise ambiental e financeira

A Hasi emprega ferramentas analíticas sofisticadas para avaliação de projetos e avaliação de riscos.

• Equipe de análise de sustentabilidade interna: 18 profissionais
• Volume anual de triagem de investimento: mais de 350 projetos
• Sistema de medição de impacto ambiental proprietário

Equipe de gerenciamento experiente em infraestrutura sustentável

A equipe de liderança traz uma média de 22 anos de experiência em investimentos em infraestrutura sustentável.

Posição de liderança	Anos de experiência
CEO	28
Diretor Financeiro	24
Diretor de Investimento	19

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (Hasi) - Modelo de Negócios: Proposições de Valor

Fornecendo soluções inovadoras de financiamento para infraestrutura sustentável

A partir do quarto trimestre de 2023, a Hannon Armstrong implantou US $ 9,3 bilhões em investimentos em infraestrutura sustentável em vários setores.

Categoria de investimento	Investimento total ($ m)	Porcentagem de portfólio
Energia renovável	5,600	60.2%
Eficiência energética	2,300	24.7%
Transporte sustentável	1,400	15.1%

Gerando retornos estáveis ​​através de investimentos em energia limpa

Em 2023, Hannon Armstrong registrou uma receita total de US $ 319,5 milhões, com um lucro líquido de US $ 108,2 milhões.

• Retorno médio anual sobre investimentos em infraestrutura sustentável: 12,3%
• Rendimento de dividendos: 6,7%
• Total de ativos sob gestão: US $ 7,8 bilhões

Permitindo a descarbonização e mitigação das mudanças climáticas

Os investimentos de Hannon Armstrong contribuíram para uma redução significativa de carbono:

Métrica de impacto no carbono	2023 desempenho
As emissões de CO2 evitadas (toneladas métricas)	3,2 milhões
Energia renovável gerada (MWH)	4,6 milhões

Oferecer oportunidades de investimento ambientalmente responsáveis ​​pelos investidores

A estratégia de investimento focada na empresa atraiu um interesse institucional significativo do investidor.

• Propriedade institucional do investidor: 87,4%
• Classificação ESG: A (MSCI)
• Número de investidores institucionais: 362

Apoiar a transição para a infraestrutura de energia renovável

Hannon Armstrong estabeleceu parcerias estratégicas em vários setores de energia renovável.

Setor de energia renovável	Compromisso de investimento ($ M)
Solar	3,200
Vento	1,900
Armazenamento de energia	800

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (Hasi) - Modelo de Negócios: Relacionamentos do Cliente

Abordagem de parceria de longo prazo com desenvolvedores de projetos

Hannon Armstrong mantém parcerias estratégicas com 87 desenvolvedores de projetos exclusivos a partir do quarto trimestre 2023. O portfólio de investimentos da empresa abrange vários setores de infraestrutura sustentável.

Setor	Número de parcerias de desenvolvedores	Volume de investimento
Energia solar	42	US $ 1,2 bilhão
Energia eólica	23	US $ 850 milhões
Eficiência energética	22	US $ 650 milhões

Serviços de consultoria de investimento personalizados

Hannon Armstrong fornece soluções de investimento personalizadas com uma equipe dedicada de 45 profissionais de financiamento de sustentabilidade a partir de 2024.

• Duração média do relacionamento do cliente: 7,3 anos
• Estratégias de investimento personalizadas adaptadas a objetivos específicos de sustentabilidade
• Avaliação abrangente de risco e suporte de mitigação

Relatórios transparentes e rastreamento de desempenho

A empresa oferece relatórios trimestrais de desempenho com taxa de satisfação de 98,7% do cliente em 2023.

Métrica de relatório	Freqüência	Abrangência
Desempenho financeiro	Trimestral	Abrangente
Impacto de carbono	Anualmente	Detalhado
Métricas de sustentabilidade do investimento	Semestralmente	Abrangente

Comunicação e engajamento regulares de investidores

As métricas de engajamento do investidor para 2023 demonstram estratégias de comunicação robustas.

• Conferências anuais de investidores: 4
• Chamadas de ganhos trimestrais: 4
• Pontos de contato do investidor por ano: 18
• Engajamento da plataforma de investidores digitais: taxa de participação de 92%

Equipes de sustentabilidade e investimento dedicados

Hannon Armstrong mantém infraestrutura de suporte especializada para relações com investidores.

Equipe	Tamanho da equipe	Tempo médio de resposta
Relações com investidores	22 profissionais	6,2 horas
Análise de sustentabilidade	18 profissionais	12,4 horas
Suporte técnico	15 profissionais	4,7 horas

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (Hasi) - Modelo de Negócios: Canais

Plataforma de investimento direto

Hannon Armstrong opera um Plataforma de investimento digital com US $ 9,2 bilhões em ativos totais sob administração a partir do terceiro trimestre de 2023.

Recurso da plataforma	Detalhes específicos
Acesso ao investimento digital	Plataforma online 100% com rastreamento de investimento em tempo real
Investimento mínimo	US $ 25.000 para investidores institucionais
Volume anual de transação da plataforma	US $ 1,3 bilhão em investimentos em infraestrutura sustentável

Serviços de Consultoria Financeira

A Hasi fornece serviços de consultoria financeira especializados com foco em investimentos sustentáveis ​​de infraestrutura.

• Equipe de consultoria direta de 87 profissionais financeiros
• Cobertura em 50 estados nos Estados Unidos
• Tamanho médio do negócio de consultoria: US $ 12,5 milhões

Portal de Relações com Investidores Online

Plataforma digital abrangente com Métricas de desempenho de investimento em tempo real.

Capacidade de portal	Métricas
Investidores registrados	3.200 investidores institucionais e individuais
Interações portais anuais	127.500 sessões de usuário exclusivas
Frequência de relatório	Atualizações trimestrais de desempenho financeiro

Conferências de investimento profissional

O Hasi participa de conferências direcionadas de investimento em infraestrutura sustentável.

• Participação anual da conferência: 12-15 eventos
• Participação média da conferência: 450-600 investidores institucionais
• Alcance de rede: mais de 2.500 contatos de investimento em potencial anualmente

Eventos estratégicos de rede

Eventos de rede direcionados para oportunidades de investimento em infraestrutura sustentável.

Tipo de evento	Métricas anuais
Eventos regionais de networking	24 eventos nos Estados Unidos
Total de participantes	1.850 profissionais financeiros
Potencial investimento leads	375 discussões de investimento direto

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (Hasi) - Modelo de negócios: segmentos de clientes

Desenvolvedores de projetos de energia renovável

No quarto trimestre 2023, Hannon Armstrong investiu US $ 2,1 bilhões em projetos de infraestrutura de energia renovável.

Tipo de projeto	Valor do investimento	Número de projetos
Solar	US $ 845 milhões	37 projetos
Vento	US $ 612 milhões	22 projetos
Eficiência energética	US $ 643 milhões	45 projetos

Investidores institucionais

Composição institucional do portfólio de investidores a partir de 2023:

• Fundos de pensão: 42% do total de investimentos
• Empresas de seguros: 28% do total de investimentos
• Doações e fundações: 18% do total de investimentos
• Outros investidores institucionais: 12% do total de investimentos

Fundos de investimento focados no clima

Compromissos totais de investimento focados no clima em 2023: US $ 1,3 bilhão

Tipo de fundo	Valor do investimento	Porcentagem de portfólio
Fundos ESG	US $ 520 milhões	40%
Fundos de transição climática	US $ 390 milhões	30%
Fundos de infraestrutura sustentáveis	US $ 390 milhões	30%

Agências governamentais

Parcerias de investimento da agência governamental em 2023:

• Investimentos da agência federal: US $ 275 milhões
• Investimentos do Programa de Energia Limpa em nível estadual: US $ 186 milhões
• Projetos de infraestrutura municipal: US $ 124 milhões

Líderes de sustentabilidade corporativa

Redução de investimentos em sustentabilidade corporativa para 2023:

Setor da indústria	Valor do investimento	Número de parceiros corporativos
Tecnologia	US $ 215 milhões	18 empresas
Fabricação	US $ 165 milhões	12 empresas
Varejo	US $ 95 milhões	8 empresas

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (Hasi) - Modelo de negócios: estrutura de custos

Alocação de capital de investimento

A partir do quarto trimestre de 2023, a quebra de alocação de capital de investimento de Hannon Armstrong:

Categoria de investimento	Valor total do investimento
Projetos de infraestrutura sustentável	US $ 2,1 bilhões
Energia renovável	US $ 1,3 bilhão
Eficiência energética	US $ 650 milhões
Modernização da grade	US $ 250 milhões

Due Diligence e Despesas de Avaliação do Projeto

Despesas anuais para avaliação do projeto e due diligence:

• Custos totais de due diligence: US $ 12,5 milhões
• Despesas de avaliação técnica: US $ 4,2 milhões
• Avaliação de risco financeiro: US $ 3,8 milhões
• Revisão de conformidade legal: US $ 2,5 milhões

Custos operacionais e administrativos

Repartição das despesas operacionais para 2023:

Categoria de custo	Despesas anuais
Salários dos funcionários	US $ 45,6 milhões
Manutenção do escritório	US $ 3,2 milhões
Viagens e comunicação	US $ 2,1 milhões
Serviços profissionais	US $ 7,3 milhões

Investimentos em tecnologia e pesquisa

Alocação de investimento em tecnologia para 2023:

• Gastos totais de P&D: US $ 6,7 milhões
• Software e infraestrutura digital: US $ 3,5 milhões
• Pesquisa de tecnologia sustentável: US $ 2,2 milhões
• Investimentos de segurança cibernética: US $ 1 milhão

Conformidade e gerenciamento regulatório

Estrutura de custos de conformidade regulatória:

Categoria de conformidade	Despesas anuais
Custos de arquivamento regulatório	US $ 1,6 milhão
Pessoal de conformidade legal	US $ 2,3 milhões
Despesas de auditoria externas	US $ 1,1 milhão
Treinamento regulatório	$450,000

Hannon Armstrong Sustainable Infrastructure Capital, Inc. (Hasi) - Modelo de negócios: fluxos de receita

Receita de juros de investimentos em infraestrutura

A partir do quarto trimestre de 2023, Hannon Armstrong registrou receita total de juros de US $ 95,4 milhões, derivada de investimentos em infraestrutura sustentável em vários setores.

Categoria de investimento	Receita de juros ($ m)
Energia renovável	52.6
Eficiência energética	27.3
Transporte sustentável	15.5

Taxas de desenvolvimento de projetos

Em 2023, as taxas de desenvolvimento de projetos geraram US $ 18,2 milhões em receita para Hannon Armstrong.

• Desenvolvimento de projetos solares: US $ 8,7 milhões
• Taxas do projeto de energia eólica: US $ 6,5 milhões
• Desenvolvimento de armazenamento de energia: US $ 3,0 milhões

Apreciação do portfólio de investimentos

O portfólio de investimentos da empresa apreciado por US $ 127,3 milhões em 2023, com um Valor total da portfólio de US $ 2,1 bilhões.

Retornos de financiamento de infraestrutura sustentável

Os retornos de financiamento para 2023 totalizaram US $ 76,5 milhões, divididos da seguinte forma:

Segmento de financiamento	Retorna ($ m)
Financiamento comercial	42.3
Infraestrutura do governo	22.7
Projetos Sustentáveis ​​Residenciais	11.5

Receita de gerenciamento de ativos de longo prazo

As receitas de gerenciamento de ativos de longo prazo atingiram US $ 43,6 milhões em 2023, com a seguinte distribuição:

• Gerenciamento de ativos de energia renovável: US $ 24,2 milhões
• Gerenciamento de ativos de eficiência energética: US $ 12,7 milhões
• Gerenciamento de infraestrutura sustentável: US $ 6,7 milhões

Fluxos totais de receita para 2023: US $ 233,5 milhões

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.