HA Sustainable Infrastructure Capital (HASI) Investor presentation summary

Business overview and market opportunity

• Manages $14.6 billion in sustainable infrastructure assets, with a focus on long-term, cash-generating projects across solar, wind, energy efficiency, and clean fuels.

• Diversified exposure to the $4 trillion U.S. sustainable infrastructure investment forecast through 2050, driven by rising power demand, electrification, and supportive policy such as the One Big Beautiful Bill Act.

• Over 1,250 investments closed and more than 100 client relationships, with a strong emphasis on repeat business and programmatic partnerships.

• Investment strategy prioritizes positive environmental impact, recurring cash flows, and risk management through established technologies and programmatic clients.

• Expanding into new markets such as building electrification, data centers, and advanced clean energy technologies.

Financial performance and growth

• Equity market capitalization exceeds $3 billion, with a 6% dividend yield and 13% annual shareholder return since IPO.

• Adjusted EPS grew at a 10% CAGR since 2014, reaching $2.45 in 2024; adjusted recurring net investment income reached $289 million in 2024.

• Managed assets have grown by over 90% since 2020, with annual investment originations up more than 75% from 2019 to 2024.

• Portfolio yields on new investments rose to 10.5% in 1H 2025, supporting resilient margins and high ROE despite higher interest rates.

• Maintains investment grade ratings, ample liquidity ($1.7b gross), and a diversified funding platform with laddered debt maturities out to 2035.

Investment platform and risk management

• Invests across the capital structure (senior debt, structured equity, common equity) and transaction sizes, providing flexibility and tailored solutions.

• Robust risk management framework with a focus on non-cyclical assets, long-term contracted cash flows, and strong credit performance (average annual realized loss of 0.07%).

• CCH1 co-investment vehicle with KKR adds private capital access, new fee streams, and higher ROE without changing risk profile.

• Typically funds new investments after construction starts, minimizing project risk.

• Deep, experienced team with extensive energy finance expertise and a strong track record of disciplined origination and active risk management.