HA Sustainable Infrastructure: Structural Advantage In Their Investments

I last wrote about HA Sustainable Infrastructure (HASI) back in 2022 as a sell thesis because it was trading over 3X book value. Since that time, HASI's book value has improved and its market price has fallen, making valuation much more attractive today. HASI is a wildly complex company. Not only do they invest in a large variety of assets including various forms of energy production, but they do so through VIEs (variable interest entities) and various other off-balance sheet vehicles. So even if one can d ...