HASI Invests in 605 MW Renewables Portfolio Owned and Operated by AES

Core Insights - HASI announced an investment in a portfolio of renewable energy assets developed by The AES Corporation, focusing on accelerating the energy transition [1][3] - The investment involves a structured equity investment in a 605-megawatt portfolio of solar and solar-plus-storage assets across 11 states [1][2] - The portfolio includes over 200 operational renewable energy projects, primarily community solar and commercial & industrial solar assets, with more than one-third paired with battery energy storage [1][2] Investment Details - The financial close of the agreement occurred on December 22, 2023, marking a significant expansion of the partnership between HASI and AES [1][2] - The portfolio has a weighted average remaining contract life of 16 years, with cash flows contracted with a diverse group of investment-grade corporate, utility, and municipal off-takers [2] - This transaction builds on a previous common equity investment by HASI in a 1.3-GW portfolio of operating utility-scale solar and wind projects with AES [2] Strategic Importance - The investment is seen as a means to diversify and scale HASI's balance sheet while supporting AES in developing new clean energy projects [3] - Both companies emphasize their commitment to aligning renewable energy supply with demand, which is crucial for the next phase of growth in the energy sector [3] - HASI manages over $11 billion in assets, focusing on investments that improve climate outcomes [4]