[cheering] [applause] [applause] When I was 15, my halfb brotherther was killed in an avalanche. The mountains can take even the most careful climbers. Since then, I've learned to read snow and avalanches like a doctor reads vital signs.At first, to keep my partners and me alive as a professional ski mountaineer. Then to understand risk more deeply and now to apply that risk management to confront the biggest, fastest moving danger of them all, the climate crisis. And what the forecast keeps missing is our ...

Core Insights - HA Sustainable Infrastructure Capital (HASI) reported Q3 CY2025 results that exceeded Wall Street's revenue expectations, with sales increasing by 51.5% year-on-year to $139.2 million and a non-GAAP profit of $0.80 per share, which was 16.1% above analysts' consensus estimates [1][6]. Financial Performance - Revenue reached $139.2 million, surpassing analyst estimates of $87.86 million, reflecting a 51.5% year-on-year growth and a 58.5% beat [6]. - Adjusted EPS was $0.80 compared to analyst estimates of $0.69, marking a 16.1% beat [6]. - Adjusted EBITDA stood at $105.1 million, exceeding analyst estimates of $76.86 million, with a margin of 75.5%, representing a 36.8% beat [6]. - The operating margin was -3.7%, consistent with the same quarter last year [6]. - Market capitalization was reported at $3.54 billion [6]. Investment Activity - Management closed over $650 million in new transactions during the quarter, projecting to close more than $3 billion for the full year 2025, indicating a more than 30% year-over-year increase [7]. - The refinancing of asset-backed securities within the SunStrong residential solar lease portfolio generated significant cash distribution, contributing to earnings for the quarter [7]. - A notable $1.2 billion structured equity investment was completed in the SunZia wind project, showcasing the company's ability to engage in larger transactions due to enhanced access to capital [7]. Future Outlook - Management anticipates investment volumes to exceed last year's by over 30%, supported by a pipeline exceeding $6 billion [4]. - The company aims for 8–10% annual EPS growth through 2027 while managing interest rate risks [4]. - New asset yields have remained above 10.5% for six consecutive quarters, with a diversified pipeline across various renewable sectors [8]. Risk and Capital Management - HASI maintained a low realized loss rate of under 10 basis points annually and stabilized its cost of debt despite refinancing activities [8]. - The company added $250 million in hedges to mitigate future interest rate exposure and reported $1.1 billion in liquidity at the end of the quarter [8].

Other investors might be green with envy. This year, clean energy investments have been absolutely smashing it, technically speaking. Even with headwinds such as turbine projects being halted and tax credits for renewable energy fast-tracked for expiration, returns in the sector have outpaced the wider market, running laps around the S&P 500. That has caused a crunch to get projects done sooner, ramping up demand for materials and parts like solar panels. So far this year, the S&P Global Clean Energy Tran ...

Two of China’s industrial powerhouses are showing how the country’s new market-based electricity pricing system can steer clean energy investment to the areas that suit them best https://t.co/C8WhxNqtB8 ...

Core Insights - The clean energy market is experiencing significant growth and diversification, particularly in energy storage, advanced manufacturing, and critical minerals, despite challenges faced by wind and solar sectors [1][3][5] - The total transferable tax credit market reached over $20 billion in the first half of 2025, nearly doubling from the same period in 2024, driven by a broader range of technologies and sponsors [2][4] - Project finance lending to the U.S. clean energy industry increased to approximately $86 billion in the first half of 2025, up from $80 billion in the first half of 2024, indicating a robust investment environment [4] Investment Dynamics - Wind and solar tax credits are declining faster than expected, with the proportion of wind PTCs sold in the transfer market dropping to 9.5% in 1H2025 from 33.0% in 1H2024 [1][4] - The clean energy industry is facing policy uncertainty due to changes in administration and legislation, impacting the availability and structure of tax credits [3][5] - There is a notable financial distress among some developers who based their business models on previous policy frameworks, highlighting the need for adaptation to the current market conditions [5] Future Outlook - The diversification of the tax credit market is expected to continue, with significant volumes anticipated in production tax credit categories like nuclear and advanced manufacturing in the second half of 2025 [7] - Crux estimates a potential contraction in the tax credit market from the first half to the second half of 2025, although this forecast is considered conservative [5][6] - Approximately half of the anticipated storage credit transactions are yet to occur, suggesting ongoing opportunities for investment in this sector [7]