Financial Data and Key Metrics Changes - In 2025, the company reported a record $4.3 billion in new transactions, an increase of 87% compared to 2024, with a growing pipeline exceeding $6.5 billion by year-end [4][5][9] - Adjusted EPS grew by 10.2% in 2025, reaching $2.70 per share, supported by increased investment volumes and profitability [5][16] - Adjusted ROE rose to 13.4%, reflecting a 70 basis point increase from 2024, driven by higher yields and growth in fees from managed assets [17][19] Business Line Data and Key Metrics Changes - The company closed over $3 billion in new investments excluding the $1.2 billion SunZia project, demonstrating strong underlying demand [7][8] - The investment volume retained on the balance sheet increased by approximately 140% year-over-year, totaling $3.6 billion in 2025 [8] - The portfolio yield improved to 8.8%, contributing to the overall earnings power of the managed assets, which grew by 18% to $16.1 billion [18][19] Market Data and Key Metrics Changes - The renewables pipeline is projected to exceed $230 billion, with renewables accounting for 99% of projected capacity additions in 2026 [10] - The demand for power and cost-effectiveness in asset classes have created an attractive investing environment, with PPA rates increasing over 40% in the past three years [9][10] - The company’s grid-connected business is benefiting from significant growth in renewables, particularly solar and storage [10] Company Strategy and Development Direction - The company aims to maintain a payout ratio below 50% by 2028, focusing on capital recycling to enhance growth and profitability [15][81] - The strategy includes expanding equity commitments in the CCH1 vehicle and enhancing capital efficiency through new funding sources [19][22] - The company is investing in talent and technology to support further scale and efficiency, with a focus on diverse asset classes [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving profitability objectives, with a three-year guidance extending to 2028, expecting adjusted EPS in the range of $3.50-$3.60 [14][25] - The operating environment remains favorable, with no significant negative or positive trends anticipated for 2026 [31][32] - Management highlighted the resilience of the business model despite challenges such as inflation and supply chain issues, maintaining a consistent growth trajectory [11][12] Other Important Information - The company achieved a record of 1.7 million metric tons in avoided CO emissions from new investments in 2025, contributing to a total of 10 million metric tons avoided to date [24] - The company has made significant investments in its platform, particularly in technology and talent, to position itself for future growth [25] Q&A Session Summary Question: Outlook for 2028 and growth above 10% CAGR - Management indicated that pathways to exceed 10% CAGR include increased volume, better yields, and lower debt costs [28][29] Question: 2026 outlook - Management noted that while they do not provide specific guidance for 2026, they expect meaningful growth based on the current pipeline [31][32] Question: Change in guidance strategy - The switch to nominal EPS guidance allows for more precise adjustments in future quarters, reflecting increased confidence in growth [38][39] Question: Investment opportunities and pipeline context - Management confirmed no structural change in the business, with larger investment opportunities emerging but no specific projects like SunZia currently in the pipeline [41][42] Question: Impact of PPA renegotiations on earnings - Positive renegotiations of PPAs are expected to enhance long-term cash flows and potentially accelerate EPS growth beyond current guidance [71][74]

Core Points - The company UAB "Atsinaujinančios energetikos investicijos" is launching a public offering for the second tranche of EUR 2025/2027 Notes under its EUR 100 million Green Bond Programme [1][2] - The second tranche aims to issue up to EUR 30 million of nominal value Notes maturing on 13 December 2027, targeting investors in Lithuania, Latvia, and Estonia [2][8] - The interest rate for the Notes is set at 8%, with interest payments made semi-annually [8] Offering Details - The specified denominations for the Notes are EUR 100,000 and integral multiples of EUR 1,000 [8] - The issue price is EUR 103,147.54, which represents 103.14754% of the nominal value [8] - The subscription period for the Notes runs from 15 October 2025 to 31 October 2025, with the settlement and issue date on 4 November 2025 [8] Investor Presentations - The company will hold investor presentations via webcast on 21 October 2025, with sessions in both English and Lithuanian [3]

Financial Data and Key Metrics Changes - The adjusted EPS for the quarter was $0.60, slightly down from the previous quarter due to the timing of gain on sale revenue [6][23] - Adjusted recurring net investment income increased by 19% year to date compared to 2024, reflecting the recurring revenue nature of the business [6][19] - The company reaffirmed guidance of 8% to 10% compound annual adjusted EPS growth through 2027 [6][25] Business Line Data and Key Metrics Changes - The FTN business has grown significantly, with a pipeline now exceeding $6 billion and new business year to date yielding an average of over 10.5% [5][18] - Approximately $900 million in transactions were closed in the first half of the year, a 9% increase from the previous year [16] - The portfolio yield is currently at 8.3%, expected to increase as higher yielding investments are funded [18][23] Market Data and Key Metrics Changes - The company maintains a diversified approach, with strong representation across various markets, including energy efficiency, community solar, and renewable natural gas [12][27] - The company’s managed assets reached $14.6 billion, with a portfolio of $7.2 billion, reflecting a 1316% increase from the same time last year [18] Company Strategy and Development Direction - The company focuses on climate-positive investments and diversification across asset classes to mitigate risks from market slowdowns [4][9] - The strategy includes capital recycling and filling the void left by the lack of tax equity in the project capital stack in the future [9][10] - The company is well-positioned to thrive in the current operating environment without needing to make material changes to its existing strategy [10][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model and strategy, emphasizing the importance of an all-of-the-above energy strategy in the U.S. [6][7] - The company anticipates that rising power prices will drive additional development, particularly in renewables [8][9] - Management noted that the existing portfolio's value increases as power prices rise, and the pipeline remains insulated from policy changes [9][10] Other Important Information - The company ended the quarter with a debt-to-equity ratio of 1.8x, operating within the target range of 1.5x to 2x [22] - The company has strong liquidity levels of $1.4 billion, providing flexibility in funding and managing refinancing [22] Q&A Session Summary Question: Can you discuss the ServiceCo acquisition from Nova? - The acquisition involves a joint venture, SunStrong, which services residential solar leases and is expected to provide scale to the business [30][32] Question: How might this impact EPS going forward? - Currently, the joint venture's impact on EPS is not visible, but as it scales, margins from this business will likely contribute to EPS [34][35] Question: How is the residential solar loan portfolio performing? - The company noted that over 95% of its portfolio consists of leases, which have better performance metrics compared to loans [37] Question: What is the outlook for adjusted ROE? - Adjusted ROE is expected to trend upward gradually as capital efficiency improves, but no significant jumps are anticipated [42][44] Question: How will CCH1 debt flow through the income statement? - CCH1 debt does not appear on the balance sheet but will increase returns as investments are funded with the proceeds [46][48] Question: Can you clarify the next frontier investments? - The next frontier includes investments that are less susceptible to policy changes, with a focus on diversifying the business [52][90] Question: What is the status of international expansion? - Currently, there are no updates on international expansion, but the company may work with existing clients on non-U.S. projects in the future [91]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) of $0.64 for Q1 2025, reflecting an 11% increase in adjusted net investment income to $72 million compared to the same period last year [20][25] - The portfolio has grown to $7.1 billion, with a portfolio yield of 8.3% and a cost of debt at 5.7% [17][18] - The company closed over $700 million in new investments during the first quarter, achieving an average yield greater than 10.5% [5][15] Business Line Data and Key Metrics Changes - The residential solar assets continue to perform strongly, with expectations that they will remain an attractive consumer alternative as retail utility rates increase [15] - The company is seeing elevated demand for behind-the-meter solutions driven by consumer economics and government efficiency initiatives [12] - The renewable natural gas (RNG) sector is contributing significantly to growth, with ongoing evaluations of new frontier asset classes [13][15] Market Data and Key Metrics Changes - The company has a robust pipeline of projects, with most being operational or near operational, thus minimizing the impact of tariffs [8][10] - Despite a potential recession in 2025, the company expects only marginal impacts on investments in clean energy generation, as demand for energy is projected to drive development [10][11] Company Strategy and Development Direction - The company aims for 8% to 10% compound annual growth in adjusted EPS through 2027, supported by a strong liquidity platform and diverse funding strategies [7][21] - The focus remains on maintaining a well-diversified portfolio across different asset classes to enhance resilience [18][24] - The company is actively managing its capital structure with a leverage ratio of 1.9x, aiming to preserve and expand investment margins [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model's resilience amid heightened policy and economic uncertainty, noting a historically high volume of incoming requests for capital [5][10] - The company anticipates limited impact from tariffs and a stable outlook for the IRA, with ongoing confidence in the long-term fundamentals of the business [10][60] - Management highlighted that the pipeline is well-balanced and expects continued strong volumes through the remainder of the year [55][56] Other Important Information - The company has over $1.3 billion in available liquidity, which is crucial for capitalizing on opportunities during market volatility [6][21] - The CCH1 co-investment vehicle with KKR has a funded balance of $1 billion, with plans to increase its investment capacity [16] Q&A Session Summary Question: Discussion on debt at the CCH1 level and leverage profile - Management indicated that leverage at CCH1 would be relatively low, with an investment-grade type cost of funds likely [28][29] Question: Impact of stock price on equity financing needs - Management noted a reduction in the number of shares needed to grow the business, which is viewed positively [30][31] Question: Record originations in Q1 and future implications - Management attributed the record originations to increased business activity and a stronger competitive position due to some competitors leaving the market [39][40] Question: Dynamics of residential solar investments - Management clarified that the strong performance in residential solar assets is consistent with historical investments and not impacted by the sponsor's financial position [47][48] Question: Outlook on the IRA and potential changes - Management expressed confidence that the core components of the IRA are unlikely to be repealed, with ongoing support from both the House and Senate [60][61]