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• A REIT for sustainable energy infrastructure, much like American Tower (AMT) is a REIT for cell towers.
• A specialized financier for climate-friendly projects, similar to a dedicated arm of Brookfield Asset Management focused exclusively on green infrastructure.

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• Debt and Equity Investments: Hannon Armstrong provides various forms of capital, including senior debt, mezzanine debt, and equity, to finance sustainable infrastructure projects.
• Asset Securitization: They originate and package cash flows from their sustainable infrastructure assets into notes or securities that are then sold to institutional investors.

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HA Sustainable Infrastructure Capital (symbol: HASI) primarily sells its capital solutions and services to **other companies** within the sustainable infrastructure market. As a REIT, HASI provides financing and makes investments in projects that reduce carbon emissions and increase resilience to climate change.

Their "customers" are typically project developers, sponsors, utility companies, and large corporate or governmental entities that are undertaking sustainable infrastructure projects. HASI partners with these entities by providing various forms of capital (debt, equity, preferred equity, etc.) for projects such as:

• Utility-scale renewable energy (wind, solar)
• Energy efficiency upgrades (commercial, industrial, government)
• Distributed generation and storage
• Sustainable infrastructure (e.g., water, waste, resilience)

While HASI's business model involves a diverse portfolio of investments across numerous projects and partners, and no single customer typically accounts for a significant majority of its revenue in a traditional sense, the following are examples of major types of companies and prominent specific companies they have partnered with or provided capital to:

• NextEra Energy, Inc. (Symbol: NEE) - Through its subsidiary NextEra Energy Resources, a leading developer and operator of renewable energy projects in North America.
• The AES Corporation (Symbol: AES) - A global power company that develops, owns, and operates a diverse portfolio of generation and distribution businesses, including a significant focus on renewable energy and energy storage.
• Dominion Energy, Inc. (Symbol: D) - A major electric and natural gas utility company in the U.S. that invests heavily in renewable energy and sustainable infrastructure projects.
• Other major project developers, large utilities, and financial institutions that originate and manage sustainable infrastructure assets.

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Jeffrey A. Lipson, President & Chief Executive Officer

Jeffrey A. Lipson became President and Chief Executive Officer of HA Sustainable Infrastructure Capital (HASI) in March 2023. He initially joined HASI in 2019 as Chief Financial Officer and later became Chief Operating Officer in 2021. Prior to his time at HASI, Mr. Lipson served for six years as President and CEO of Congressional Bank, which is now known as Forbright Bank. He also held senior roles at CapitalSource and Bank of America.

Charles "Chuck" W. Melko, Executive Vice President, Chief Financial Officer & Treasurer

Charles "Chuck" W. Melko was appointed Executive Vice President, Chief Financial Officer, and Treasurer, effective March 1, 2025. Mr. Melko joined HASI in 2016, taking on the role of Chief Accounting Officer in 2017, and incrementally becoming Treasurer in 2021. During his tenure, he has overseen significant growth in the complexity of financial reporting and has successfully managed numerous bank debt and capital markets transactions.

Jeffrey W. Eckel, Executive Chair

Jeffrey W. Eckel serves as the Executive Chair of HASI, having previously been the Chairman, President, and Chief Executive Officer since the company's IPO in 2013. He led the predecessor of the company as President and CEO from 2000 to 2013. Mr. Eckel was also with Hannon Armstrong from 1985 to 1989, where he was responsible for leading its first energy project finance group. Before rejoining Hannon Armstrong in 2000, he held executive positions including Chief Financial Officer of Wärtsilä Diesel North America, President of Wärtsilä Power Development, and Chief Executive Officer of EnergyWorks, a joint venture of Bechtel Enterprises. Under his leadership, HASI gained global recognition for its pioneering approach to sustainable investing.

Marc T. Pangburn, Chief Revenue & Strategy Officer

Marc T. Pangburn assumed the role of Chief Revenue & Strategy Officer, effective March 1, 2025. He joined HASI in 2013 and previously served as Executive Vice President and Chief Financial Officer for two years, having been appointed CFO in March 2023. Before becoming CFO, Mr. Pangburn was Co-Chief Investment Officer. As CFO, he oversaw key developments, including the company's CarbonCount Holdings LLC (CCH1) co-investment partnership with KKR and HASI's upgrade to an investment-grade debt issuer. He has played a pivotal role in various aspects of the business, leading investment and portfolio teams, as well as strategic transactions.

Nitya Gopalakrishnan, Executive Vice President & Chief Operating Officer

Nitya Gopalakrishnan was appointed Executive Vice President and Chief Operating Officer, effective July 1, 2025. She brings over 25 years of experience from BlackRock, where she most recently held the positions of Head of Technology Platform and Chief Operating Officer for BlackRock's Separately Managed Accounts platform. Her extensive background at BlackRock includes leading business transformation, platform modernization, and systems integration efforts. In her role at HASI, Ms. Gopalakrishnan is responsible for leading the company's technology, data strategy, and overall operational strategy.

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The key risks to HA Sustainable Infrastructure Capital (HASI) primarily stem from its financing model within the sustainable infrastructure sector.

1. Interest Rate Risk: Fluctuations in interest rates, particularly rising U.S. Treasury yields and Federal Reserve rate hikes, can compress the profit margins on HASI's financing deals, leading to reduced net investment income.
2. Regulatory and Political Headwinds: Given HASI's focus on climate action and sustainable infrastructure, political opposition to ESG (Environmental, Social, and Governance) initiatives in the U.S. and potential rollbacks of tax-equity incentives could diminish the number of viable projects and the overall demand for HASI's financing services.
3. Project Performance Risk: The inherent risk exists that specific energy efficiency or renewable energy projects that HASI finances could default or underperform. While HASI has historically maintained a low realized loss rate, a significant failure of a large-scale project or widespread underperformance across multiple assets could lead to substantial credit losses.

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The clear emerging threat for HA Sustainable Infrastructure Capital (HASI) is the **disintermediation by large institutional investors**. Increasingly, significant capital providers such as pension funds, sovereign wealth funds, and major asset managers are building out their own specialized in-house teams and capabilities for directly sourcing, structuring, and investing in sustainable infrastructure projects. This trend allows these large investors to bypass traditional financial intermediaries and specialized lenders like HASI, potentially reducing HASI's deal flow, compressing margins for its balance sheet investments, and diminishing opportunities for its third-party asset management services. As these capital giants internalize expertise and directly deploy vast sums into the sector, HASI's unique value proposition as a specialized financier could be eroded.

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Here are 3-5 expected drivers of future revenue growth for HA Sustainable Infrastructure Capital (HASI) over the next 2-3 years:

1. Increased Investment Volumes and Robust Pipeline: HASI anticipates a significant increase in new transaction closings. Management expects to close over $3 billion in new transactions for the full year 2025, representing a more than 30% year-over-year increase. The company also maintains a strong pipeline exceeding $6 billion, signaling continued high investment activity.
2. Expanding Project Scale and Diversification: The company is increasingly participating in larger transactions, such as the $1.2 billion investment in the SunZia wind power project, indicating a shift towards higher transaction sizes. HASI's portfolio remains diversified across established clean energy markets, including utility-scale renewables, distributed solar, and energy efficiency projects, with emerging opportunities in sectors like data center power supply.
3. Higher Yields on New Investments and Portfolio Yield Growth: HASI has consistently achieved strong yields on new asset investments, approximately 10.5% year-to-date, which is contributing to an increase in its overall portfolio yield to 8.6% as of Q3 2025. This focus on higher-yielding assets is a primary driver for the growth in interest and securitization asset income.
4. Strategic Partnerships and Capital-Light Investment Model: The establishment of CarbonCount Holdings 1 (CCH1) in partnership with KKR, with a combined commitment of up to $2 billion for climate-positive projects, is a significant driver. This partnership enables HASI to scale its business, capitalize on its pipeline, and reduce reliance on public equity markets for growth through a more capital-light model, thereby contributing to recurring capital-light income.
5. Sustained Demand for Sustainable Infrastructure: HASI benefits from the increasing global demand for clean energy and sustainable infrastructure. As a climate-positive investment firm, the company is strategically positioned to capitalize on the ongoing energy transition and the growing need for projects that reduce greenhouse gas emissions and enhance climate resilience.

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Share Repurchases

• HASI repurchased $700 million of bonds due in 2026 and 2027 and repaid $200 million of convertible notes due in 2025 as part of its Q2 2025 financial activities.
• There is no readily available information indicating a significant common stock share repurchase program or substantial dollar amounts of common share repurchases made by the company in the last 3-5 years.

Share Issuance

• The number of common shares outstanding has steadily increased, from approximately 80.0 million in 2021 to 115.5 million in 2024, and reaching 124.3 million as of August 5, 2025, indicating ongoing equity issuances.
• HASI has utilized "At Market Issuance Sales Agreements" for issuing shares, with one noted in May 2020.
• The company is migrating to a business model less dependent on new equity issuance to drive earnings growth, leveraging co-investment vehicles like CCH1.

Inbound Investments

• In May 2024, HASI partnered with KKR to establish CarbonCount Holdings 1 LLC (CCH1), a joint venture with a combined commitment of up to $2 billion to invest in climate positive projects, with each party committing up to $1 billion initially.
• In June 2025, CCH1 issued $592 million in senior unsecured notes, increasing its total investment capacity to $2.6 billion, up from $2 billion.

Outbound Investments

• HASI expects to close over $3 billion in new transactions for the full year 2025, following approximately $1.5 billion closed through the first three quarters of 2025. They closed $894 million in transactions year-to-date as of June 30, 2025.
• In October 2025, the company closed a new $1.2 billion structured equity investment in a 2.6 GW utility-scale renewable project in North America, marking its largest investment to date.
• HASI completed approximately $2.3 billion of transactions during both 2023 and 2024, and over $10 billion from 2020 through 2024. Managed assets reached $15.0 billion as of September 30, 2025, up 15% year-over-year.

Capital Expenditures

• As an investment firm in sustainable infrastructure assets, HASI's primary capital deployment is through investments in projects rather than traditional capital expenditures on property, plant, and equipment.
• The company's investment strategy focuses on deploying capital primarily in income-generating real assets across utility-scale solar, onshore wind, distributed solar and storage, renewable natural gas (RNG), and energy efficiency projects.
• Specific dollar values for traditional capital expenditures (separate from project investments) are not explicitly detailed in the provided information for the last 3-5 years.