HASI

What HASI does

HASI (HA Sustainable Infrastructure Capital, Inc.), a publicly traded firm on the NYSE under ticker HASI and headquartered in Annapolis, Maryland, is a specialty sustainable infrastructure investment manager focused exclusively on climate solutions. The company invests across three markets: Behind-the-Meter (distributed solar, storage, and energy efficiency), Grid-Connected (utility-scale solar, onshore wind, and battery storage), and Fuels, Transport & Nature (renewable natural gas, clean transportation, and ecological restoration). HASI provides flexible capital structures including structured equity, senior debt, mezzanine financing, tax equity, and a specialized land financing product with nearly $2 billion in closed transactions. The firm's underwriting platform is anchored by its proprietary CarbonCount® metric, which standardizes environmental impact measurement (metric tons of CO2e avoided per $1,000 invested) and underpins performance-linked pricing on its credit facilities.

HASI generates revenue primarily through investment income (interest, dividends, and fees from its portfolio of sustainable infrastructure assets), supplemented by asset management and advisory fees from co-investment vehicles, including CarbonCount Holdings 1 with KKR. The firm sources transactions through enterprise, relationship-driven origination with developers, owners, and operators of clean energy projects, including programmatic partnerships with companies such as AES, Sunrun, Ørsted, ENGIE, Clearway, Pattern Energy, Lightsource bp, Ameresco, and Morgan Stanley. As of Q1 2026, HASI managed over $16 billion in assets across 1,300+ cumulative investments, sourced an annualized adjusted recurring net investment income of approximately $400 million, and held investment-grade credit ratings (Baa3/BBB-/BBB-) from Moody's, Fitch, and S&P.

The business model is asset-yield-driven: HASI raises long-dated capital through a green bond framework (S&P "Dark Green" assessment), credit facilities, and co-invest vehicles, then deploys it at new-asset yields above 10.5% across contractually backed clean energy cash flows with investment-grade counterparties. The firm completed a record $4.3 billion in new transactions in 2025 (87% YoY growth) and is expanding into new verticals such as advanced biofuels, sustainable aviation fuel, and bio-LNG through the Neogenyx Fuels joint venture with Ameresco. The company revoked its REIT election effective January 1, 2024, becoming a taxable C-Corporation to enable larger structured equity and joint venture commitments.

Name

HASI

Legal name

HA Sustainable Infrastructure Capital, Inc.

Website

https://hasi.com

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

101–250 employees

Short description

HASI is a publicly traded specialty finance firm that provides debt, equity, tax equity, and land financing to developers of sustainable infrastructure assets, including utility-scale solar, wind, storage, distributed energy, and renewable natural gas projects across the United States.

Ownership category

akta.pro rank

Product category

Sustainable Infrastructure Finance

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Finance Lessors (6172), Finance Services (6199)

akta.pro primary industry

Renewable Energy Infrastructure (FSAAAKAG)

akta.pro secondary industries

Real Assets — Energy & Power Infrastructure (Renewables, Conventional, Storage) (FSAHAIAD), Energy & Power Infrastructure Funds (Generation, Transmission, Storage) (FSANAEAB), Renewable Energy Asset Management (Solar/Wind/Hydro/Geothermal) (EUAEAMAB)

Keywords

• Sustainable infrastructure finance
• Renewable energy investment
• Climate transition capital
• Green bond financing
• Energy transition lending

Headquarters

HQ city

Annapolis

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Investment Income: Primary revenue from interest income, dividend income, and fee income generated from investments in sustainable infrastructure assets. Returns are generated through contracted cash flows from power purchase agreements with investment-grade counterparties.
2. Asset Management and Advisory Fees: Fee income from managing investments and co-investment vehicles, including the CarbonCount Holdings 1 vehicle with KKR and various programmatic partnerships.
3. Transaction-Based Income: One-time fee income from structuring and closing new investments, including structured equity, debt financing, and tax equity transactions.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

HASI provides flexible capital solutions (structured equity, senior debt, mezzanine, tax equity, and land financing) to sustainable infrastructure assets advancing the energy transition. The company invests across three markets: Behind-the-Meter (distributed solar, storage, energy efficiency), Grid-Connected (utility-scale solar, wind, battery storage), and Fuels, Transport & Nature (RNG, biofuels, ecological restoration), serving developers, owners, and operators of clean energy projects across the United States.

Product overview

HASI is a sustainable infrastructure investment company that provides debt and equity capital to assets advancing the energy transition. The company's core offerings span three investment markets: Behind-the-Meter (distributed solar, storage, energy efficiency), Grid-Connected (utility-scale solar, wind, battery storage), and Fuels, Transport & Nature (RNG, fleet decarbonization, ecological restoration). HASI's offerings include structured equity investments, senior debt, land financing, and green bond issuances, with its proprietary CarbonCount metric used to measure environmental impact. The company also provides CarbonCount-Based Credit Facilities that offer interest rate incentives tied to sustainability performance.

Differentiator

Problem solved

Functional benefit

Products and services

• Sustainable Infrastructure Investment Financing

Quantifiable outcome

• 13.4% adjusted ROE in 2025
• +5 more outcomes

Named customers13 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

19 partnerships are on record, tiered major, core and strategic.

• ØrstedmajorStrategic or Co-development Partner · 27 May 2026Land financing deal across approximately 6,600 acres supporting three operational solar and storage projects in Arizona, Texas, and Alabama representing ~1 GW capacity. Ørsted continues to own and operate projects.
• AmerescocoreStrategic or Co-development Partner · 4 May 2026$1.8B post-money enterprise value joint venture Neogenyx Fuels for advanced biofuels and RNG. HASI owns 30% with $400M commitment ($300M for growth, $100M to Ameresco). Ameresco retains 70%. Venture aims to accelerate RNG development from current 26 facilities to 4-6 projects per year.
• SunruncoreStrategic or Co-development Partner · 1 December 2025First-of-a-kind $500M joint venture to finance residential solar and storage assets across 40,000+ home power plants. HASI invests up to $500M over 18 months to monetize long-term customer cash flows while Sunrun retains ownership. Partnership builds on relationship established in 2018.
• Clearway Energy GroupmajorStrategic or Co-development PartnerPreferred equity investment in ~1.6 GW onshore wind and utility-scale solar portfolio with projects in California, Hawaii, Texas, and West Virginia. Weighted average contract life of 14+ years with investment-grade counterparties.
• AESmajorStrategic or Co-development PartnerCommon equity investment in 1.3 GW portfolio of 17 operating solar projects and one wind project across six states. HASI holds 49% equity interest with weighted average contract life of 18 years.
• ArevonmajorStrategic or Co-development PartnerLand financing for 200 MW Peregrine Energy Storage Project in San Diego. Also land financing for 200 MW/800 MWh Condor Energy Storage Project with Southern California Edison.
• IGS SolarstrategicStrategic or Co-development PartnerStructured equity capital partnership to finance residential solar and storage systems across 11 states with focus on NY, NJ, PA, and FL. Expected to support up to 60,000 customers over three years.
• Vision RNGmajorStrategic or Co-development Partner$207M financing package including $130M construction facility and $77M ITC bridge loan for two LFG-to-RNG facilities in Ohio producing over 2 million MMBtus annually.
• AnaergiastrategicStrategic or Co-development PartnerC$58M contract through Neogenyx Fuels for anaerobic digestion technology at agricultural facility producing 4,400+ scfm of biogas for RNG conversion.
• Viridi EnergystrategicStrategic or Co-development PartnerStructured equity investment supporting Marathon landfill gas-to-RNG project. Third transaction together, expected to power ~5,800 homes annually and reduce 18,400 tons CO2 per year.
• Lightsource bpmajorStrategic or Co-development PartnerStructured equity investment in 288 MW solar portfolio (163 MW Starr Solar in Texas, 125 MW Second Division Solar in Texas) qualifying for domestic content and energy community benefits under IRA.
• ForeFront PowerstrategicStrategic or Co-development Partner131 MW distributed solar portfolio investment across 10 states, plus 48.5 MW follow-on investment in California distributed solar and storage projects.
• Dimension EnergystrategicStrategic or Co-development Partner122 MW community solar portfolio investment across 30 projects in seven states providing local solar energy to over 17,000 households.
• Pivot EnergystrategicStrategic or Co-development Partner>$80M structured equity investment in 96 distributed generation projects across nine states leveraging innovative financing including direct tax credit sales.
• Summit Ridge EnergystrategicStrategic or Co-development Partner250 MW community solar portfolio investment across multiple U.S. markets.
• Bioenergy DevcostrategicStrategic or Co-development Partner$30M senior debt investment in anaerobic digestion food waste to RNG facility in Jessup, Maryland to support expansion of organics recycling across the U.S.
• GridPointstrategicStrategic or Co-development PartnerUp to $150M credit facility for GridPoint's Energy Management as a Service platform serving 18,000+ commercial sites with energy efficiency solutions.
• Johnson ControlsstrategicStrategic or Co-development Partner$27M energy efficiency investment for Louisville city government buildings through Energy Savings Performance Contract, generating $2M+ annual savings and reducing 12,000+ tons carbon annually.
• AmerescomajorStrategic or Co-development Partner~$125M senior debt investment in Ameresco RNG portfolio including two landfill gas-to-RNG plants and one wastewater treatment biogas-to-RNG plant. Also $85M ESPC for Parris Island Marine Corps Recruit Depot microgrid.

Scale indicators11 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Generate Capital: Privately held sustainable infrastructure investment platform financing distributed energy, storage, transportation, and circular economy projects. Closest private-market peer to HASI in terms of investing across behind-the-meter, grid-connected, and emerging clean-infrastructure verticals.
• Brookfield Renewable Partners: One of the world's largest publicly traded renewable energy and storage platforms, owning and operating utility-scale hydro, wind, solar, and storage assets. Directly comparable to HASI in its role as a capital provider and asset owner in clean-energy infrastructure across North America.
• Clearway Energy: Publicly traded renewable energy company operating utility-scale wind, solar, and energy storage assets across the U.S. Direct HASI counterparty and competitor for clean-energy infrastructure capital, with comparable portfolio scale and contracted revenue profile.
• NextEra Energy Partners: Yieldco affiliated with NextEra Energy that acquires and manages contracted renewable energy projects, primarily wind and solar, with long-term PPAs. Highly comparable business model of contracted clean-energy cash flows, similar to HASI's grid-connected portfolio.
• Atlantica Sustainable Infrastructure: Publicly traded sustainable infrastructure company that owns and manages a diversified portfolio of renewable energy, efficient natural gas, and water assets in North America, South America, and EMEA. Closely mirrors HASI's model of providing long-term capital to contracted sustainable infrastructure.

Broad incumbents

• BlackRock Global Infrastructure Partners: Mega-fund infrastructure platform (formerly Global Infrastructure Partners) with significant renewable energy exposure. Competes with HASI for institutional capital flows into clean-energy assets but operates at significantly larger fund size and broader infrastructure mandate.
• Macquarie Asset Management (Green Investment Group): Global infrastructure and renewables asset manager with one of the longest-running dedicated green investment franchises. Comparable to HASI in originating and financing renewable energy projects across solar, wind, and emerging transition assets.
• Stonepeak Infrastructure Partners: Large private infrastructure investor with significant renewable energy and energy transition focus. Comparable to HASI's infrastructure finance model but with broader infrastructure mandates including transport, digital, and conventional energy assets.
• KKR Global Infrastructure: Major global infrastructure investor with renewable energy as a core strategy, and an actual HASI co-investment partner (CarbonCount Holdings 1). Comparable in its deployment of institutional capital into clean-energy projects but operating at vastly larger AUM scale across multiple asset classes.

Emerging players

• I Squared Capital: Independent global infrastructure investor with active renewable energy and energy transition strategies. Comparable to HASI in targeting mid-to-large scale clean-energy equity and debt investments, particularly in distributed and utility-scale renewables.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/HASI_Inc
• LinkedInlinkedin.com/company/hasi

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries2 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments5 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about HASI