HA Sustainable Infrastructure Capital, Inc.

Listed Company

HASICIK 0001561894NYSELarge AcceleratedInvestors, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

$400.50M

Net Income

$184.55M

Total Assets

—

Equity

—

Shares Out

128.43M

Op. Cash Flow

$167.32M

Business

HA Sustainable Infrastructure Capital, Inc. (HASI) is an investor that acquires and manages sustainable infrastructure assets supporting the energy transition. It offers capital and asset management across income-generating real assets, including equity, joint ventures, receivables, securitizations, and real estate investments. HASI operates through three primary business segments—Behind-the-Meter (distributed solar, storage, energy efficiency), Grid-Connected (utility-scale solar, wind, storage) and Fuels, Transport, and Nature (renewable natural gas, fleet decarbonization, ecological restoration). The company focuses on U.S. markets and distributes capital via programmatic partnerships with developers, utilities and energy service companies and through co-investment, securitization and public debt channels.

Summary from filing dated 2025-02-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest and rental income	286	266	229	—	—
Gain on sale of assets	65	80	69	57	68
Management fees and retained interest income	34	26	19	—	—
Origination fee and other income	15	11	3	—	—
Total revenue	401	384	320	240	213
Interest expense	292	242	171	116	122
Provision (benefit) for loss on receivables and retained interests in securitization trusts	12	1	12	—	—
Compensation and benefits	92	81	64	63	53
General and administrative	31	33	31	30	20
Total expenses	428	358	278	222	195
Income (loss) before equity method investments	−27	26	41	18	18
Income (loss) from equity method investments	301	248	141	31	126
Income (loss) before income taxes	273	274	182	49	145
Income tax (expense) benefit	−85	−70	−32	−7	−17
Net income (loss)	188	204	151	42	127
Net income (loss) attributable to non-controlling interest holders	4	4	2	409,000	767,000
Net income (loss) attributable to controlling stockholders	185	200	149	42	127
Basic earnings (loss) per common share (in usd per share)	1.49	1.72	1.45	0.47	1.57
Diluted earnings (loss) per common share (in usd per share)	1.41	1.62	1.42	0.47	1.51
Weighted average common shares outstandingbasic (in shares)	123	116	102	88	80
Weighted average common shares outstandingdiluted (in shares)	138	131	109	91	88

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	110	130	63	156	226
Equity method investments	4,116	3,612	2,966	1,870	1,760
Receivables, net of allowance of $62 million and $50 million, respectively ($629 million and $822 million from equity method investees, respectively)	3,280	2,896	3,074	1,990	1,424
Receivables held-for-sale	114	76	—	—	—
Real estate and available-for-sale debt securities	76	10	—	—	—
Retained interests in securitization trusts, net of allowance of $3 million and $3 million, respectively	300	249	219	177	210
Other assets	192	108	77	119	132
Total assets	8,188	7,080	6,552	4,760	4,148
Accounts payable, accrued expenses and other	381	276	163	120	89
Credit facilities	46	1	401	51	100
Commercial paper notes	225	100	30	192,000	50
Term loans payable	386	408	727	380	0
Senior notes	3,466	3,139	—	—	—
Junior subordinated notes	498	0	—	—	—
Convertible notes	403	620	610	344	150
Total Liabilities	5,530	4,675	4,411	3,095	2,582
Preferred stock, par value $0.01 per share, 50,000,000 shares authorized, no shares issued and outstanding	0	0	0	0	0
Common stock, par value $0.01 per share, 450,000,000 shares authorized, 127,644,496 and 118,960,353 shares issued and outstanding, respectively	1	1	1	908,000	853,000
Additional paid-in capital	2,850	2,593	2,382	1,924	1,728
Accumulated deficit	−323	−297	−304	−285	−194
Accumulated other comprehensive income (loss)	47	40	13	−10	10
Non-controlling interest	83	68	49	36	22
Total Stockholders Equity	2,658	2,405	2,142	1,665	1,567
Total Liabilities and Stockholders Equity	8,188	7,080	6,552	4,760	4,148

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Provision for loss on receivables and retained interests in securitization trusts	12	1	12	13	496,000
Depreciation and amortization	780,000	1	3	4	4
Amortization of financing costs	15	17	13	12	11
Equity-based expenses	30	26	20	20	17
Equity method investments	−82	−180	−108	16	−95
Non-cash gain on securitization	−40	−71	−44	−29	−48
(Gain) loss on sale of receivables and debt securities	0	7	1	−218,000	−720,000
Loss on debt extinguishment	11	0	0	0	15
Changes in receivables held-for-sale	−24	−29	52	−63	−22
Changes in accounts payable, accrued expenses, and other	104	101	48	18	11
Change in accrued interest on receivables and debt securities	−68	−79	−44	−15	−859,000
Cash received (paid) upon hedge settlement	25	20	0	0	—
Other	−5	−13	−4	−18	−6
Net cash provided by operating activities	167	6	100	230,000	13
Equity method investments	−448	−397	−869	−128	−402
Equity method investment distributions received	59	39	30	110	22
Proceeds from sales of equity method investments	0	9	0	2	300,000
Purchases of and investments in receivables ($177 million, $246 million, and $324 million to equity method investees, respectively)	−1,043	−667	−1,339	−727	−553
Principal collections from receivables ($346 million, $322 million, and $36 million from equity method investees, respectively)	706	601	198	126	149
Proceeds from sales of receivables	8	172	8	5	76
Proceeds from sale of real estate	0	116	0	5	0
Purchases of debt securities and retained interests in securitization trusts	−71	−11	−14	—	—
Proceeds from sales of debt securities and retained interests in securitization trusts	0	5	0	—	—
Collateral provided to hedge counterparties	−10	−27	−94	0	0
Collateral received from hedge counterparties	8	28	85	0	0
Other	−65	204,000	3	−2	5
Net cash provided by (used in) investing activities	−856	−131	−1,993	−592	−703
Proceeds from credit facilities	1,180	1,297	1,177	100	100
Principal payments on credit facilities	−1,135	−1,697	−827	−150	−22
Proceeds from (repayments of) commercial paper notes	126	70	30	−50	—
Proceeds from issuance of term loan	0	250	365	383	0
Principal payments on term loan	−24	−568	−16	0	0
Proceeds from issuance of senior notes	996	1,200	550	0	1,000
Principal payments on convertible notes	−200	0	−144	−461,000	0
Redemption of senior notes	−700	−400	0	0	−500
Proceeds from issuances of junior subordinated notes	500	0	0	—	—
Proceeds from issuance of convertible notes	0	0	403	200	0
Purchase of capped calls related to the issuance of convertible notes	0	0	−38	—	—
Net proceeds of common stock issuances	237	204	492	189	201
Payments of dividends and distributions	−210	−192	−160	−132	−114
Redemption premium and fees paid	−8	0	0	0	−14
Payment of financing costs	−19	−30	−23	−12	−18
Collateral provided to hedge counterparties	−135	−151	−167	0	0
Collateral received from hedge counterparties	88	199	176	—	—
Other	−5	−1	−5	−10	−12,000
Net cash provided by (used in) financing activities	684	200	1,792	517	631
Increase (decrease) in cash, cash equivalents, and restricted cash	−5	75	−101	−75	−59
Interest paid	252	193	138	99	108
Interest retained from securitization transactions	41	43	35	—	—
Equity method investments retained from securitization and deconsolidation transactions	0	33	145	0	0
Equity method investments retained from sale of assets to a co-investment structure	0	115	0	—	—
Deconsolidation of non-recourse debt	0	51	258	0	126
Deconsolidation of assets pledged for non-recourse debt	0	52	375	0	131
Assumption of deferred financing obligation	51	33	0	—	—
Removal of deferred financing obligation upon securitization	−29	0	0	—	—

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