HASI invests in 605 MW renewables portfolio

Per the agreement, which reached financial close on December 22, 2023, HASI will make a structured equity investment in an approximately 605 MW portfolio of solar and solar-plus-storage assets spanning seven power markets and 11 states: Arizona, California, Colorado, Connecticut, Georgia, Hawaii, Illinois, Massachusetts, New York, Rhode Island, and Vermont. The portfolio consists of more than 200 operational renewable energy projects, composed primarily of community solar and commercial and industrial solar assets, with more than a third of the total capacity paired with battery energy storage.

With a weighted average remaining contract life of 16 years, the portfolio's cash flows are contracted with a diverse group of predominately investment-grade corporate, utility, and municipal off-takers. AES will continue to own and operate the assets.

The transaction further expands the longstanding relationship between HASI and AES. In January 2023, HASI announced a common equity investment with AES in an approximately 1.3-GW portfolio of operating utility-scale solar and wind projects. Additionally, HASI and AES' clean energy business in the US have a six-year track record of successful solar land transactions.

“HASI is immensely proud to advance our partnership with AES with this latest transaction,” said Susan Nickey, Chief Client Officer of HASI. “Together, we share a commitment to accelerating the energy transition. AES’ exceptional leadership in closely aligning renewable energy supply with demand is precisely the focus our industry needs for the next phase of growth. This investment not only significantly expands our programmatic investment partnership but also offers diversification and scale to our balance sheet.”

“AES’ purpose is to accelerate the future of energy,” added James Marshall, Chief Financial Officer for AES’ clean energy business in the U.S. “This investment in AES’ operating renewables portfolio represents a continuation of our partnership with HASI that will free up capital to develop and build new clean energy projects in the US.”

 

 

For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.

Energy Global's Winter 2023 issue

The Winter 2023 issue of Energy Global hosts an array of technical articles weather analysis, geothermal solutions, energy storage technology, and more. This issue also features a regional report looking at the future of renewables in North America, and a report from Théodore Reed-Martin, Editorial Assistant, Energy Global, on how Iceland utilises its unique geology for renewable energy.

Read the article online at: https://www.energyglobal.com/energy-storage/05012024/hasi-invests-in-605-mw-renewables-portfolio-owned-and-operated-by-aes/