HA Sustainable Infrastructure Capital Prices $600M Green Notes Offering
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 3 hours ago
0mins
Should l Buy HASI?
Source: seekingalpha
- Bond Offering Size: HA Sustainable Infrastructure Capital has successfully priced a $600 million offering of 7.125% green junior subordinated notes, expected to settle on February 27, 2026, reflecting strong market demand for green financing.
- Net Proceeds Allocation: After underwriting discounts and expenses, net proceeds are estimated at approximately $592.2 million, which will be used to temporarily repay borrowings under the revolving credit facility or commercial paper programs, enhancing the company's financial flexibility.
- Green Project Investment: Proceeds will be allocated to acquire, invest in, or refinance eligible green projects, including those funded within the past 12 months, demonstrating the company's commitment to sustainability.
- Funds Management Strategy: Pending full investment in eligible green projects, remaining proceeds may be held in interest-bearing accounts or short-term securities, optimizing fund utilization and reducing financial risk.
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Analyst Views on HASI
Wall Street analysts forecast HASI stock price to rise
13 Analyst Rating
11 Buy
2 Hold
0 Sell
Strong Buy
Current: 37.770
Low
32.00
Averages
40.27
High
50.00
Current: 37.770
Low
32.00
Averages
40.27
High
50.00
About HASI
HA Sustainable Infrastructure Capital, Inc. is an investor in sustainable infrastructure assets advancing the energy transition. The Company’s investments are diversified across multiple asset classes, including utility-scale solar, onshore wind, and storage; distributed solar and storage; renewable natural gas (RNG), and energy efficiency. It partners with clients to deploy real assets that facilitate the energy transition. The Company invests in a variety of asset classes across its three primary climate solutions markets: Behind the Meter; Grid-Connected; and Fuels, Transport, and Nature. Behind the Meter includes residential solar and storage, community solar and commercial and industrial solar, and energy efficiency. Grid-Connected include utility-scale solar, onshore wind, and battery energy storage systems. Fuels, Transport, and Nature include renewable natural gas, fleet decarbonization, and ecological restoration.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
HA Sustainable Infrastructure Capital Prices $600M Green Notes Offering
- Bond Offering Size: HA Sustainable Infrastructure Capital has successfully priced a $600 million offering of 7.125% green junior subordinated notes, expected to settle on February 27, 2026, reflecting strong market demand for green financing.
- Net Proceeds Allocation: After underwriting discounts and expenses, net proceeds are estimated at approximately $592.2 million, which will be used to temporarily repay borrowings under the revolving credit facility or commercial paper programs, enhancing the company's financial flexibility.
- Green Project Investment: Proceeds will be allocated to acquire, invest in, or refinance eligible green projects, including those funded within the past 12 months, demonstrating the company's commitment to sustainability.
- Funds Management Strategy: Pending full investment in eligible green projects, remaining proceeds may be held in interest-bearing accounts or short-term securities, optimizing fund utilization and reducing financial risk.
See More
HA Sustainable Infrastructure Capital Declares Quarterly Dividend Increase
- Quarterly Dividend Increase: HA Sustainable Infrastructure Capital has declared a quarterly dividend of $0.425 per share, reflecting a 1.2% increase from the previous dividend of $0.420, demonstrating the company's ongoing commitment to stable cash flow and shareholder returns.
- Yield Performance: The forward yield of 4.74% not only attracts income-seeking investors but also indicates the company's financial health in the current economic environment, reinforcing its appeal in the market.
- Dividend Payment Schedule: The dividend is payable on April 17, with a record date of April 2 and an ex-dividend date also set for April 2, ensuring shareholders receive their returns promptly and enhancing investor confidence.
- Earnings Beat Expectations: In Q4 2025, HA Sustainable Infrastructure Capital reported a non-GAAP EPS of $0.67, beating expectations by $0.01, while revenue reached $114.81 million, exceeding forecasts by $86.07 million, showcasing the company's competitive edge and growth potential.
See More
HASI Reports Record Transactions and Growth in 2025
- Record Transaction Volume: HASI closed $4.3 billion in new transactions in 2025, an 87% increase from 2024, marking the highest transaction volume in the company's history, which strengthens its market position and lays a foundation for future growth.
- Sustained Investment Yield Growth: The yield on new investments exceeded 10.5% for the second consecutive year, driving a 10.2% growth in adjusted EPS to $2.70 per share, demonstrating the company's effectiveness in capital allocation and enhanced profitability.
- Increased Asset Management Revenue: Asset management fees and income reached $49 million in 2025, a 32% increase from the prior year, which not only enhances the company's revenue diversity but also strengthens its competitive edge in the sustainable infrastructure sector.
- Improved Capital Efficiency: The company successfully issued $500 million in junior subordinated hybrid notes, reducing reliance on new equity issuance, thereby enhancing capital efficiency and providing stronger financial support for future expansion.
See More
HA Sustainable Infrastructure Capital Q4 Earnings Exceed Expectations
- Earnings Highlights: HA Sustainable Infrastructure Capital reported a Q4 non-GAAP EPS of $0.67, beating expectations by $0.01, with revenue of $114.81 million reflecting a 13.3% year-over-year increase, indicating strong growth potential in the sustainable infrastructure sector.
- Future Outlook: The company anticipates adjusted EPS in the range of $3.50 to $3.60 by 2028, showcasing optimism regarding future profitability, while also expecting an adjusted return on equity exceeding 17%, which further boosts investor confidence.
- Dividend Policy Adjustment: It is projected that annual dividends per share of common stock will decline to less than 50% of annual adjusted EPS by 2028 and below 40% by 2030, a strategy aimed at optimizing capital allocation and supporting long-term growth.
- Market Collaboration: HA Sustainable Infrastructure has launched a $500 million joint venture with Sunrun to finance distributed power development, indicating the company's strategic positioning and intent to expand in the renewable energy market.
See More
Surging U.S. Electricity Demand Fuels Virtual Power Plant Growth
- Surging Electricity Demand: U.S. electricity demand is surging due to electric vehicles, data centers, and extreme temperatures, leading to increased reliance on variable wind and solar power as traditional coal and gas plants retire faster than replacements can be built.
- Rise of Virtual Power Plants: Utilities are deploying Virtual Power Plants (VPPs) that utilize thousands of small energy resources, including smart thermostats and home batteries, to create a cloud-based network that enhances grid flexibility and reliability during peak demand periods.
- National Grid's Growth Potential: National Grid's ConnectedSolutions program, launched in under four months, now boasts 250 megawatts of peak shaving capacity, with a reported underlying profit of £2.29 billion (approximately $3.1 billion), reflecting a 12% year-over-year increase and highlighting its strong performance amid rising energy demands.
- Sunrun's Market Opportunities: As the largest home-to-grid distributed power plant operator in the U.S., Sunrun's stock has surged over 100% in the past year, reporting $725 million in revenue for Q3, a 35% year-over-year increase, and partnering with HA Sustainable Infrastructure Capital to finance an additional 300 megawatts of capacity, further solidifying its market position.
See More
National Grid and Sunrun's Virtual Power Plant Advantages
- Surging Market Demand: U.S. electricity demand is soaring due to electric vehicles, data centers, and extreme temperatures, prompting utilities to adopt virtual power plants (VPPs) to ensure grid stability as traditional coal and gas plants retire rapidly.
- National Grid's Performance Growth: National Grid's stock has risen nearly 40% over the past year, reporting an underlying profit of £2.29 billion, up 12% year-over-year in its half-year report, reflecting successful implementation in the VPP sector amid strong market demand.
- Sunrun's Expansion Plans: As the largest home-to-grid distributed power plant operator in the U.S., Sunrun has enrolled 106,000 customers in 17 VPP programs and collaborated with three utilities to provide a 500-megawatt VPP, aimed at preventing rolling blackouts during peak times.
- Future Investment Potential: With solar power's share in the U.S. rising from 1% to 8% over the past 15 years, Sunrun's partnership with HA Sustainable Infrastructure Capital is expected to finance an additional 300 megawatts of capacity, further solidifying its market position and driving future growth.
See More
HA Sustainable Infrastructure Capital Prices $600M Green Notes Offering
- Bond Offering Size: HA Sustainable Infrastructure Capital has successfully priced a $600 million offering of 7.125% green junior subordinated notes, expected to settle on February 27, 2026, reflecting strong market demand for green financing.
- Net Proceeds Allocation: After underwriting discounts and expenses, net proceeds are estimated at approximately $592.2 million, which will be used to temporarily repay borrowings under the revolving credit facility or commercial paper programs, enhancing the company's financial flexibility.
- Green Project Investment: Proceeds will be allocated to acquire, invest in, or refinance eligible green projects, including those funded within the past 12 months, demonstrating the company's commitment to sustainability.
- Funds Management Strategy: Pending full investment in eligible green projects, remaining proceeds may be held in interest-bearing accounts or short-term securities, optimizing fund utilization and reducing financial risk.
See More
HA Sustainable Infrastructure Capital Declares Quarterly Dividend Increase
- Quarterly Dividend Increase: HA Sustainable Infrastructure Capital has declared a quarterly dividend of $0.425 per share, reflecting a 1.2% increase from the previous dividend of $0.420, demonstrating the company's ongoing commitment to stable cash flow and shareholder returns.
- Yield Performance: The forward yield of 4.74% not only attracts income-seeking investors but also indicates the company's financial health in the current economic environment, reinforcing its appeal in the market.
- Dividend Payment Schedule: The dividend is payable on April 17, with a record date of April 2 and an ex-dividend date also set for April 2, ensuring shareholders receive their returns promptly and enhancing investor confidence.
- Earnings Beat Expectations: In Q4 2025, HA Sustainable Infrastructure Capital reported a non-GAAP EPS of $0.67, beating expectations by $0.01, while revenue reached $114.81 million, exceeding forecasts by $86.07 million, showcasing the company's competitive edge and growth potential.
See More
HASI Reports Record Transactions and Growth in 2025
- Record Transaction Volume: HASI closed $4.3 billion in new transactions in 2025, an 87% increase from 2024, marking the highest transaction volume in the company's history, which strengthens its market position and lays a foundation for future growth.
- Sustained Investment Yield Growth: The yield on new investments exceeded 10.5% for the second consecutive year, driving a 10.2% growth in adjusted EPS to $2.70 per share, demonstrating the company's effectiveness in capital allocation and enhanced profitability.
- Increased Asset Management Revenue: Asset management fees and income reached $49 million in 2025, a 32% increase from the prior year, which not only enhances the company's revenue diversity but also strengthens its competitive edge in the sustainable infrastructure sector.
- Improved Capital Efficiency: The company successfully issued $500 million in junior subordinated hybrid notes, reducing reliance on new equity issuance, thereby enhancing capital efficiency and providing stronger financial support for future expansion.
See More
HA Sustainable Infrastructure Capital Q4 Earnings Exceed Expectations
- Earnings Highlights: HA Sustainable Infrastructure Capital reported a Q4 non-GAAP EPS of $0.67, beating expectations by $0.01, with revenue of $114.81 million reflecting a 13.3% year-over-year increase, indicating strong growth potential in the sustainable infrastructure sector.
- Future Outlook: The company anticipates adjusted EPS in the range of $3.50 to $3.60 by 2028, showcasing optimism regarding future profitability, while also expecting an adjusted return on equity exceeding 17%, which further boosts investor confidence.
- Dividend Policy Adjustment: It is projected that annual dividends per share of common stock will decline to less than 50% of annual adjusted EPS by 2028 and below 40% by 2030, a strategy aimed at optimizing capital allocation and supporting long-term growth.
- Market Collaboration: HA Sustainable Infrastructure has launched a $500 million joint venture with Sunrun to finance distributed power development, indicating the company's strategic positioning and intent to expand in the renewable energy market.
See More
Surging U.S. Electricity Demand Fuels Virtual Power Plant Growth
- Surging Electricity Demand: U.S. electricity demand is surging due to electric vehicles, data centers, and extreme temperatures, leading to increased reliance on variable wind and solar power as traditional coal and gas plants retire faster than replacements can be built.
- Rise of Virtual Power Plants: Utilities are deploying Virtual Power Plants (VPPs) that utilize thousands of small energy resources, including smart thermostats and home batteries, to create a cloud-based network that enhances grid flexibility and reliability during peak demand periods.
- National Grid's Growth Potential: National Grid's ConnectedSolutions program, launched in under four months, now boasts 250 megawatts of peak shaving capacity, with a reported underlying profit of £2.29 billion (approximately $3.1 billion), reflecting a 12% year-over-year increase and highlighting its strong performance amid rising energy demands.
- Sunrun's Market Opportunities: As the largest home-to-grid distributed power plant operator in the U.S., Sunrun's stock has surged over 100% in the past year, reporting $725 million in revenue for Q3, a 35% year-over-year increase, and partnering with HA Sustainable Infrastructure Capital to finance an additional 300 megawatts of capacity, further solidifying its market position.
See More
National Grid and Sunrun's Virtual Power Plant Advantages
- Surging Market Demand: U.S. electricity demand is soaring due to electric vehicles, data centers, and extreme temperatures, prompting utilities to adopt virtual power plants (VPPs) to ensure grid stability as traditional coal and gas plants retire rapidly.
- National Grid's Performance Growth: National Grid's stock has risen nearly 40% over the past year, reporting an underlying profit of £2.29 billion, up 12% year-over-year in its half-year report, reflecting successful implementation in the VPP sector amid strong market demand.
- Sunrun's Expansion Plans: As the largest home-to-grid distributed power plant operator in the U.S., Sunrun has enrolled 106,000 customers in 17 VPP programs and collaborated with three utilities to provide a 500-megawatt VPP, aimed at preventing rolling blackouts during peak times.
- Future Investment Potential: With solar power's share in the U.S. rising from 1% to 8% over the past 15 years, Sunrun's partnership with HA Sustainable Infrastructure Capital is expected to finance an additional 300 megawatts of capacity, further solidifying its market position and driving future growth.
See More
