Company Overview

HA Sustainable Infrastructure Capital, Inc. (HASI) is a publicly traded specialty finance company and real estate investment trust (REIT) focused on providing capital for sustainable infrastructure assets. The company operates at the intersection of renewable energy, energy efficiency, climate-resilient infrastructure, and sustainable transportation, primarily in North America. HASI generates revenue by originating, structuring, and managing long-term investments that produce predictable cash flows, typically backed by contracted or regulated revenue sources.

The company’s primary business lines include investments in clean energy generation, energy efficiency projects, and sustainable infrastructure supporting emissions reduction and resilience. Its customers and counterparties include utilities, independent power producers, project developers, commercial building owners, municipalities, and government-related entities. HASI’s strategic positioning is based on long-duration capital, structured finance expertise, and deep relationships in sustainable infrastructure markets. Founded in 1981 as Hannon Armstrong, the company evolved from a government-focused energy efficiency financier into a diversified sustainable infrastructure investment platform, rebranding to its current name in 2022 to reflect its broader climate-focused mandate.

Business Operations

HASI conducts its operations through three primary business segments: Behind-the-Meter, Grid-Connected, and Fuels, Transport & Nature. These segments encompass investments in energy efficiency retrofits, on-site solar and storage, utility-scale renewable energy projects, renewable natural gas, sustainable aviation fuel infrastructure, and climate-resilient assets. Revenue is generated through interest income, rental income from real estate investments, and equity method investments in operating projects.

The company operates primarily in the United States, with selective exposure to international markets. HASI controls a portfolio of loans, leases, and equity interests in sustainable infrastructure assets and relies on long-term contracts, power purchase agreements, and government or investment-grade counterparties to mitigate risk. Its operating platform includes wholly owned subsidiaries used for asset ownership and financing structures, and the company frequently partners with developers, utilities, and institutional investors to co-invest in large-scale projects.

Strategic Position & Investments

HASI’s strategic direction centers on scaling investment in climate-positive infrastructure aligned with decarbonization, electrification, and resilience trends. Growth initiatives focus on expanding investments in grid-connected renewables, sustainable fuels, and infrastructure supporting the energy transition, while maintaining disciplined underwriting and long-duration cash flow visibility. The company actively rotates capital by recycling proceeds from asset repayments into new investments.

Major investments include equity and debt positions in renewable energy portfolios, energy efficiency platforms, and sustainable fuel infrastructure. HASI has also invested in emerging sectors such as renewable natural gas, sustainable aviation fuel, and nature-based climate solutions. Notable subsidiaries include Hannon Armstrong Capital, LLC, which serves as the primary operating entity for investment activities. Acquisitions and investments are typically structured on a project or portfolio basis rather than through large corporate takeovers.

Geographic Footprint

HASI is headquartered in Annapolis, Maryland, and its investment portfolio is predominantly concentrated in the United States. The company has a broad market presence across North America, with assets located in multiple U.S. states and exposure to diverse regional power markets and regulatory environments.

Internationally, HASI maintains limited but growing exposure through select investments in Europe and other developed markets, primarily focused on renewable energy and energy efficiency. While the company does not operate physical facilities globally, its capital deployment supports infrastructure with international operational footprints and contributes to global decarbonization efforts.

Leadership & Governance

HASI was founded by Jeffrey W. Eckel, who continues to play a central role in shaping the company’s long-term strategy. Leadership emphasizes disciplined capital allocation, risk management, and alignment with environmental sustainability and shareholder returns. The governance framework reflects its status as a publicly traded REIT, with oversight by an independent board of directors.

Key executives include:

• Jeffrey W. Eckel – Chairman of the Board and Chief Executive Officer
• Nelson G. Peek – Chief Financial Officer
• John C. Hooper – Chief Investment Officer
• Eric M. Krol – Chief Operating Officer
• Katherine J. Motts – Chief Legal Officer and Corporate Secretary

The leadership team promotes a strategy centered on long-term value creation through sustainable infrastructure investment, balancing financial performance with environmental impact and risk-adjusted returns.