Independent power producer AES Corporation has entered into an agreement with HASI which will invest in its solar and solar-storage assets across the US.
HASI will make a structured equity investment in the 605MW portfolio which consists of sites spanning seven power markets and 11 states, including Arizona, California, Colorado, Connecticut, Georgia, Hawaii, Massachusetts and New York.
The portfolio consists of more than 200 operational renewable energy installations, composed primarily of community solar and commercial and industrial solar schemes, 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 1.3GW portfolio of operating utility-scale solar and wind projects.
“HASI is immensely proud to advance our partnership with AES with this latest transaction,” said HASI chief client officer Susan Nickey.
“Together, we share an unwavering 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.”