Hannon Armstrong Sustainable Infrastructure (HASI) Capitalhas closed two new programmatic investments in grid-connected renewable energy assets developed, owned and operated by the AES Corporation.
Under the agreement, HASI will make a common equity investment in an approximately 1.3GW portfolio of operating solar and wind projects located across six states.
These are in Arizona, California, New York, South Dakota, Utah, and Virginia.
In accordance with the terms of the equity investment in the renewable energy portfolio, HASI intends to acquire a 49% equity interest in the portfolio that includes 17 operating solar projects, and one wind project.
With a weighted average remaining contract life of approximately 18 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.
Additionally, HASI is financing land owned by AES for a solar project and a standalone battery energy storage system in California.
AES has a 51GW development pipeline in the US.
Chief client officer at Hannon Armstrong Susan Nickey said: “We are thrilled to expand our programmatic relationship with AES through this new partnership, which is designed to encourage additional investments over the next several years.
“AES’ purpose to accelerate the future of energy and create a sustainable future is totally aligned with our mission as a climate positive investor.”
President of AES Clean Energy Leo Moreno added: “AES is committed to accelerating a greener, smarter energy future.
“This investment creates an opportunity to expand our development of renewable energy projects, growing our portfolio of wind, solar and battery energy storage facilities across the US.”