HA Sustainable Infrastructure Capital, Inc.

Overview

HA Sustainable Infrastructure Capital, Inc. (HASI) is a publicly traded investor and capital provider focused on sustainable infrastructure and projects supporting the energy transition. Its principal investment areas include behind-the-meter solar, energy storage and efficiency; grid-connected renewable generation and storage; and fuels, transport and nature-based solutions such as renewable natural gas, fleet decarbonization and ecological restoration. The company describes its purpose as investing in sustainable infrastructure to advance the energy transition through flexible capital and long-term partnerships.[1][2]

HASI is best characterized as U.S.-focused based on its disclosed investment strategy and portfolio. In its second-quarter 2026 filing, it reported an approximately $8.2 billion portfolio; separately, its website reported $17.6 billion in managed assets as of June 30, 2026.[3][4]

For fiscal 2025, HASI reported total revenue of approximately $400.5 million. At year-end it had 173 full-time employees, in addition to five part-time employees and 16 independent contractors.[5][6] [1]+5

Products & services

HA Sustainable Infrastructure Capital, Inc. (HASI) provides capital for sustainable-infrastructure projects through equity and debt investments, joint ventures, receivables and securities, and real-estate or land financing. Its investments support behind-the-meter projects—including residential, community, commercial and industrial solar and storage, and energy efficiency—and grid-connected utility-scale solar, onshore wind and battery storage. Other financed project types include renewable natural gas, fleet decarbonization and ecological restoration.[7]+2

HASI’s financing and related services include credit facilities, tax-transferability financing, land financing and asset management; land financing can include purchasing or financing project land before notice to proceed and providing land-management services.[9]+2 At June 30, 2026, its on-balance-sheet portfolio was approximately $8.2 billion: about $4.1 billion in behind-the-meter, $2.6 billion in grid-connected, and $1.5 billion in fuels, transport and nature investments. By investment instrument, approximately 56% was equity-method renewable-energy investments, 34% fixed-rate receivables and debt securities, 6% floating-rate receivables, and 4% renewable-project real estate and other assets.[3]

Portfolio-wide project exposure reported for year-end 2025 included more than 8 GW of solar capacity, over 7 GW of onshore wind, over 2 GWh of battery storage, and more than 57 million diesel-gallon-equivalent of renewable natural gas capacity; these are aggregate portfolio figures, not specifications for an individual product.[12] [7]+7

Geographic presence

HA Sustainable Infrastructure Capital, Inc. invests in clean-energy and sustainable-infrastructure projects across the United States. One disclosed example is a joint venture supporting 96 distributed-generation projects in California, Colorado, Delaware, Hawaii, Illinois, Maryland, Minnesota, New York, and Virginia; this is an example of its footprint, not a complete portfolio listing.[13] The company has not disclosed revenue by country or region in the cited annual filing, which describes its operations as one reportable segment.[14]

Its principal executive office is in Annapolis, Maryland, and company materials also list an office in New York City.[15][16] At December 31, 2025, the company reported 173 full-time employees, five part-time employees, and 16 independent contractors, without a geographic breakdown of personnel.[6] [14]+4

Business segments

HA Sustainable Infrastructure Capital, Inc. reports one operating and reportable segment, managed as a single portfolio from a common investment-origination pipeline. Its investments generate income from net investment and equity-method investments, asset-sale gains, and asset-management fees; the company does not report earnings or revenue separately for its portfolio categories.[14][17]

For portfolio descriptions, HASI groups investments into three categories, which are not reportable segments: Behind the Meter (BTM), focused on distributed energy solutions such as solar, storage, and energy efficiency; Grid-Connected (GC), focused on utility-scale renewable energy and storage; and Fuels, Transport, and Nature (FTN), focused on areas including renewable natural gas, fleet decarbonization, and ecological restoration.[18]+2

As of June 30, 2026, the portfolio was approximately $8.2 billion: BTM $4.1 billion (about 50%), GC $2.6 billion (about 32%), and FTN $1.5 billion (about 18%). These percentages are approximate calculations from rounded portfolio values and indicate portfolio mix—not segment contribution to revenue or earnings.[3] At December 31, 2025, HASI reported portfolio shares of 52% BTM, 34% GC, and 14% FTN.[21] [14]+6

Company history

The company traces its origins to Eden Hannon Goodwin & Company, established in Alexandria, Virginia, in September 1981. Jon Armstrong joined in 1983, and the firm completed its first renewable-energy transaction in 1987. After Greg Eden’s departure, it adopted the name Hannon Armstrong in 1989. Later milestones included financing its first energy-savings performance contract in 1996 and establishing the Hannon Armstrong Multi-Asset Trust in 2000.[22]

Hannon Armstrong Sustainable Infrastructure Capital, Inc. completed its initial public offering in April 2013.[23] In 2014, it acquired American Wind Capital Company, expanding its portfolio of land and lease interests for wind and solar projects.[24] The company adopted the HASI brand in 2021; in March 2023, Jeffrey A. Lipson became President and CEO, while Jeffrey W. Eckel became Executive Chair.[25][26]

Effective July 2, 2024, the company converted from a Maryland to a Delaware corporation and changed its legal name to HA Sustainable Infrastructure Capital, Inc.[27][28] Its 2026 second-quarter filing continues to identify the issuer under the HA Sustainable Infrastructure Capital name.[29] [28]+7

Sources

• HA Sustainable Infrastructure Capital, Inc. — Full financial report (2025 Y)
  13 citations

  [1][5][6][7][8][9][12][14][15][18][19][20][21]
• www.hasi.com[2]
• HA Sustainable Infrastructure Capital, Inc. — Full financial report (2026 Q 2)
  4 citations

  [3][17][28][29]
• www.hasi.com[4]
• www.hasi.com[10]
• www.hasi.com[11]
• www.hasi.com[13]
• www.hasi.com[16]
• www.hasi.com[22]
• investors.hasi.com[23]
• investors.hasi.com[24]
• investors.hasi.com[25]
• investors.hasi.com[26]
• www.sec.gov[27]