HA Sustainable Infrastructure Capital, Inc. (NYSE:HASI) announced today the launch of a private add-on offering of 6.375% green senior unsecured notes due 2034, subject to market conditions. The notes will be guaranteed by several of the company's subsidiaries.
According to InvestingPro data, HASI maintains strong financial health with a current ratio of 6.67x, indicating liquid assets well exceed short-term obligations. The company's stock has shown resilience with a 29% return over the past year.
The offering memorandum provided by the company included an update on its investment activities. As of September 30, 2024, HA Sustainable Infrastructure Capital has over $5.5 billion worth of potential transactions in its 12-month pipeline, spanning more than 150 opportunities with over 30 clients. The pipeline includes behind-the-meter (BTM) assets, grid-connected (GC) assets, and front-of-the-meter (FTM) assets.
The company's portfolio growth year-over-year as of September 30, 2024, was reported at 15%, with a portfolio yield of 8.1%. The portfolio, valued at approximately $6.3 billion, consists of around eight asset classes and over 520 transactions. The average transaction size is $12 million, with a weighted average remaining life of about 17 years.
Notable for income investors, HASI has maintained dividend payments for 12 consecutive years, with a current yield of 5.3%. For deeper insights into HASI's financial metrics and growth potential, investors can access the comprehensive Pro Research Report available on InvestingPro.
HA Sustainable Infrastructure Capital also manages assets in securitization trusts or vehicles not consolidated on its balance sheet, totaling approximately $6.8 billion. Combined with its portfolio, the company manages about $13.1 billion in assets, marking a 14% growth year-over-year.
The company completed about $1.7 billion in transactions up to November 7, 2024, and anticipates adding roughly 10 new clients in 2024. Its strategy includes investing in projects with proven technology and often involves contractual agreements with investment-grade off-takers or counterparties.
With six analysts recently revising earnings estimates upward and a consensus recommendation of 1.62 (Strong Buy), HASI's growth trajectory appears promising. InvestingPro subscribers can access over 30 additional financial metrics and insights about HASI's market position and future prospects.
The company's adjusted return on equity for the nine months ended September 30, 2024, was 12.4%, a non-GAAP financial measure described in its Q3 2024 Form 10-Q and the 2023 Form 10-K. HA Sustainable Infrastructure Capital also highlights its commitment to environmental impact through its CarbonCount® metric, which estimates the carbon emissions avoided by its investments.
This news is based on a press release statement from HA Sustainable Infrastructure Capital, Inc. and provides a snapshot of the company's financial activities and strategic direction.
In other recent news, Hannon Armstrong (NYSE:HASI) Sustainable Infrastructure Capital, Inc. reported significant financial growth in the third quarter of 2024.
The company's adjusted earnings per share (EPS) rose by 8% compared to the same period last year, and new investments totaled $1.7 billion year-to-date. Managed assets also saw a 14% growth, reaching over $13 billion.
Despite a reported GAAP loss due to mark-to-market impacts from power contracts, Hannon Armstrong maintains a strong liquidity position at $1.3 billion and a well-managed debt-to-equity ratio of 1.8 times.
In terms of recent analyst notes, TD Cowen, BofA Securities, and RBC Capital Markets have all expressed confidence in the company. TD Cowen highlighted the robustness of Hannon Armstrong's business model and its potential for sustained growth, while BofA Securities underscored the firm's belief in the strength and resilience of Hannon Armstrong's business in the face of external challenges.
RBC Capital Markets, despite adjusting its price target on shares of Hannon Armstrong to $40.00, maintained an Outperform rating on the stock.
In other company news, Hannon Armstrong is preparing to refinance its 2026 and 2027 bonds, leveraging its investment-grade status. The company is targeting an annual adjusted EPS growth of 8% to 10% through 2026 and views the Renewable Natural Gas (RNG) market as a significant growth area. These are among the recent developments that underscore Hannon Armstrong's robust financial health and strategic positioning.
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