HA Sustainable Infrastructure Capital, Inc. HASI
HASI is an investor in sustainable infrastructure assets advancing the energy transition. Our investment strategy is focused on actively partnering with clients to deploy capital primarily in income-generating real assets that are supported by long-term recurring cash flows. This strategy has enabled us to generate attractive risk-adjusted returns and provide stockholders with diversified exposure to the energy transition.
We are internally managed by an executive team that has extensive relevant industry knowledge and experience, and oversees a team of over 170 full-time investment, operating, and technical professionals. We have long-standing, programmatic relationships with some of the leading U.S. clean energy project developers, owners and operators, utilities, and energy service companies, which provide recurring, investment and fee-generating opportunities, while also enabling scale benefits and operational and transactional efficiencies. Partnering with these clients, we make investments in a variety of asset classes across our three primary climate solutions markets:
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $400.5M | $383.6M | $319.9M | $239.7M | $213.2M | $186.9M | $141.6M | $139.4M | $106.0M | $81.2M |
| SG&A | $30.7M | $32.9M | $31.3M | $29.9M | $19.9M | $14.8M | $14.7M | $15.1M | $11.2M | $8.3M |
| Interest expense | $292.4M | $242.4M | $171.0M | $115.6M | $121.7M | $92.2M | $64.2M | $76.9M | $65.5M | $45.2M |
| Pre-tax income | $273.5M | $273.8M | $182.4M | $49.3M | $144.5M | $80.0M | $90.0M | $43.9M | $31.9M | $14.9M |
| Income tax | $85.2M | $70.2M | $31.6M | $7.4M | $17.2M | $2.8M | $8.1M | $2.1M | $885.0K | $141.0K |
| Net income | $188.2M | $203.6M | $150.8M | $41.9M | $127.3M | $82.4M | $81.6M | $41.6M | $30.9M | $14.7M |
| EPS, basic | 1.49 | 1.72 | 1.45 | 0.47 | 1.57 | 1.13 | 1.25 | 0.75 | 0.57 | 0.32 |
| EPS, diluted | 1.41 | 1.62 | 1.42 | 0.47 | 1.51 | 1.10 | 1.24 | 0.75 | 0.57 | 0.32 |
| Shares, diluted (wtd. avg.) | $138.2M | $130.5M | $109.5M | $90.6M | $87.7M | $74.4M | $64.8M | $52.8M | $50.4M | $40.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $110.2M | $129.8M | $75.1M | $176.0M | $251.1M | $310.3M | $106.6M | $59.4M | $118.2M | $59.1M |
| Other intangibles | — | — | $14.0M | $84.0M | $87.0M | $90.0M | $93.0M | $96.0M | $94.0M | $27.0M |
| Total assets | $8.19B | $7.08B | $6.55B | $4.76B | $4.15B | $3.46B | $2.39B | $2.15B | $2.25B | $1.75B |
| Long-term debt | — | — | — | $433.0M | $430.0M | $593.0M | $700.0M | $835.0M | $1.21B | $692.0M |
| Total liabilities | $5.53B | $4.68B | $4.41B | $3.10B | $2.58B | $2.25B | $1.45B | $1.35B | $1.61B | $1.17B |
| Retained earnings | -$323.1M | -$297.5M | -$303.5M | -$285.5M | -$193.7M | -$204.1M | -$169.8M | -$163.2M | -$131.3M | -$92.2M |
| Total equity | $2.66B | $2.41B | $2.14B | $1.66B | $1.57B | $1.21B | $939.9M | $804.5M | $642.8M | $574.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $167.3M | $5.9M | $99.7M | $230.0K | $13.3M | $73.3M | $29.5M | $58.8M | $11.7M | $56.9M |
| Depreciation and amortisation | $780.0K | $1.0M | $3.1M | $4.0M | $3.8M | $3.6M | $3.6M | $4.5M | $3.5M | $7.7M |
| Stock-based compensation | $29.9M | $25.6M | $19.8M | $20.1M | $17.0M | $16.8M | $14.2M | $10.1M | $11.3M | $10.1M |
| Investing cash flow | -$855.8M | -$131.2M | -$1.99B | -$592.1M | -$703.4M | -$831.7M | -$201.1M | $50.8M | -$297.9M | -$190.6M |
| Financing cash flow | $683.6M | $200.4M | $1.79B | $516.8M | $630.8M | $962.1M | $218.9M | -$168.4M | $345.2M | $113.7M |
| Dividends paid | $209.8M | $192.3M | $159.8M | $132.2M | $113.5M | $99.9M | $86.4M | $71.0M | $68.2M | $49.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001561894-26-000061.