HA Sustainable Infrastructure Capital, Inc. (HASI) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

operation when we fund our investment. This is a reminder that our investments occur at a de-risk stage of development and we typically do not incur permitting or policy risk. Further, this graphic provides a depiction of the stage of the investments in our pipeline and strong evidence that our pipeline is not at risk related to permitting tariffs or subsequent tax policy changes. Turning to page 6, our pipeline has grown over the past few quarters and now exceeds $6 billion. Our pie chart reinforces the diversification of our business with strong representation from each of our markets and a new slice representing the next frontier asset classes discussed on our February earnings call. The -the-meter pipeline includes a long list of energy efficiency, community solar, and residential solar and storage projects with several existing and new clients. The grid connected pipeline is also very active as many developers are in search of capital to execute on their pipelines and our fuels transportation and nature pipeline continues to reflect the significant opportunity particularly in renewable natural gas and transportation which are less impacted by policy changes. Turning to page 7, I'd like to emphasize the significant improvement in the efficiency of our balance sheet. Putting aside our securitization activity and retained capital, prior to CCH1 closing in 2024, $100 of equity raising resulted in $300 of investments. Following CCH1, we have doubled the investment dollars for each dollar of equity. Now that we have closed the debt facility at CCH1 with a vehicle leverage target of 0.5, the investment dollars for each dollar of equity has tripled from the original business model. As a reminder, we also earn fees on both the KKR equity investment and the funded CCH1 de...