HASI - Earnings call transcript Q4 2021 | Hannon Armstrong Sustainable Infrastructure Capital, Inc.

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Chad Reed

Good afternoon, everyone and welcome. Earlier this afternoon, Hannon Armstrong distributed a press release detailing our fourth quarter and full year 2021 results, a copy of which is available on our website. This conference call is being webcast live on the Investor Relations page of our website, where a replay will be available later today.

Before the call begins, I’d like to remind you that some of the comments made in the course of this call are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities and Exchange Act of 1934 as amended. The company claims the protections of the Safe Harbor for forward-looking statements contained in such sections. other in described are section in company’s XX-K made risks to of statements SEC. Form uncertainties the and the and forward-looking this subject call the the The with filings Risk Factors Actual results described call. from during the differ may materially those

addition, statements made of based circumstances revised the statements on today responsibility to are undertake expectations. does new not any forward-looking update all and In as company any forward-looking or

on gain in which considered call, posted meaningful slide and we discuss we of is information will isolation information financial our believe earnings financial a understanding a with measures, to reconciliation core presentation. in A investors this accordance available GAAP. be of GAAP financial substitute During our presentation guidance. non-GAAP for the non-GAAP help not primarily and A intended financial this release results or as to presented is measures of

the Jeff X. With Joining would to Jeff today’s and the call Slide will Eckel, are Jeff, COO. and Chairman CFO over who and me begin call that, to our turn on company’s CEO Jeff? like on I Lipson,

Jeff Eckel

after than comes our more this up billion, $X our $XX.X our And with investment billion. you, report. earnings XX% $X.XX $XXX good afternoon everyone. billion Armstrong, report And reported portfolio, $X another XX% Today, billion up to Thank million, income up net outstanding pipeline of year Chad XX% per $X.X at we Hannon have are to in last share, increased from delighted closing to here we also and XXXX. to distributable to

increase EPS XX% year extend guidance confidence have we which growth to XX% will and in additional distributable industry we to addition, In and annual despite one XXXX. our to business for macroeconomic the and to that guidance headwinds, discuss,

in are we more this dividend in climate increase today the guiding understanding of also X% represents declaring carbon with important count consistent X% quarter. $X.XXX, to that, also transaction On growth page, of metric. of last this dividend X% generate over a annual our dividend to XXXX. one our through which reporting And to We a highlight order

featured framework in Our Texas project million them this has offsets a Clearway being to agreement we $XXX megawatt power solar connected carbon grid XXXX. the and transaction an with by in is This the largely generated particular count announced developed X.X, is average gas natural late incremental above of in project power Texas. project because by generation XXX

reporting efficient. improves make every rigor the is doing we of future, our with this equally to is needs so, investment investment every measuring where market believe While At not level and climate we go.

Slide the on guidance. will and increase X, EPS Turning we distributable extension more color of our give the

X% year you last As through growth we XX% may to recall, XXXX. guidance time gave this

through is The but one our the high low it Given Actual reflected guidance. the confident trend solutions in appropriate any XXXX. the our market, as chart year increased the strength span, in we page climate the and this an ranges maybe results to reflects pipeline, increase on guidance. are in see we of outside in course, extrapolation overall of of

X% also growth the are X% to dividend X% We prior as our X% to annually updating said, I range. guidance, to from

and industry we for key HASI. on to mind Turning the and like the are industry top Slide challenges that the of would to address both investors X, impacts

PPA reports anecdotal increase intensive result in doing costs corporate rising prices that industry continuing in their of long this a only energy to corporate that X% buyers to adapting higher that, meet like accepted prices the of the and to understand are industry the price, enjoyed rates bear order these will that clean one interest way and industry, rising sustainability PPA Most happening a costs. costs energy, the to That PPA indications clean are reality. a QX generally There by risk period end to they cost of are raise in mean while in price clean energy declining the just clients, evidence fast easy is to is doesn’t and First, the are reversal of and needs new is make really industry our or capital goals. address increase clients but is with ones adjustment negotiations it for industry absorb are XXXX. the and our higher a they

natural PPA clean and making same suppliers, prices higher higher electricity On conventional are counterparties the energy PPA more from palatable. gas flipside, those energy seeing prices

operating in largely any portfolio costs and as are of there future on higher returns our unaffected, capital are since the made budgets impact And investments investments. is costs, Importantly, fixed. is new most HASI factoring after minimal

Next, work specific chain have challenges in how supply the industry a a other very pandemic develop projects. our clients to serves resulted our clients for reminder delay and and hard real these as of

remain. through Build challenges have disappointing XXXX. are chain in X impact industry, the our but to prosper. X of Better there delays We Congress The our industry in Back piece of legislation XXXX only Fortunately, to and minimal on markets, of a only pipeline then These but single not was months to average business. any estimate does failure some on transactions signs had to to rely our of pass on out supply course, pushed improvement

the little and said, some That a of year the viable to markets. already like over consider we and and ITC prepared still matter a tax growing that ramp is ago, As it expected still. climate provisions industry fact, passage to extensions of tailwind PTC credit for a down our a

value will many positive constructive that but for X.X Whatever proposal the course, the rule Metering residential for be for industry. residential storage strong. Lastly, the final proposition the California’s plus rule, final believe more observers solar of not solar was initial remained

solar or seniority on impact portfolio may investments NEM Given our existing the structural enjoys we has investments, make. X.X HASI residential our in future minimal

new of as billion. We I Moving said greater drive more reporting into update quarter now provide pipeline, more an to than from Slide up $X X, have billion, who clients are our which than than XX-month we XX pipeline currently programmatic $X the prior our are on we each pipeline toward connected the The energy behind weighted infrastructure adding is portion is connected toward grid Solutions solar. and weighted efficiency, grid remains our as markets and grows. clients behind-the-meter, of the while the market bulk the meter and we year sustainable Climate

wind produce others despite origination should class Solutions to underappreciated the driven Lastly, pipeline. our the which In we business consistent note behind overall XXXX, the comprise In that each are generally our increasing portion challenges, That platform in investment continue breadth of in of markets, that of find model, of X growth uncorrelated year we and while clear the right, pipeline, carried meter has these markets. assurances different an attractive multiple sustainable itself public compare of to the the diversity highlights chart diversity one of and on meaningful newer portion a investment the XXXX our asset which of a opportunities more classes. opportunities, business. provides the In our asset Climate asset our our classes of there by one XXXX. infrastructure base an XXXX strength Slide markets. chart sector the these facing it’s may of When period, each may was that any client day with you given left not. on investments, success become leads

to results. over Now, detail our it I to and L portfolio Jeff will performance financial turn

Jeff Lipson

by costs, our driven on Slide growth each Summarizing metrics. share top are of the of we a Thanks, per portfolio, equity results income. investment impressive Jeff. our lower and earnings reporting earnings XXXX debt XX%, was upper growth higher we left, method gain-on-sale distributable the X, income, key in In increased note larger

upper our larger in of driven revenue portfolio longstanding XXXX, our NII In addition, annual dual to shown our XXXX, growth gain-on-sale and investment debt by success These model. a distributable as $XXX demonstrate XX% successful gain-on-sale right, in income strong annual distributable securitized from a on substantial was margins with rates demonstrating in net million the annual primarily and reflecting million private investors. continued the assets $XX and of growth XX%, and continue increase representing partnerships was

display term we longer X, Slide trends. of bottom the On

our while and on our yield portfolio XX% to range. growth XX% and grown a annual in greater equity return over a than achieving have at XX% balance assets maintaining We rate of the portfolio the years, X managed both sheet compound last

our XX% from Turning grown billion which balance X, $X.X year-end portfolio $X.X to sheet we detail as has billion XXXX. of XXXX, Slide at end of the

in yield XXXX. class steady diversity average With portfolio of Our and unchanged persistent asset investments. includes the and the size a remains over XXX remained year-over-year the now investment no at than The our remained portfolio, portfolio of business strength. life XX% more comprising of X.X% weighted average

Currently, performance. the perform expectations. credit the structural XX% classes, seniority continue which, asset investments to in highlight our our each strong we of within obligors, of credit leads quality with Finally, of our to our coupled

current $XXX the expectations in our with detail Turning amount quarter to of from is fund over This expect billion, we with funded expected investments transactions over portfolio an over the of nearly the shown fourth X our resulting million the $X.X third on to next right, investments of closed We years. the pipeline. addition to previously balance we portfolio the quarter. $XXX XX% increase Slide of from is end Funding portfolio reconciliation. million in XX, of growth

extended tenure this increased Slide years XXXX, unsecured year, share our over we in longer portfolio, is We XX, XXXX we XXXX, On credit to upsized our sources. from discount. our and also at capacity no we million, X.XXX%, in $XXX at now per highlight $XXX is from equity debt grid-connected million $XX ENGIE fully extended note pricing available establishing had that X which July a CarbonCount facility. incremental CarbonCount to and announced two and we revolving and in capital X very unsecured that the enhanced Recapping funded reflected table. successful raising funding our issuing we from the Earlier

efficiently the platform fund well to and to growth continue Our successfully liquidity portfolio. is our in positioned expected

risk leverage substantial continue utilizing also maintaining and to standby market manage modest liquidity. We our

address our rate seriously we enterprise risk we management Turning XX, to Slide risk risk, unique in certainly this to which not business, very and interest take processes. our is

has our me billion, in two, by annual in approximately over maintained the left, have X% Number successfully of depicted shape the actively rates left. Number because interest billion rates. which changes have $X.X how a while targeted earnings portfolio shown the diminished in during one, on as in XX% to and X%. ability yield manage rates Neither actively subsequent Let three, risk, while to investment the compound graph we earnings. this on is margins of treasuries ability public we impacted portfolio since in at despite investing both have rates graph on our chart or as is the our on we improved represent debt on part full period and competitive we we the delivered cost rising first And margins four have an the which This year regarding of our our a $X.X have make the of of and environment exposure fixed interest model. well funds. points below over XX-year our curve, meaningfully which are XXXX, ROE. company, rate were a fact, an demonstrate of demonstrated real rate our business our growth our to of grow as right, neither the yield decreasing we to a level manage Number

optimized the interest expense We our have of X increasing our XX percent even combination diverse investment and taken debt as advantage dropped investment confident our be platform remain last tightening platform, debt points the for strong margins of relatively and X.X% to a debt over the our corporate by strategy in average years, volumes. green will debt the long-term, basis credible and spreads has we balance our given stable Over periods of bonds. of strong bid and as attractive

growth And expect history, our in rate a has our facilitate finally, number note XX-year I’d environments. income. functioned also these margins four, We strong much well during including continued securitization investment strategy will interest net higher

and increase guidance capital in to I’ll of the as we of with of Jeff. business reflects strategies. confidence our of conclusion, and model funding interest risk So continue that, part and can over we this variety our utilize call source back turn extension confident In increase market our to in rate environments. dividend a the earnings our remain And

Jeff Eckel

report. Jeff. Thanks, Great

is efficiency vision accomplishments, least future. our We investments partnerships core that support include not of of rare which Turning initiatives. its low-income vision among in embedded improve the We and still by hubs fellows dividend our neighborhoods number as of Armstrong other Foundation historically institutions. upgrades, ESG financial note only our to nonprofits and and and clients, energy our in Hannon Scholars XX. declared invest These to Slide some is fund in the the to too make Climate climate climate colleges second to climate and with social resilient annual development program universities. This to a help mainstream justice content

Finally, practices of expect that documents best-in-class ensure our we and our company. governance we disclosures continue ESG our with to aligned investors are and

We value here I’ll proposition continue Slide why compelling to conclude a on highlight present such will XX. for investors. we

record earnings in First, including track growing demonstrated results, of we’ve XX% XXXX.

and are our diverse. pipeline Second, growing markets large, and

It the into Third, them for our that, funding all in guidance and business, best into integration our strong is gives ESG least, ask I’ll of and allows drives we not including stable operator and With through us do. to activities. and employee increase CarbonCount, the open I but integrate to extend thank our the ESG confidence the foundation to XXXX. us questions. margins platform Last that retain the they line the activities and industry, the our for people entire mission deep anticipation attract

Operator

Thank with you. proceed Berenberg. [Operator first Please Instructions] Nate from come your Our the questions. with Crossett line questions of

Nate Crossett

any I’m on for when been consistent interest curious that are just the this was year. we should of the of kind then kind timing kind like What And you are of that unpack of results the in deal But a if you the curious, pipeline, rate the could guys give guidance. with the for the Maybe kind very if this Hi, question yields sounds maybe years. you of last of have moves. weighted just us the the guys to and I evening, of year. expecting for And takes. the color obviously kind on mid-X% in range? be in underwrite assuming good X just some it flow and year? conjunction It’s terms puts you new on of is ability congrats could

Jeff Eckel

predict considered a that gotten I’m the it the not is and pipeline That’s to spread closing. timing we’ve don’t sure quarter the transaction well weighted. over pretty given which been is out why where not really spread ever generally It’s pipeline. question be in ability of pretty closes that have great. of year. We should control we But large well all our out

shorter that of probably have some right given have factor In them hopefully think we of higher interest out and large terms yields will classes blend in are grid-connected some that you’re rising where interested inflation have having yields going to we’re asset of are have to another will the opportunities I investment to other some assets now. There yields, you and is declining going term rates. and is

shorter may done opportunities we’ve typically in these of some be So past. than duration the what

Nate Crossett

macro the pretty Okay. job issues? it cost harder on back capital. competitors? large over X you last any curious, for the you seen That’s even competition clearly, Or you could what have making maybe say of say And a changes I’m months? helpful. spread those you just over Or that in have would guys real is

Jeff Eckel

Great I is market there a downtick say in question. competition. or can’t uptick

competitive programmatic and we is given of deal As I said, tend Clearway every highlight we an with win as on very clearly would attractive we have I’ve but relationships, always the with a more piece class. what competition incremental Texas virtually Clearway than project in asset solar business to lose. the

Nate Crossett

I leave Thank there. Okay, will it you.

Jeff Eckel

Thank you.

Operator

you. Thank

the of KeyBanc. with Please from line questions. come questions your next proceed Our Karp with Sophie

Unidentified Analyst

XX% macro lower guidance level you policy on XX% words, some Thank us to upper given the with and the taking range and the here. strong either color just uncertainties you respect top could seeing on the policy growth Maybe kind questions. what you we’re all could of macro your of bottom put on our this of range? that half other contemplating to This quarter for Hello. hitting or confidence is Brendan for if Congratulations the Sophie. solid outcomes or in you towards end are give

Jeff Eckel

or policy the this up say, nature that any think be us would proposals have could of I lower a of that policy to of of think in end end – the passed expect of direct range, quite the lower items specific don’t ending items I be we high and of factors range number in point the are a the impact would higher or the at specific. that push is that if are higher one range. a of the to we that will lead of Well, or several. range. just such to would end the towards there is could us guidance Policy the that anything one variety it’s But factors

Unidentified Analyst

obviously, then, if main that expect more asset wondering or potential are And driver Okay. particular was be growth this the perhaps of and a and to heavily class an we there outperform rest the portfolio outlook, of constructive seeing class in a represented group pipeline? you your that your asset you’re

Jeff Eckel

Well, of they they sustainable markets, yet. ag transport, but industry environmental are also typically the the restoration and could be and infrastructure can quite make in we investments some in not

And some their become sustainable of be to infrastructure. higher probably still potentially give they pipeline. with markets there volumes significant big nascent build. own it’s But yielding, will is, should And components point, in when this at but them and those still

Unidentified Analyst

Got you. it. Thank

Operator

you. Thank

proceed come questions the Chris next of from question. Please Our with Souther line B. with your Riley.

Chris Souther

talk you Hi, the between net about guidance I of versus for the bit Great those. on some ranges provided taking raised. some little my thanks sale pieces question of last for – year, you Could in kind XXXX here. middle of income? had moving investment see a to the gain guess, for

the sense mix the kind where thinking wanted how the if of don’t I we’re Board tracking just we’re about But get implies sense wanted of for a of So to beyond, and those. a relative growth Obviously, across XXXX and here. to mind? you I positive just guidance get to

Jeff Lipson

Chris. Sure,

as EPS say of So put for guidance. expect both the This constant. not towards those. should the put second said those. of We you did rise. either The XXXX, guiding net today of on part ranges would we around portfolio least at as our one noticed, is And not, the growth quarter distributable the parts the as we trajectory based I sale on last component we’re mentioned year, some relatively and remain gain in grow. of out that should investment the we overly will you margin income to

have green and think this we well. continue sale NII growth, will we can some as we So year to go on

Chris Souther

Okay. And amounts. nice stuff to in see little of in out a That’s back you bit the of kind funding you closed up the the by incremental XXXX deal like can both similar Texas, quarter. Clearway schedule in got transactions. It looks with and went changes fourth of the XXXX that when about talk some funded

in deal more So like project would on funded give one it though. that Texas you one than Thanks. in would sounded one be helpful? that just shot of kind color so be Any

Jeff Lipson

that ins aggregate the I is several outs. and think and funding of transactions schedule Well, several

the schedule in quarters. see the closed we to funded from had As can next quarter, investments on prior you it that in million $XXX

table. of thereby essentially those assume new out into went that that many then that came transactions So and table

fundings on that growth. now good visibility pattern So, into bit us the to it’s future. a little a And more that that be creates closing again, occur have consistent for deals

story the of in of one including, several table remarks, big and it’s fully ins So, prepared ENGIE just mentioned completion portfolio table, in of out now. the the coming as I sort that wasn’t that there outs,

Chris Souther

here. great. kind kind bit sector, I meter seems one. it. pipeline on that of public can the just just a you the between And think color last mix broad-based be of provide Got bump there, would Okay. more resi? provide Maybe Anything you really could The behind

Jeff Eckel

to business to solar they starting Chris, to will career to and I they successful great I great the projects with be starting my hard proposition. do versus surprised a am It’s say are are all efficiency I but are job I and think in value highlight failed really they a always those, be industrial have think continues happen, And has one energy growing. successful. I other. the because when happen,

give to other lot seem to I you So, they can’t detail more a be whole than say all growing.

Chris Souther

guys. Thanks Okay.

Jeff Eckel

Thank you, Chris.

Operator

you. Thank

ROTH Please Philip come Our the line proceed of questions Partners. next with with Shen Capital your questions. from

Philip Shen

a for couple Thanks I guys. juggling questions. of taking Hey calls my am today.

some markets, might able So, be sorry this, like. the to by you wondering but asset end you talk of yields if addressed was through what just look if

compression to think on continuing Are are last PPA like it markets the going yield? prices – higher. like it I some the solar of end in that call, some sounded with the see having seems were you

also a your do Ukraine there as base has overall you talk a on and So, flip the spreads funding And can bit of well? of forth. Thanks. macro been funding with on risk about higher, then to you the higher perhaps going with rates reversal. side, cost expect from so side, trend going the How

Jeff Eckel

higher first Well, a take you Not again. the solar part fee preserve the every surprisingly I and a the PPA the with all, of to higher needs the hear Jeff, recover capital. portion of price development Well, returns fee take or just second. of voice your nice first cost hear projects. and to you inflation probably Phil, large development to and Hi project grid-connected

because need cost. cover the you higher PPA with to going up, So, ROEs just wouldn’t that prices I equate

You most solar on up. because continue, more projects and the it’s smaller would expect us. competitive be large to the grid-connected Yields bid relatively for interesting to be distributed solar

Jeff Lipson

clearly, And base on rates the the of higher. are cost Phil, funds,

in markets. debt volatility the some is there mentioned, you As

question, funds So wouldn’t where at to be clearly, would forecast cost of instance, be go last a for trading little bit But today, I that a from place here. we at we part of and would issued discount, are they debt our a – your where higher. year our

would focused say, we a in remarks, my do. on hyper But said thing are I prepared that margins. challenging to would I I be think as

for that will the will cost the continue So, invest funds, remain at and margin we focused we to may whatever a ROE be, targeted to business. of on it

Philip Shen

the for Okay. color. Thanks

par they based my the on it to now relates trading below green it quick like check. bonds, are right looks As

or of bonds, Just for a bit issuance see outlook – a you something the issuance there, new we might we your you wait think that we around do to could next think your what’s would corner? need green before

Jeff Lipson

won’t I a might are a But to specifically you guiding I say us answer should just issue that be when mode business terms issuing of Well, in and growth will debt. is we be that we would debt. in to that – expect

You us be issuing should expect to equity.

in should us our not will are from be here wait-and-see expecting You maybe And we issue put maybe that and use we credit place. we to facility of million go mode let’s we our $XXX in spreads invest, a sort of where debt. then see will

I that’s and curve think ride the going we are a up to down. company

the We and invest cash coming back actively existing debt. we portfolio, the actively from as are issue all going have flow and time well to

Philip Shen

Thanks questions the Thanks. Great. taking nice here. Okay. for report and

Jeff Eckel

Thanks Phil.

Operator

Thank you.

next your from line Dumoulin-Smith. Julien of questions Our come the questions. Please proceed with

Unidentified Analyst

Hi for guys. filling This Julien. is in Anya

further there is the So, potential maybe funded, other to the you fully first now do more that, programmatic or deal them any with ENGIE asking question the do partners. opportunity see is with a with deals your ahead future, of broadly, how my in

instance, solar you signed last For had SunRun, resi you that deal just quarter? the

Jeff Eckel

them But inevitable win some have management with clients incremental that than and transactions. and we of relationship the through enjoy that Anya, client don’t XX relationship, not our business. beneficial It’s would challenges, to say asset the SunRun, work individual acquire a periods necessarily Clearway, I we where with as relationship a a ENGIE, generally, tend we are and lose other programmatic we on a we Eckel. with programmatic opportunity all the once strong. and clients is the mutually there will more on Hi SunPower through Jeff to we meet see with be this problems exclude

So, business that’s that okay. doing second I missed, very a forward part we of look there broad more Was question of to those the a statement that all with companies.

Unidentified Analyst

No, that’s if RFP could how that’s an second, And just opportunity, and just ESPCs Federal efficiency you energy provide I activity great. was update the on progressing? then on wondering ongoing

Jeff Eckel

responses variety a of slower ESCOs it’s been on think It I the a ESCOs. question, depending than like. little has Good the certainly bit

great. efficiency an order, executive has been really the to the bureaucracy not a and the responds executive setting been government really, goal. There specific it’s so been And hasn’t not goal. There but an And well order. Federal

you raised, So, goal, like I just it’s goal getting Trump like see a specific off versus are administration deals a with would still the Biden administration. a might be that mean have expected and not really we dollar to help. would done, charts

Unidentified Analyst

That’s have, all jump I the Great. will Okay. in I back queue.

Operator

Thank you.

come the Noah Our Oppenheimer. with next with questions of proceed Kaye Please questions. from your line

Noah Kaye

taking Hi. that in of Good part with not It really afternoon. of for of obviously class. the asset sustainable asset last pipeline questions. Can couple we funding, Again, representation infrastructure a the the major the Thanks class start is the striking. years. was in

you asset would maybe policy as view, terms of So, in to or your that the this anything in Anything really what changes breaks there logjam, on-the-ground open look? year? that point up class that developments, review is in particular starts to

Jeff Eckel

for question. Thanks Noah. the Hi

couple legislation things outcome So, projects. the a state of to point around pay-for-success – environmental I would

the Hogan’s a enjoys using believe one principal that State really structure. active and to accelerate Maryland. be Bay We in the Chesapeake in ESPC I law state number priority Governor It’s is have of surrounding very the been strong like an Maryland, will bipartisan support. legislative which

gas a that’s quite interesting natural of is of activity more growing sustainable kind bit will So, to more that looks be business. to a lot in quite thing that think and passes it Ag a to see from we and business I well. to has clients There get renewable farming start projects, the been if do our

would be couple couple anecdotes. those of a So, a

Noah Kaye

there some expanding I get serve support obviously because is provide past organization Thanks. how transaction you there that would you which on the am of And is the are serve I it you to question ongoing the those to Great. possible those be ways also relationship perhaps but And the disclosure the think itself, are assets. comparison broader to color around programmatic XX just to curious helpful. partners, around is about in an them. an then how the that But growing is clients. really

bit over partners number little about of services your the kind then may a providing talk you can and have the and grown you how are capabilities the of So, expansion of time?

Jeff Eckel

Thank we on didn’t you question, Noah, just a that. I was kicking include slide myself that for because that

have hard I quite are we I are we we think below think grown were hire Jeff I to people. have XX, a talent people, of seeing over and terrific, XXX it’s and think people the and we added so bit to pre-pandemic,

So, skills that have good on building a need. job out done we very we specialty

credit and give We have on team I technology out. and his Jeff also job done a fantastic our build

our is things a the at scalable it am much do, and happening data is still doing There our tremendous definitely and our of novel build And using is great how makes more But team surprised out data here. is technology in new our I team platform using ways. to amount is always that platform. One to a job.

important with a relationships management. of think most investment thing do to zipper expand head we to portfolio clients I expand the single and business CEO to our is to and legal organization to from clients teams unit

about compete them. that. and commensurate we and appreciate can’t things very companies has how very clients, way. the have that. our will sure get with of And of calls I everybody is, We at got lot their understand a lot know the other say with us. make enjoy but a the financial rigorous We of have industry we it a We side, most they never counterparty to I And about is it we supportive. a couple issues, We of track and services CEOs that hard way ever information business.

as internal Finally, got the the we asset complexity did make matrix created our change classes. an portfolio We of bigger organization. an organizational and

in management somebody doing the get investment that portfolio solar legal in transactions. of, start in so and is there charge we team let’s scale say, of resi to economies and So, on

additional loops We well it’s super we as performing. for excited feedback I business – And a more need are definitely portfolio and rollout scale, AUM matrix. things of organization we and about that a the investments It’s very for lot slot. that have leaders, good and in how made a am actually scales the going

Noah Kaye

really clarifying around of I question, your the color. don’t I you quarter, be comments ask there is some of think how investments it’s on may next shifting. but duration one always Yes, if appreciate mind, the And to more

the clarify, C&I the is – So due right? its So, creation, I if certainly shorter mix want efficiencies yes, that go take you largely please and to just to ahead. and

Jeff Eckel

It’s mix.

Noah Kaye

industrial color of it’s me if say, that is And you can more efficiency energy give it? Okay. mix a

Jeff Eckel

energy industrial XX projects is Federal might where right. XX years be years, project efficiency Yes, almost always

Some of the X-year, type are water projects. storm remediation projects X-year

Noah Kaye

you. Thank Excellent. Okay.

Jeff Eckel

Noah. you, Thank

Operator

are and does your Thank this participation. for There with you at today’s And teleconference. no gentlemen This you. ladies that, further conclude thank time. questions

your You time. may Have good day. lines this at a disconnect

Hannon Armstrong Sustainable Infrastructure Capital (HASI) 18 Feb 222021 Q4 Earnings call transcript