HASI acquires stake in AES’s 605MW solar and solar-plus-storage assets

HASI (NYSE: HASI), a leader in climate solutions investment, announced an equity investment in a portfolio of renewable energy assets owned and operated by The AES Corporation (NYSE: AES).

The investment, which reached financial close on December 22, 2023, encompasses approximately 605 megawatts of solar and solar-plus-storage assets across 11 states in the United States.

The diverse portfolio, comprising over 200 operational renewable energy projects, strengthens HASI’s presence in the sustainable energy sector.

Spanning seven power markets and 11 states including Arizona, California, and New York, the portfolio consists predominantly of community solar and commercial & industrial solar assets. More than a third of the total capacity is paired with battery energy storage, enhancing the versatility and reliability of the renewable energy supply.

HASI Invests in AES Corporation’s Renewable Energy Assets

With a weighted average remaining contract life of 16 years, the portfolio boasts stable cash flows from a variety of investment-grade corporate, utility, and municipal off-takers. AES will maintain ownership and operational responsibilities for the assets, ensuring continued operational excellence and adherence to sustainability standards.

The transaction marks an expansion of the longstanding relationship between HASI and AES. It follows HASI’s equity investment in a 1.3-GW portfolio of operating utility-scale solar and wind projects with AES in January 2023. This partnership highlights the companies’ shared commitment to accelerating the energy transition through sustainable solutions.

Susan Nickey, Chief Client Officer of HASI, emphasized the partnership’s role in aligning renewable energy supply with demand, vital for the industry’s next growth phase. James Marshall, CFO for AES’ clean energy business in the U.S., remarked on the partnership’s contribution to freeing up capital for developing new clean energy projects.

This significant investment by HASI in AES Corporation’s renewable energy assets not only augments HASI’s portfolio in sustainable infrastructure but also demonstrates the growing importance of collaborative efforts in advancing the clean energy transition. The partnership paves the way for further innovations and developments in renewable energy, contributing to a more sustainable and resilient energy future.