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Hannon Armstrong invests in AES 1.3GW renewables portfolio

Getting green hydrogen from renewable energy sources

Climate solutions investor Hannon Armstrong has invested in a 1.3GW renewables portfolio owned and operated by AES.

Hannon Armstrong Sustainable Infrastructure Capital (HASI) will make a common equity investment in the portfolio of operating solar and wind projects which are located across 6 states:

  • Arizona

  • California

  • New York

  • South Dakota

  • Utah

  • Virginia

Under the agreement, the investor aims to acquire a 49% equity interest in the portfolio that includes 17 operating solar projects and 1 wind project.

The portfolio's cash flows are contracted with a diverse group of corporate, utility, and municipal off-takers. AES will continue to own and operate the assets.

HASI is also financing the land owned by AES for a solar project and a standalone battery energy storage system in California.

Susan Nickey, chief client officer of Hannon Armstrong said: "We are thrilled to expand our programmatic relationship with AES through this new partnership, which is designed to encourage additional investments over the next several years."

"AES' purpose to accelerate the future of energy and create a sustainable future is totally aligned with our mission as a climate positive investor," she added.

Manny Haile-Mariam, managing director of Hannon said: "These senior-level land financing and common equity transactions with AES are a great example of how we help solve the multiple investment needs of our clients, all transacted with an integrated team."