July 21, 2024

HASI to invest in 605MW renewable portfolio of AES in US

US-based energy investment company HASI has finalised an equity investment in a 605MW renewable energy portfolio in the US developed by energy company AES.  

The agreement, which was concluded on 22 December 2023, will see HASI invest in the portfolio, which includes solar and solar-plus-storage assets.  

The renewable energy portfolio is distributed across seven power markets in 11 US states including Arizona, California, Colorado, Connecticut, Georgia, Hawaii, Illinois, Massachusetts, New York, Rhode Island and Vermont. 

These assets include more than 200 operational projects, mainly community solar and commercial and industrial solar assets.  

Notably, more than a third of the portfolio’s capacity is enhanced with battery energy storage systems. 

The portfolio has a weighted average remaining contract life of 16 years, primarily with a diverse group of predominately investment-grade corporate, utility and municipal off-takers. This will guarantee cash flows from the assets. 

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AES will retain ownership and operational responsibilities for the renewable assets.  

HASI chief client officer Susan Nickey said: “HASI is immensely proud to advance our partnership with AES with this latest transaction. Together, we share an unwavering commitment to accelerating the energy transition.  

“AES’ exceptional leadership in closely aligning renewable energy supply with demand is precisely the focus our industry needs for the next phase of growth. This investment not only significantly expands our programmatic investment partnership but also offers diversification and scale to our balance sheet.” 

AES US clean energy business chief financial officer James Marshall said: “AES’ purpose is to accelerate the future of energy. This investment in AES’ operating renewables portfolio represents a continuation of our partnership with HASI that will free up capital to develop and build new clean energy projects in the US.” 

Last January, HASI made an equity investment in AES’ 1.3GW portfolio of operating utility-scale solar and wind projects.  

The projects are located across six US states, namely Arizona, California, New York, South Dakota, Utah and Virginia. 

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