Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with total revenue reaching $383.6 million, a 20% increase from $319.9 million in 2023. The company's net income attributable to controlling stockholders rose to $200 million, up from $148.8 million the previous year, reflecting a 35% increase. This growth was driven by a $64 million increase in total revenue and a $107 million rise in income from equity method investments, which reached $247.9 million. However, total expenses also increased by 28% to $357.6 million, primarily due to a 42% rise in interest expenses, which amounted to $242.4 million.
In terms of operational developments, Hannon Armstrong's managed assets grew to approximately $13.7 billion as of December 31, 2024, compared to $12.3 billion in 2023. The company's portfolio, which includes receivables, equity method investments, and real estate, totaled around $6.6 billion, with a significant portion allocated to behind-the-meter (BTM) and grid-connected (GC) assets. The company completed approximately $2.3 billion in transactions in both 2024 and 2023, maintaining a steady pace of investment activity. The firm also reported a total of 550 investments in its portfolio, with an average investment size of $11 million.
Strategically, HASI made notable changes in its corporate structure, revoking its Real Estate Investment Trust (REIT) status effective January 1, 2024, and transitioning to a C Corporation. This shift is expected to provide greater flexibility in pursuing various strategic initiatives without the constraints of REIT compliance. The company also established a partnership with Kohlberg Kravis Roberts & Co. (KKR) through CarbonCount Holdings 1 LLC, committing to invest $2 billion in climate-positive projects over an 18-month period. This partnership is anticipated to enhance HASI's investment capabilities in sustainable infrastructure.
The company’s workforce remained stable, employing 158 individuals as of December 31, 2024, with plans to hire additional professionals to support its growth strategy. Hannon Armstrong's focus on sustainability and governance continues to be a core aspect of its operations, with a commitment to transparent reporting on its environmental impact and corporate governance practices. The firm has also implemented a robust risk management strategy to address potential market fluctuations, including interest rate risks and credit risks associated with its investments.
Looking ahead, Hannon Armstrong remains optimistic about the growth of the sustainable infrastructure market, driven by increasing electricity demand, heightened focus on energy prices, and the urgent need for climate solutions. The company anticipates continued investment opportunities in renewable energy and energy efficiency projects, positioning itself to capitalize on the evolving landscape of the energy sector.
About HA Sustainable Infrastructure Capital, Inc.
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