Hannon Armstrong Sells Solar Portfolio for $327M
Ticker: HASI · Form: 8-K · Filed: Jun 20, 2024 · CIK: 1561894
| Field | Detail |
|---|---|
| Company | Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) |
| Form Type | 8-K |
| Filed Date | Jun 20, 2024 |
| Risk Level | medium |
| Pages | 7 |
| Reading Time | 8 min |
| Key Dollar Amounts | $0.01, $1,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: divestiture, solar, energy-storage, asset-sale
Related Tickers: HAAN
TL;DR
HAAN selling solar/storage for $327M, expects $30M gain. Closing Q3.
AI Summary
Hannon Armstrong Sustainable Infrastructure Capital, Inc. announced on June 20, 2024, that it has entered into a definitive agreement to sell its equity in a portfolio of distributed solar and energy storage projects for $327 million. The sale is expected to close in the third quarter of 2024 and will result in a net gain of approximately $30 million.
Why It Matters
This significant divestiture of solar and energy storage assets indicates a strategic shift or capital reallocation for Hannon Armstrong, potentially impacting its future growth and investment focus.
Risk Assessment
Risk Level: medium — The sale of assets and associated gain recognition introduces financial performance variability and execution risk related to the closing of the transaction.
Key Numbers
- $327M — Sale Price (Total consideration for the distributed solar and energy storage projects.)
- $30M — Net Gain (Anticipated profit from the sale after accounting for costs.)
- Q3 2024 — Closing Period (The timeframe within which the transaction is expected to be finalized.)
Key Players & Entities
- Hannon Armstrong Sustainable Infrastructure Capital, Inc. (company) — Seller of assets
- June 20, 2024 (date) — Date of announcement
- $327 million (dollar_amount) — Sale price of the portfolio
- third quarter of 2024 (date) — Expected closing period
- $30 million (dollar_amount) — Expected net gain from the sale
FAQ
What specific types of distributed solar and energy storage projects are included in the sale?
The filing states the sale involves a portfolio of distributed solar and energy storage projects, but does not specify the exact types or individual project details.
Who is the buyer of the equity in the project portfolio?
The filing does not disclose the identity of the buyer of the equity in the project portfolio.
Are there any conditions precedent to closing the sale beyond the third quarter of 2024?
The filing mentions a definitive agreement and expected closing in Q3 2024, but does not detail specific conditions precedent to closing.
What is the carrying value of the assets being sold?
The filing does not explicitly state the carrying value of the assets being sold, only the expected net gain.
How will the net proceeds from the sale be utilized by Hannon Armstrong?
The filing does not specify how Hannon Armstrong intends to utilize the net proceeds from the sale.
Filing Stats: 2,024 words · 8 min read · ~7 pages · Grade level 18.4 · Accepted 2024-06-20 09:19:31
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 par value per share HASI New York S
- $1,000 — etric tons of CO2e avoided annually per $1,000 invested) Avoided Emissions (metric to
Filing Documents
- d723800d8k.htm (8-K) — 50KB
- 0001193125-24-164089.txt ( ) — 175KB
- hasi-20240620.xsd (EX-101.SCH) — 3KB
- hasi-20240620_lab.xml (EX-101.LAB) — 18KB
- hasi-20240620_pre.xml (EX-101.PRE) — 11KB
- d723800d8k_htm.xml (XML) — 4KB
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. By: /s/ Steven L. Chuslo Steven L. Chuslo Executive Vice President and Chief Legal Officer Date: June 20, 2024