Hannon Armstrong Announces Closing of $400 Million Senior Unsecured Sustainability-Linked Revolving Credit Facility

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04/20/2021 - 07:30 AM EDT

Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong," or the "Company") (NYSE: HASI), a leading investor in climate solutions, today announced the closing of a $400 million senior unsecured sustainability-linked revolving credit facility (the “Facility”). JPMorgan Chase Bank, N.A. (“JPMorgan”), acted as administrative agent, sole bookrunner, sole lead arranger, and sustainability structuring agent. The Facility is comprised of 10 total participants, including JPMorgan, Bank of America, N.A., Barclays Bank PLC, Credit Suisse AG (New York Branch), KeyBank National Association, Morgan Stanley Senior Funding, Inc., Royal Bank of Canada, Sumitomo Mitsui Banking Corporation, Wells Fargo Bank, N.A., and Goldman Sachs Bank USA.

This new $400 million facility, which replaces the Company's $50 million senior unsecured revolving credit facility established in the first quarter of 2021 with JPMorgan as the sole lender, was put in place as a result of significant interest among other lenders. The Facility provides for interest rate reductions if the Company achieves certain levels of its CarbonCount® metric on a quarterly basis.

"We are very pleased and appreciative that our relationship banks continue to support us, and we welcome their participation in our sustainability-linked unsecured revolving credit facility," said Jeffrey A. Lipson, Chief Financial Officer and Chief Operating Officer. “In addition to further enhancing our liquidity and the flexibility of our funding platform to support growth, the facility provides market validation of our CarbonCount® scoring tool.”

Developed by Hannon Armstrong in 2013, CarbonCount is a proprietary scoring tool for evaluating investments in U.S. based renewable energy, energy efficiency, and climate resilience projects to determine the efficiency by which each dollar of invested capital reduces annual carbon dioxide equivalent (CO2e) emissions.

For further details on the Facility, please refer to our Current Report on Form 8-K, filed with the SEC on April 20, 2021.

ABOUT HANNON ARMSTRONG

Hannon Armstrong (NYSE: HASI) is the first U.S. public company solely dedicated to investments in climate solutions, providing capital to leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. With more than $7 billion in managed assets, Hannon Armstrong’s core purpose is to make climate-positive investments with superior risk-adjusted returns. For more information, please visit www.hannonarmstrong.com. Follow Hannon Armstrong on LinkedIn and Twitter @HannonArmstrong.