HA Sustainable Infrastructure Capital Inc 2025年度报告

Annual Report 2026 Proxy Statement HASI is an investor in sustainable infrastructure assets advancingthe energy transition. Our investments are diversified across multipleasset classes, including utility-scale solar, storage, and onshore wind;distributed solar and storage; RNG; and energy efficiency. We combine deep expertise in energy markets and financialstructuring with long-standing programmatic client partnerships todeliver superior risk-adjusted returns and measurableenvironmental benefits. Contents ivLetter from the CEOviRecent HighlightsviiGrowth HighlightsviiiInvestment SpotlightsixAwards & RecognitionxSustainability Report Card1Proxy Statement80Form 10-K Letter from the CEO Dear Stakeholders: Over the past twelve months, the contrast between thepolitical climate and the business environment in this countryhas become increasingly pronounced. The political sphereremains turbulent, characterized by a lack of bipartisanship,fresh ideas, and constructive legislation. Anger, retribution,and pettiness often dominate, while critical issues such as thebudget deficit and climate change receive minimal attention.Against this backdrop, most businesses—both large andsmall—have continued to thrive, achieving strong earningsgrowth, improved valuations, and a positive outlook. Overall,economic indicators remain generally positive. Energy security and domestic energy sourcing remain toppriorities, particularly given the market shocks from the globalconflicts. Our target markets include projects producing cost-effective,reliable domestic energy that remains in highdemand. In addition to national security considerations, thetrend towards higher power demand driven by data centers,electrification,and other sources has established aformidable foundation for HASI’s growth in the years ahead. Likewise, on the capital raising side of our business, we havebuilt a scalable platform. In 2025, we expanded our CCH1 co-investmentvehicle,expanded our unsecured borrowingcapacity, further established our presence in the investment-grade debt markets, and issued junior subordinated notes.We have positioned the company for long-term success andexpect to maintain access to liquidity even in recessionaryperiods. This contrast is striking and, in my view, reflects the ingenuityand problem-solving acumen of our business community.Regardlessof the challenge—whether tariffs,policyuncertainty, or energy constraints—business leaders areadept at finding ways to overcome obstacles. Whether it’s theprofit motive or Adam Smith’s “invisible hand,” this past year isnotablefor demonstrating the resilience of businessenterprises. HASI’s investment and capital-raising success is enhancedbyourdedicatedprofessionalsinaccounting,communications, human resources, legal, operations, andtechnology. We have a mission-driven team that enables adifferentiatedbusiness model.Of particular note is ourimprovedfocus on data and technology and ourimplementationof holistic systems to augment HASI’sefficiency and agility. We have positioned the company for long-term successandexpect to maintain access to liquidity even inrecessionary periods. How long can business profitability and economic activityremain positive amid unstable government affairs? It’s difficultto predict. We may be approaching a recession, with deficits,fuel price volatility, and AI-driven unemployment posing risks.Alternatively, the U.S. economy might absorb these impactsand continue to grow. Business leaders must prepare for anyscenarioand be ready to pivot as needed.Historically,commercialactivity tends to remain vigorous,and U.S.recessions have typically been relatively brief. Like mostCEOs, I remain optimistic. 2025 Review and Outlook We are very pleased with our financial performance in 2025.As mentioned, we invested over $4 billion resulting in an 18%increasein Managed Assets and a corresponding 25%increase in Adjusted Recurring Net Investment Income. Theresulting growth in Adjusted Earnings per share was 10% forthe second consecutive year, and our strategies related toequity efficiency resulted in an increase in our Adjusted ROEto 13.4%. Asit relates to HASI,we are particularly proud of ouraccomplishmentsin 2025.Many observers expected adifficultyear following the 2024 election,but our teamremained focused and positioned for success. We closedover $4 billion of new investments in 2025, reflecting volumewell above previous years. These investments were diverseamongst our asset classes and clients and were punctuatedby a $1.2 billion investment in the Sunzia wind project. Ourreputationas a trusted and reliable financial partnercontinues to result in an elevated level of investment activity. The resilience of our business model and these outstandingresults allowed us to extend our guidance for AdjustedEarnings per share to $3.50-$3.60 for fiscal year 2028; andfor our 2028 Adjusted ROE to exceed 17%. Sustainability and Impact Leadership Conclusion In 2025, we reinforced ou