Green Bonds

Overview

At HASI, we are committed to ensuring all debt we issue is dedicated to eligible green projects. Typically, for corporate unsecured debt, we pursue independent verification. Since 2013, we have raised approximately $12.6 billion of green debt, including securitizations and non-recourse and corporate issuances.

The HASI Green Bond Framework sets out the guidelines for our green financing issuances in accordance with the Green Bond Principles (2021) and Green Loan Principles (2023) to inform our best-efforts alignment to the EU Taxonomy. We have obtained a Second-Party Opinion on our Green Bond Framework to ensure alignment with the 2021 Green Bond Principles.

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Green Debt Issuances

Secured Non-Recourse Debt

Non-recourse, asset-backed debt managed on balance sheet

Corporate Green Bonds

Senior unsecured or convertible bonds issued as corporate obligations

Other Corporate Green Debt

Syndicate CarbonCount®-Based Unsecured Revolving Line of Credit and Term Loan A and CarbonCount® Green Commercial Paper Program²

1) From IPO through 6/30/24, Including corporate bond issuance of $700m in July 2024

2) Represents total commitments of the Sustainability Linked Revolvers, Term Loan A, and Green Carbon Count Commercial Paper Program

Secured Non-Recourse Debt

Non-recourse, asset-backed debt managed on balance sheet

Corporate Green Bonds

Senior unsecured or convertible bonds issued as corporate obligations

Other Corporate Green Debt

Syndicate CarbonCount®-Based Unsecured Revolving Line of Credit and Term Loan A and CarbonCount® Green Commercial Paper Program²

Total Green Debt ~$12.6 Billion¹

1) From IPO through 6/30/2024, Including corporate bond issuance of $700m in July 2024

2) Represents total commitments of the Sustainability Linked Revolvers, Term Loan A, and Green Carbon Count Commercial Paper Program

Corporate Green Bonds

DEBT IDENTIFIER	CUSIP	BOND TYPE	TOTAL ISSUANCE	COUPON RATE	CONVERSION PREMIUM	MATURITY DATE	RATINGS (Fitch/Moody's/S&P)	INDEPENDENT VERIFIER	CARBONCOUNT^®3	AVOIDED EMISSIONS
HASI-GRB-003	418751 AD5	Senior Unsecured	$375,000,000	3.75%	N/A	9/15/2030	BBB-/Baa3/BB+ Positive Outlook	Ernst and Young	0.35	131,250
HASI-GRB-005	418751 AE3	Senior Unsecured	$1,000,000,000	3.375%	N/A	6/15/2026	BBB-/Baa3/BB+ Positive Outlook	Ernst and Young	0.39	390,000
HASI-GRB-006	418751 AG8	Exchangeable Note	$200,000,000	0%⁴	32.5%	5/01/2025	Not Rated	Ernst and Young	0.24	48,000
HASI-GRB-007	418851 AJ2	Exchangeable Note	$402,500,000	3.75%	25.0%	8/15/2028	Not Rated/Baa3/Not Rated	Ernst and Young (Likely)	0.22	85,152
HASI-GRB-008	418751 AL7	Senior Unsecured Note	$750,000,000	8.00%	N/A	6/15/2027	BBB-/Baa3/BB+ Positive Outlook	Ernst and Young (Likely)	0.89	662,715
HASI-GRB-009	41068XAE0	Senior Unsecured Note	$700,000,000	6.375%	N/A	7/1/2024	BBB-/Baa3/BB+ Positive Outlook	Ernst and Young (Likely)	TBD	TBD

Green CarbonCount® Commercial Paper

DEBT IDENTIFIER	ISSUANCE DATE	TOTAL ISSUANCE⁵	COUPON RATE	INDEPENDENT VERIFIER	RATINGS (S&P/Moody's/Fitch)⁶	CARBONCOUNT^®3	AVOIDED EMISSIONS	GEOGRAPHIC	MARKET
HASI-GCCP-002	2/16/2023	$50,000,000	4.66%	Ernst and Young (Likely)	A1/P1/NR	0.63	31,517	West	GC
HASI-GCCP-003	2/27/2023	$50,000,000	4.57%	Ernst and Young (Likely)	A1/P1/NR	1.11	55,564	National	GC
HASI-GCCP-004	3/29/2023	$50,000,000	4.90%	Ernst and Young (Likely)	A1/P1/NR	0.24	11,922	National	BTM/FTN
HASI-GCCP-005	4/18/2023	$50,000,000	4.90%	Ernst and Young (Likely)	A1/P1/NR	0.85	42,667	National/West	GC/BTM/FTN
HASI-GCCP-006	5/4/2023	$50,000,000	5.15%	Ernst and Young (Likely)	A1/P1/NR	0.52	26,193	National/South/West	GC/BTM/FTN
HASI-GCCP-007	6/7/2023	$50,000,000	5.15%	Ernst and Young (Likely)	A1/P1/NR	0.52	26,193	National/South/West	GC/BTM/FTN
HASI-GCCP-008	6/14/2023	$25,000,000	5.15%	Ernst and Young (Likely)	A1/P1/NR	0.66	16,554	National/West	GC/BTM/FTN
HASI-GCCP-009	6/22/2023	$25,000,000	5.15%	Ernst and Young (Likely)	A1/P1/NR	0.28	7,009	National/West	BTM/FTN
HASI-GCCP-010	7/13/2023	$25,000,000	5.15%	Ernst and Young (Likely)	A1/P1/NR	0.63	15,707	National/South/West	GC/BTM/FTN
HASI-GCCP-011	7/24/2023	$25,000,000	5.25%	Ernst and Young (Likely)	A1/P1/NR	0.05	1,184	South	FTN
HASI-GCCP-012	9/26/2023	$50,000,000	5.30%	Ernst and Young (Likely)	A1/P1/NR	0.05	2,511	National/South/West	BTM/FTN
HASI-GCCP-013	11/29/2023	$75,000,000	5.35%	Ernst and Young (Likely)	A1/P1/NR	0.9	67,413	National/South/West	GC/BTM/FTN
Aggregate Issuances		$525,000,000				0.58	304,434

CarbonCount-Based Credit Facilities

DEBT IDENTIFIER	DEBT TYPE	TOTAL COMMITMENTS	COUPON RATE ⁸	MATURITY DATE	RATINGS (Fitch/Moody's/S&P)⁷	INDEPENDENT VERIFIER	CARBONCOUNT^{® 3,8}
HASI-SLL-001	Unsecured Revolving Line of Credit	$1,250,000,000	Term SOFR + 1.575%	4/12/2028	BBB-/Baa3/BB+ Positive Outlook	Apex Companies, LLC	0.33
HASI-SLL-002	Unsecured Term Loan A	$250,000,000	Term SOFR + 1.825%	4/12/2027	BBB-/Baa3/BB+ Positive Outlook	Apex Companies, LLC	0.33
HASI-SLL-003	Senior Secured Revolving Line of Credit	$100,000,000	Term SOFR + 1.850%	6/7/2029	BBB-/Baa3/BB+ Positive Outlook	Apex Companies, LLC	0.33

3) The CarbonCount® score reflects the annual metric tons of carbon emissions (CO2e) avoided per $1,000 of invested capital. Learn more

4) The 2025 Exchangeable Senior Notes accrete to a premium at maturity equal to 3.25%. The accreted balance at maturity is expected to be ~$220 million. Upon any exchange, holders will receive shares of our common stock equal to the product of (1) the aggregate initial principal amount of the notes to be exchanged divided by $1,000 and (2) the applicable exchange rate.

5) Green Commercial Paper represents total gross new issuances in 2023, including rollovers of existing notes

6) Bank of America, N.A. (BofA) has issued a letter of credit of up to $125M as a credit enhancement to our green commercial paper program. As a result, no more than $125MM of green commercial paper will be outstanding at any point in time. The ratings above represent short-term debt ratings of BofA.

7) Represents our corporate rating as of August 2024

8) Each CarbonCount-Based credit facility provides for an interest rate based upon our corporate ratings that are further reduced if HASI achieves a certain level of its CarbonCount metric on an annual basis. Metric represents HASI’s CarbonCount® reported in 2023. The Coupon reflected in the table reflects our existing ratings as of August 2024 adjusted to reflect our 2023 CarbonCount in accordance with the underlying applicable credit agreement.

HASI is a proud member of the Nasdaq Sustainable Bond Network. Copyright, Nasdaq 2021.