HA Sustainable Infrastructure Capital : Investor Presentation May 2026

Published: 2026-05-14 09:46:16 ET HASI

Published on 05/14/2026 at 09:46 am EDT

Pioneer Public Investor in Sustainable Infrastructure Assets

We provide investors, stable, predictable earnings growth and dividend income

Stock Profile

Equity Market Capitalization ($b)1

~$5b

Dividend Yield1

~4%

GAAP EPS / Adjusted EPS (2025)

$1.91 / $2.70

Annual Total Shareholder Return since IPO1

15%

$16.4 billion

Managed Assets2

$7.6 billion

On-Balance Sheet Portfolio3

$362 million

Adjusted Recurring

Net Investment Income (2025)4

>170

Employees5

10% CAGR

Adjusted EPS since 20146

13.4%

Adjusted ROE (2025)7

Based on stock price as of 5/12/26

As of 3/31/26. For explanation of Managed Assets, please see Appendix

As of 3/31/26. For explanation of Portfolio, please see Appendix

Please see Appendix for explanation of Adj. Recurring Net Inv. Inc., including reconciliation to GAAP

Full-time employees as of 12/31/25

Adjusted EPS CAGR is calculated from the first full year of results 2014 through 2025. See Appendix for an explanation of Adjusted EPS, including reconciliation to GAAP EPS

See Appendix for an explanation of Adjusted ROE, including reconciliation to GAAP ROE

Why Invest in HASI

We earn superior risk-adjusted returns by investing in sustainable infrastructure assets

Large Multi-Decade

Opportunity

Diversified and differentiated exposure to the $4 trillion U.S. sustainable infrastructure investment forecast between 2025 and 20501

Long-Term Investments

with Recurring Cash Flow

>$16 billion of managed assets consisting largely of environmentally-positive operating infrastructure projects producing predictable, long-term cash flows

Differentiated

Competitive Positioning

Programmatic client relationships, industry expertise, permanent capital, and capital structure positioning provide a unique value-added offering

Resilient Margins

and EPS Growth

Proven ability to generate healthy margins and consistent Adjusted EPS growth throughout economic, interest rate, and political cycles

Reliable, Steady

Shareholder Returns

Dependable total shareholder returns underpinned by long-term targets for Adjusted EPS CAGR of 10% and dividend payout ratio of ~50%2

Aberdeen's "Keeping the Lights on: Global Infrastructure Investment Must Jump by Two-thirds to $64 Trillion by 2050" (June 2025)

See slide 48 for greater detail about our guidance and long-term targets

Investing in Real Assets Across Three Primary End Markets

Behind-the-Meter "BTM"

Energy Efficiency

Community and C&I Solar/Storage Residential Solar/Storage

Our Vision

Every investment improves our climate future

Grid-Connected "GC"

Utility-Scale Solar Power,

Wind Power, and Energy Storage

Fuels, Transport & Nature "FTN"

Clean Fuels (RNG)

Fleet Decarbonization Ecological Restoration

Key Operating Metrics of our Managed Assets1:

Annual solar & wind energy generation2

solar power capacity3

wind power capacity

battery storage capacity

RNG diesel gallons equivalent capacity

fleet vehicles

energy efficiency projects

CO2 emissions avoided annually4

As of 12/31/25

TWh refers to terawatt-hours

Includes both BTM and GC solar assets. Excludes land investments

Based on estimated operations in the first year of each project

Our Investment Strategy is Focused on High-Quality, Cash-Generating Sustainable Infrastructure Assets

Our Purpose

Make climate positive investments with superior risk-adjusted returns

HASI's Core Investment Criteria

Positive environmental or emissions impact

Long-lived infrastructure assets

Predictable, recurring

cash flows

Programmatic clients

Established technologies

with demonstrable track record

Structures that minimize

and manage risk

Long-Term Programmatic Partnerships

>1,300

Investments Closed1

>150

Client Relationships1

>90

repeat clients2 (including

>20 for 5+ years)1

>80%

of closed transaction volumes were with repeat clients in 2024-252

clients have partnered with HASI on 2 or more asset classes1

As of 12/31/25

"Repeat clients" defined as clients who have historically closed at least 3 transactions with HASI

Illustrative Investments

Grid-Connected

Renewable Energy

$1.2 billion

Structured equity investment in a 2.6 GW wind project contracted with high-quality off-takers including utilities, energy majors, community electricity providers, and universities

Behind-the-Meter

Residential Solar

$500 million

Structured equity joint venture with Sunrun to finance up to $500 million in a nationwide portfolio of over 40,000 residential solar and battery storage assets totaling >300 MW

Fuels, Transport & Nature

Renewable Natural Gas

>$125 million

Senior debt investment with an energy service company in a portfolio of operating Landfill Gas (LFG)-to-RNG and Wastewater Treatment Biogas (WWTPB)-to-RNG plants

Grid-Connected

Renewable Energy

>1.3 GW

Minority investment in a portfolio of 17 solar projects and one wind project operating across six states

Behind-the-Meter

Community and C&I Solar

>$80 million

Structured equity investment in a 300 MW portfolio of community and C&I solar projects across 9 states

Fuels, Transport & Nature

Fleet Decarbonization

>$140 million

Investment with a sustainable transportation fleet provider to decarbonize the bus fleets and modernize fleet services through software for multiple major metropolitan school districts

Grid-Connected

Solar Land

>$100 million

Acquisition of 4,000 acres of land and associated leases with utilities and solar sponsors, supporting dozens of utility-scale solar projects with a capacity of nearly 700 MW

Fuels, Transport & Nature

Ecological Restoration

>$40 million

Debt investment with an environmental development firm in a tidal restoration project to restore wetland habitat and mitigate flood risk in the Sacramento River Delta

Investment Opportunity

$4 Trillion of Sustainable Infrastructure Investment by 2050

Power

Demand Growth

Accelerating demand from data centers, onshoring, and electrification

U.S. generation forecast to grow >65% to

>7,000 TWh by 20401

>1 Terawatt of new U.S. generation capacity required by 20402

Higher Electricity Prices

U.S. wholesale prices up >85% since 20203

U.S. retail rates up 38% since 20204

Renewable Energy Economics

Lowest cost

Fastest to market

Sustainability still matters

~$4

Trillion

U.S. Sustainable Infrastructure Investment through 20505

Following passage of the One Big Beautiful Bill Act ("OBBBA"), total investment in sustainable infrastructure is forecast to approach $1 trillion from 2026 to 2030 and $4 trillion through 2050

McKinsey & Company's "How data centers and the energy sector can sate AI's hunger for power" (Sept. 2024)

ICF's "Rising Current: America's Growing Electricity Demand" (May 2025)

Bloomberg. Based on wholesale forward power prices in ERCOT and PJM

Federal Reserve Economic Data's "Electricity per Kilowatt-Hour in U.S. City Average"

Aberdeen's "Keeping the Lights on: Global Infrastructure Investment Must Jump by Two-thirds to $64 Trillion by 2050" (June 2025)

A New Era of Growth for the U.S. Power Market

1960-20001

+4.1%/yr

2000-20231

+0.4%/yr

2024-2040E2

+3.4%/yr

By 20353

+~400 TWh

Data Centers

+>300 TWh

Electric Vehicles

+>200 TWh

Building Electrification

+180 TWh

Industrial Electrification

/ Onshoring

8,000

6,000

4,000

2,000

Increased use of air conditioning, refrigeration, electric heating, etc.

Improved energy efficiency for lighting, appliances and heating and cooling

1960 1970 1980 1990 2000 2010 2020 2030 2040

Historical data (1960-2023) from the U.S. Energy Industry Association's "Electric Power Monthly"; growth rates represent the compound annual growth rate over each period

Forecasts (2024-2040) from McKinsey & Company's "How data centers and the energy sector can sate AI's hunger for power" (Sept. 2024); growth rates represent the compound annual growth rate over each period

Energy + Environmental Economics (E3)'s "U.S. Pathways" model from January 22, 2025

Avg. retail electricity rates have risen ~40% over the last five years across U.S. cities2

$0.20

$0.18

$0.16

$0.14

$0.12

$0.10

2009 2011 2013 2015 2017 2019 2021 2023 2025

PJM 2027

ERCOT 2027

Jan-26

Jan-25

Jan-24

Jan-23

Jan-22

$20

Jan-21

$30

$40

$50

$60

Wholesale forward power prices have increased >90%

over the last five years in ERCOT and PJM1

Power Prices Have Already Risen Substantially Since 2020

The cost of new natural gas generating capacity has reportedly more than doubled since 2020 due to gas turbine supply constraints and higher EPC costs3

Historical data sourced from Bloomberg (data through February 25, 2026)

Federal Reserve Economic Data's "Electricity per Kilowatt-Hour in U.S. City Average" (data through April 2026)

Based on commentary from Next Era Energy's Q4 2024 conference call (January 24, 2025)

~1 Year

Wind

~1.25 Year

Battery Storage

~1.5 Yrs

Solar

4+ Yrs

Nuclear (Restart)

5+ Yrs

Gas-Fired

10+ Yrs

Nuclear (New Build)

Solar, wind and battery storage are the only sources

of new electric capacity that can be built in <2 years2

Nuclear (Peaking)

Solar (CCGT) Solar + Battery

Wind

Onshore Utility-Scale Nat Gas Utility-Scale Utility-Scale Nat Gas

$50

$38-78

$100 $37-86

$48-107

$50-131

$150

$200

$149-251

$141-220

$250

$300

Unsubsidized solar and wind provide

the lowest levelized cost of electricity today1

Solar and Wind Offer the Lowest Cost and Fastest-to-Market Solutions

Lazard's "Levelized Cost of Energy" (June 2025)

Nuclear (New Build) based on Vogtle; Nuclear (Restart) based on Three Mile Island projections; Gas-Fired, solar, battery storage, and wind based on commentary from Next Era Energy's Q4 2024 conference call (January 24, 2025)

$400

$3,000

$300

$2,000

$200

$100

$1,000

1980 1985 1990 1995 2000 2005 2010 2015 2020 2025

Annual Cost ($b)

Cumulative Cost since 1980

Global Temperature (C)

# of Billion-Dollar Disasters

1990 1995 2000 2005 2010 2015 2020 2025

0.2

0.4

0.6

0.8

1.2

1.4

The Growing Financial Cost of Higher Emissions

The cumulative cost of $1 billion-plus climate-related disasters since 1980 now exceeds $3 trillion with >50% of the total cost attributable to events over the last 10 years

Climate Central's "U.S. Billion-Dollar Weather and Climate Disasters" (January 10, 2025)

Global Land-Ocean Temperature Index from NASA's Goddard Institute for Space Studies

Renewables Poised to Play a Prominent Role in the "All-of-the-Above" Strategy Needed to Supply U.S. Power Demand

700

600

500

400

300

200

100

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027E

Renewables and battery storage account for ~85% of the interconnection queue as of May 2026.2

New gas-fired generating capacity is not expected to be available at scale until 2030 and beyond.

Nuclear has re-emerged as a likely contributor but little capacity is scheduled to come online before 2030.

The latest 5-year load forecast would require >160 GW of new generation capacity3 and >$1.5

Renewables + Battery Storage Natural Gas Coal Nuclear Petroleum

trillion of investment by 2030.4

Federal Energy Regulatory Commission's "high probability" forecasts for new U.S. generating capacity include 87 GW of solar, 20 GW of wind, 23 GW of natural gas and 0.3 GW nuclear through 12/285

U.S. Energy Information Administration, Short-Term Energy Outlook, May 2026

GridTracker by Interconnection.fyi (May 12, 2026)

Grid Strategies' "Power Demand Forecasts Revised Up for Third Year Running, Led by Data Centers" (November 2025)

Based on estimate of $500b for 50 GW of capacity from McKinsey & Company's "How data centers and the energy sector can sate AI's hunger for power" (Sept. 2024)

Federal Energy Regulatory Commission's "Office of Energy Projects Energy Infrastructure Update" from April 9, 2026

Grid-Connected (GC): >$450b of Investment in U.S. Utility-Scale Renewables/Storage Forecast through 2035

1,000

800

600

400

Utility-scale renewables/storage offer the lowest cost and fastest to market solution to supply the unprecedented demand for electricity over the next 10 years

HASI's strategic partnerships include leading developers of utility-scale renewable projects such as ENGIE, AES Clean Energy, Lightsource BP, and Invenergy

200

2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

Battery Storage Wind Solar

Our Portfolio includes investments of

~$3b in ~12 GW of utility-scale solar, wind, and storage assets, and our Managed Assets includes >19 GW of securitized renewable energy land investments1

Post-OBBBA, U.S. utility-scale renewable & energy storage capacity is forecast to grow >600 GW from 2026 to 20352, equating to estimated new investment of >$450 billion

As of 12/31/25.

Forecast from BNEF's "Trump Slams the Brakes on US Wind and Solar Growth" from July 17, 2025

Behind-the-Meter (BTM): >$200b of Investment in U.S. Distributed Renewables/Storage Forecast through 2035

Rising retail electricity rates and the declining costs of battery and solar continue to improve the value proposition of distributed energy resources

HASI's strategic partnerships include distributed energy developers such as AES, Dimension Energy, ENGIE, ForeFront Power, IGS Solar, Pivot Energy, Summit Ridge, and SunRun

Our Portfolio includes >$3.5b of mezzanine loans and structured equity investments in >4 GW of residential, community and C&I solar and storage assets1

400

300

200

100

2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

Distributed Storage Distributed Solar

Post-OBBBA, U.S. behind-the-meter solar and energy storage capacity is forecast

to grow >200 GW from 2026 to 2035, requiring estimated new investment of >$200b2

As of 12/31/25.

Residential and C&I solar from BNEF's "Trump Slams the Brakes on US Wind and Solar Growth" from July 17, 2025; community solar through 2029 from Wood Mackenzie's "An Uncertain Future for U.S. Solar" from July 23, 2025.

$25

$20

$15

$10

2026 2027 2028 2029 2030 2031 2032 2033 2034

Behind-the-Meter (BTM): of >$150b Investment Opportunity from Energy Efficiency through 2035

Office Equipment 1%

Computing 4%

Water Heating 5%

Other 16%

Space Heating 32%

TWh

Refrigeration

5% Cooking

Cooling Lighting

Ventilation 11%

10%

Energy efficiency investments can reduce U.S. commercial buildings' energy usage of ~2,000 TWh1 and costs of ~$190b2

The North American "ESCO" market for energy efficiency savings performance contracts is forecast to grow from ~$12b in 2025 to >$20b in 20343

Since 1987, HASI has been investing in and securitizing energy efficiency loans backed by "energy savings performance contracts" that are repaid through energy cost savings

Our Managed Assets include ~$7b of investments in energy efficiency projects sponsored by leaders including Johnson Controls and Siemens that we have securitized off balance sheet4

TWh and pie chart from EIA's "Commercial Buildings Energy Consumption Survey 2018"

U.S. DOE's Commercial Buildings Integration Program

Guidehouse Research's "ESCO Performance Contracting," May 2025

As of 12/31/25

Fuel, Transport & Nature (FTN) is Centered on RNG and the Decarbonization of Transportation

Fuels

Landscape

Clean fuels-renewable natural gas ("RNG"), biofuels, etc.-decarbonize major usage of energy outside of electricity including transportation, heating and industrial production.

HASI has closed ~$875m of investments in 15 RNG facilities across ten states with a total capacity of >57m diesel gallons-equivalent, mostly utilizing landfill gas technology, as of 2025YE.

Forecasts for RNG production capacity to grow 4x from 2025 levels to >820m MMBTU by 2050 could require

~$40b investment,1 before including potential investment in other clean fuels.

Opportunity

Transport

Transportation accounts for almost 30% of U.S. GHG emissions, and commercial trucks and buses represent ~4% of vehicles on the road but >25% of transportation emissions.2

HASI's initial investments in this end market have focused on modernizing school bus fleets through electric bus procurement, charging infrastructure, and fleet optimization software.

Electrification of the U.S. commercial vehicle fleet is estimated to require ~$1 trillion in infrastructure investment alone (~$620b for charging equipment plus

~$370b for utility grid upgrades).3

Nature

Climate change is also driving greater investment in ecological restoration projects across the United States, including stream and habitat restoration.

HASI has closed >$100m of ecological restoration investments including 3k acres of habitat restoration in CA, a portfolio of wetland mitigation banks, and storm water remediation projects.

The U.S. spends ~$10b per year on ecological restoration,4 and >40% of the nation's 3.5m of streams and rivers are in poor condition, according to the EPA.5

Production forecast in 2050 from Wood Mackenzie's "Trashing your way to a cleaner future: landfill gas as a feedstock for RNG in North America" (August 2024) and 2025 production from American Biogas Council's "Biogas in America 2026" (2/24/26); investment based on capex per MM BTU in 2022 from the Coalition of Renewable Natural Gas's "Economic Analysis of the US Renewable Natural Gas Industry" (Dec 2022)

World Resources Institute

Clean Freight Coalition's "Paying the Bill: The Cost of Electrifying the Supply Chain" (Roland Berger study - March 2024)

PLOS: "Estimating the Size and Impact of the Ecological Restoration Economy"

EPA's "National Rivers and Streams Assessment: The Third Collaborative Study" 19

BTM:

Resi solar lease/PPA market projected to grow >20% Y/Y in 20262

Higher battery attach rates of >40% increase addressable market3

Improving customer value proposition with electric utility rate growth of 15-40% forecast from 2023 to 20304

GC:

99% of new capacity in 2026 forecast to be renewables/storage US5

U.S. wind and solar projects under construction or in advanced development are up 15% and 13% Y/Y, respectively, to a combined total of 130 GW6

Renewable PPA prices up >40% since 2023 while maintaining lowest LCOE7

Diversified Pipeline Supported by Breadth of Tailwinds

Behind-the-Meter

34%

Grid-Connected

47%

BTM Energy

Efficiency

18%

BTM Solar

& Storage

16%

>$6.5b

12-mo Pipeline1

Other

Sustainable Infrastructure

Fuels, Transport

& Nature 14%

OSI:

"Next Frontier" has been recategorized and redistributed into BTM, GC, FTN, and OSI asset classes

FTN:

RNG production is forecast to more than double from 2025 to 20308

Uptick in gas turbine orders also underpins higher RNG demand

Treasury guidance has offered more clarity on 45Z tax credits

As of 12/31/25

Wood Mackenzie/SEIA's "US Solar Market Insight Report: Q4 2025" (December 2025)

Wood Mackenzie's "US Energy Storage Monitor: Q4 2025" (December 2025)

ICF's "Rising Current: America's Growing Electricity Demand" (May 2025)

EIA's "Short-Term Energy Outlook" (February 2026)

American Clean Power's "Clean Power Annual Market Report 2025" (April 2026)

LevelTen's "PPA Price Index: Q3 2025"

ICF's "Near-Term Renewable Natural Gas Demand Assessment" (November 2025)

Disclaimer

Hannon Armstrong Sustainable Infrastructure Capital Inc. published this content on May 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2026 at 13:45 UTC.