AES sells interest in 1.3 GW portfolio of solar and wind capacity

Hannon Armstrong Sustainable Infrastructure Capital said it closed two new investments in grid-connected renewable energy assets developed, owned and operated by AES.

Hannon Armstrong will make a common equity investment in a roughly 1.3 GW portfolio of operating solar and wind projects located in Arizona, California, New York, South Dakota, Utah, and Virginia. Additionally, HASI is financing land owned by AES for a solar project and a standalone battery energy storage system in California.

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Under terms of the deal, HASI intends to acquire a 49% equity interest in the portfolio that includes 17 operating solar projects and one wind project. With a weighted average remaining contract life of around 18 years, the portfolio’s cash flows are contracted with a diverse group of predominately investment-grade corporate, utility, and municipal off-takers. AES will continue to own and operate the assets.

The additional solar and storage land financings build on a five-year relationship of solar land transactions with AES’ clean energy business in the U.S. “

Hannon Armstrong has more than $9 billion in managed assets, and focuses on what it said are climate positive investments. 

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Author: Renewable Energy World