Hannon Armstrong issues USD 164m in green bonds for solar leasses

Solar panels in Massachusetts, USA. Author: liz west. License: Creative Commons.

October 25 (Renewables Now) - US renewables investor Hannon Armstrong Sustainable Infrastructure Capital Inc (NYSE:HASI) has issued USD 163.8 million (EUR 139m) of sustainable yield bonds to refinance its land leases.

The bond was issued on October 18, 2017 and matures on December 20, 2057.

Hannon Armstrong plans to use the proceeds from the issue to back a portfolio of purchased land, leased under long-term contracts to certain utility-scale solar project developers in the US, according to a Green Evaluation published by S&P Global Ratings. The company’s portfolio includes land holdings for 57 solar projects with a combined capacity of nearly 1,200 MW.

The table below gives more information about the use of proceeds by state.

State Use of proceeds (in USD)
Arizona 7.7 million
California 119 million
Massachusetts 0.4 million
Minnesota 5.3 million
Mississippi 2.1 million
New York 18 million
North Carolina 3 million
Utah 8.3 million

(USD 1.0 = EUR 0.850)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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