HA Sustainable Infrastructure Capital Inc (HASI) 2024 Q3 法說會逐字稿

Greetings. And welcome to HASI’s Third Quarter 2024 earnings conference call and webcast. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.

問候。歡迎參加 HASI 2024 年第三季財報電話會議和網路廣播。此時，所有參與者都處於只聽模式。正式演講後將舉行簡短的問答環節。（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Aaron Chew, Senior Vice President of Investor Relations.

現在我很高興向您介紹主持人，投資者關係高級副總裁 Aaron Chew。

Thank you, Operator. And good afternoon to everyone joining us today for HASI’s third quarter conference call. Earlier this afternoon, HASI distributed a press release reporting our third quarter 2024 results, a copy of which is available on our website, along with the slide presentation we will be referring to today. This conference call is being webcast live on the Investor Relations page of our website, where a replay will be available later today.

謝謝你，接線生。今天參加 HASI 第三季電話會議的大家下午好。今天下午早些時候，HASI 發布了一份新聞稿，報告了我們 2024 年第三季的業績，我們的網站上提供了該新聞稿的副本，以及我們今天將提到的幻燈片演示。本次電話會議正在我們網站的投資者關係頁面上進行網路直播，今天稍後將進行重播。

Some of the comments made in this call are forward-looking statements which are subject to risks and uncertainties, such as the risk factors section of the company’s Form 10-K and other filings with the SEC. Actual results may differ materially from those listed. Today’s discussion also includes some non-GAAP financial measures, a reconciliation of GAAP and non-GAAP financial measures is available in our earnings release and presentation.

本次電話會議中提出的一些評論屬於前瞻性陳述，存在風險和不確定性，例如公司 10-K 表格和向 SEC 提交的其他文件中的風險因素部分。實際結果可能與列出的結果有重大差異。今天的討論還包括一些非 GAAP 財務指標，我們的收益發布和演示中提供了 GAAP 和非 GAAP 財務指標的調整表。

Joining me on today’s call are Jeff Lipson, the company’s President and CEO; and Marc Pangburn, our CFO; as well as Susan Nickey, our Chief Client Officer, who will be available for the Q&A portion of our presentation.

參加今天電話會議的還有公司總裁兼執行長 Jeff Lipson；和我們的財務長 Marc Pangburn；以及我們的首席客戶長 Susan Nickey，她將出席我們演示的問答部分。

Now I’d like to turn the call over to our President and CEO, Jeff Lipson. Jeff?

現在我想將電話轉給我們的總裁兼執行長 Jeff Lipson。傑夫？

Thank you, Aaron. And thanks to everyone joining us today for our third quarter 2024 conference call. I’m going to begin on slide 3. The third quarter of 2024 was another solid quarter for HASI on the key elements that drive our long-term value creation. We’ve closed $1.2 billion of new investments year-to-date as of 9/30, and including an active start to the fourth quarter, new investments are at $1.7 billion year-to-date as of today.

謝謝你，亞倫。感謝今天參加我們 2024 年第三季電話會議的所有人。我將從幻燈片 3 開始。2024 年第三季是 HASI 在推動我們長期價值創造的關鍵要素方面又一個穩健的季度。截至 9 月 30 日，我們已完成年初至今的 12 億美元新投資，包括第四季度的積極開局，截至今天，年初至今的新投資已達 17 億美元。

Our managed assets have grown 14% in the last 12 months and now exceed $13 billion. New asset yields have been approximately 10.5% year-to-date, which have increased our overall portfolio yield to 8.1%. And adjusted earnings per share of $0.52 in the quarter has driven our EPS through the first three quarters of 2024 to $1.83, representing 8% growth over the first three quarters of 2023.

我們管理的資產在過去 12 個月中成長了 14%，目前已超過 130 億美元。今年迄今為止，新資產收益率約為 10.5%，這使我們的整體投資組合收益率提高至 8.1%。本季調整後每股收益為 0.52 美元，推動我們 2024 年前三季的每股收益達到 1.83 美元，較 2023 年前三季增長 8%。

We continue to remain confident in our guidance of annual adjusted EPS growth between 8% and 10% through 2026, with our dividend payout ratio targeted between 60% and 70% over this period. As a reminder, our long-term goal is for 10% annual EPS growth and a 50% payout ratio by 2030.

我們仍然對 2026 年調整後每股收益年增長率在 8% 到 10% 之間的指導充滿信心，在此期間我們的股息支付率目標在 60% 到 70% 之間。提醒一下，我們的長期目標是到 2030 年每股盈餘年增率為 10%，股利率為 50%。

Before we discuss the quarter in more detail, I’d like to pivot to discussing the election impact following Tuesday’s results and interest rate following today’s Fed meeting. These are certainly not new discussion topics for us.

在我們更詳細地討論本季之前，我想重點討論週二結果之後的選舉影響以及今天聯準會會議之後的利率。這些對我們來說當然不是新的討論話題。

In various investor forums over the past 18 months to 24 months, I have repeatedly reminded investors that HASI can be equally successful in republican administrations and when interest rates are higher, as we are during democratic administrations and when rates are lower. In fact, this is not just a theory, it has already been demonstrated. We achieved strong earnings growth during the first Trump administration and have continued to thrive in the spirit of higher rates that began in 2022.

在過去18個月至24個月的各種投資者論壇上，我一再提醒投資者，HASI在共和黨政府和利率較高的情況下同樣可以取得成功，就像我們在民主政府和利率較低的情況下一樣。事實上，這不僅僅是一個理論，它已經被證明了。我們在川普第一屆政府期間實現了強勁的獲利成長，並本著 2022 年開始的更高利率的精神繼續蓬勃發展。

Turning to page 4, a few more thoughts on the election impact. Investors tend to conclude a strong correlation between election results and the success of the clean energy industry. On one hand, this makes sense, given the heavy involvement of government in the energy markets in general and the influence of policy, taxes and incentives on the energy transition in particular.

翻到第四頁，關於選舉影響的更多想法。投資者往往認為選舉結果與清潔能源產業的成功之間有強烈的相關性。一方面，考慮到政府對能源市場的大力參與，以及政策、稅收和激勵措施對能源轉型的影響，這是有道理的。

On the other hand, a closer look at the data reveals some interesting facts, as shown on slide 4. Namely, that investment in clean energy has undergone secular growth this century that transcends political administrations.

另一方面，仔細觀察數據會發現一些有趣的事實，如投影片 4 所示。也就是說，本世紀對清潔能源的投資經歷了超越政治管理的長期成長。

In fact, clean energy investment adjusted for inflation has grown in every successive presidential administration, from Bush to Obama to Trump and now Biden, underscoring how the market has been propelled not only by public policy, but increasingly over the last two decades by economic factors.

事實上，從布希到歐巴馬再到川普，再到現在的拜登，歷任總統政府的清潔能源投資（根據通貨膨脹調整後）都在成長，這突顯了市場不僅受到公共政策的推動，而且在過去二十年中越來越多地受到經濟因素的推動。

The simple truth is that renewables have not only become the lowest levelized cost of energy, but also offer comparatively rapid deployment, which has helped transform them into the preferred source of incremental energy.

簡單的事實是，再生能源不僅成為平準化成本最低的能源，而且提供相對快速的部署，這有助於將其轉變為增量能源的首選來源。

In addition, the forecasted demand for power over the next several decades will inevitably result in an all-of-the-above energy strategy in this country. The corresponding elevated investment in supply to meet this demand will ensure our clients maintain strong development pipelines.

此外，未來幾十年對電力的預測需求將不可避免地導致該國採取上述所有能源策略。為滿足此需求而相應增加的供應投資將確保我們的客戶保持強勁的開發管道。

This dynamic extends not only across presidential administrations, but also across geographic lines as well. As the table at the bottom of the slide indicates, cumulative deployments of renewable power in this country are split quite evenly between republican and democratic states, and in fact, lean slightly in favor of states that voted Republican in 2020.

這種動態不僅跨越總統政府，也跨越地理界限。正如幻燈片底部的表格所示，該國可再生能源的累積部署量在共和黨州和民主州之間分佈相當均勻，事實上，稍微傾向於 2020 年投票給共和黨的州。

Perhaps more importantly, investment in clean energy projects announced since the IRA was enacted a few years ago, skews heavily in favor of states that voted republican in 2020. I would note we could have used a variety of data points on this slide and they would have all resulted in the same conclusion. The energy transition is an economically viable macro trend that will continue for many decades, regardless of election results.

也許更重要的是，自幾年前 IRA 頒布以來宣布的清潔能源項目投資嚴重偏向 2020 年投票支持共和黨的州。我要指出的是，我們可以在這張投影片上使用各種數據點，它們都會得出相同的結論。能源轉型是一種經濟上可行的宏觀趨勢，無論選舉結果如何，都將持續數十年。

Turning to page 5, a reminder that our business is not dependent on low interest rates. We continue to prove the thesis that in all rate environments, high, low, flat, steep or inverted, our business can thrive. In 2020 and 2021, rates were unusually low, followed by a rapid increase in 2022 and 2023, during which the Fed raised interest rates by 500 basis points and the yield curve was persistently inverted.

翻到第 5 頁，提醒我們我們的業務並不依賴低利率。我們繼續證明這個論點：在所有利率環境下，無論高、低、平坦、陡峭或倒掛，我們的業務都能蓬勃發展。2020年及2021年利率異常低，隨後2022年及2023年利率快速上升，期間聯準會升息500個基點，殖利率曲線持續倒掛。

In 2024, a rate cut cycle has started again and the curve has steepened. Throughout this period of rate volatility, we have maintained a consistent and disciplined approach to interest rate risk management.

2024年，降息週期再次開始，曲線變得陡峭。在這段利率波動期間，我們一直保持一致且嚴格的利率風險管理方法。

As noted on the slide, our margins have remained attractive, as we have consistently invested at an adequate spread to our debt cost. Likewise, we have consistently increased adjusted earnings throughout this period of rate volatility.

正如幻燈片中所指出的，我們的利潤率仍然具有吸引力，因為我們一直以適當的債務成本利差進行投資。同樣，在這段利率波動期間，我們持續增加了調整後的收益。

Quite simply, the lengthy track record of our business is that we generally invest at an average of treasuries plus 5% to 6% and now as an investment grade debt issuer, we can fund ourselves at treasuries plus 2% and 2.5%. This resulting margin has created a sustainable, predictable and consistently profitable business.

很簡單，我們業務的長期記錄是，我們通常以平均國債加5% 至6% 的價格進行投資，現在作為投資級債務發行人，我們可以透過加息2% 和2.5% 的國債為自己提供資金。由此產生的利潤創造了可持續、可預測且持續獲利的業務。

Turning from slide 5, detailing our margin history, to slide 6. I would like to emphasize that our outlook for margins over the next several quarters remains robust, as we continue to close transactions with double-digit yield and our long-term public bonds are trading at roughly 6.5%.

從詳細介紹我們的保證金歷史記錄的幻燈片 5 轉到投影片 6。我想強調的是，我們未來幾季的利潤率前景仍然強勁，因為我們繼續以兩位數的收益率完成交易，而且我們的長期公共債券的交易價格約為 6.5%。

I’d also like to provide a brief update on two other items. Our CCH1 partnership with KKR continues to progress entirely within our expectations. We have closed a number of additional transactions in the vehicle in the third quarter and early fourth quarter, with no modifications of our internal processes.

我還想提供其他兩個項目的簡短更新。我們與 KKR 的 CCH1 合作夥伴關係持續取得進展，完全符合我們的預期。我們在第三季和第四季初完成了一些額外的車輛交易，沒有對我們的內部流程進行任何修改。

KKR continues to be an ideal and constructive partner, and we remain on track to complete the $2 billion investment target by year-end 2025.

KKR 仍然是理想且富有建設性的合作夥伴，我們仍有望在 2025 年底前完成 20 億美元的投資目標。

Finally, I would note that our SunStrong joint venture has transitioned, and we have a new partner that has purchased 50% of the JV following the SunPower bankruptcy. The JV continues to effectively service the legacy leases and our corresponding asset-secured loans are performing as expected.

最後，我要指出的是，我們的 SunStrong 合資企業已經轉型，我們有一個新的合作夥伴，在 SunPower 破產後購買了該合資企業 50% 的股份。合資公司繼續有效地為遺留租賃提供服務，我們相應的資產擔保貸款的表現符合預期。

And with that, I will pass the call over to Marc.

這樣，我會將電話轉給馬克。

Thank you, Jeff. I’ll start on Slide 7. Our pipeline remains at more than $5.5 billion and is well diversified across our end markets. Listed on the right are three items I’d like to highlight. Most notably, we anticipate onboarding approximately 10 new clients this year. These additions are across all three of our markets.

謝謝你，傑夫。我將從幻燈片 7 開始。我們的產品線仍超過 55 億美元，並且在終端市場上實現了多元化。右邊列出的是我想強調的三項。最值得注意的是，我們預計今年將迎來約 10 位新客戶。這些新增內容遍佈我們的所有三個市場。

I previously summarized our growth coming from three primary avenues, growing with existing clients, adding new clients and (technical difficulty) The investment this year into expanding our client base will continue to drive our future opportunities.

我之前總結了我們的成長來自三個主要途徑：與現有客戶一起成長、增加新客戶以及（技術難度）今年擴大客戶群的投資將繼續推動我們未來的機會。

Next, as an example, the Grid-Connected investments in our pipeline have typically completed a two-plus-year development cycle, which requires a meaningful capital investment from our clients. Our entry point into these investments derisks both development delays and provides clarity on near-term pipeline, regardless of political environment.

接下來，舉例來說，我們管道中的併網投資通常完成了兩年多的開發週期，這需要我們的客戶進行有意義的資本投資。無論政治環境如何，我們參與這些投資的切入點都可以消除開發延遲的風險，並提供近期管道的明確性。

Finally, in the FTN market, we continue to see RNG as the primary driver of growth. We continue to build off our existing partnership with leaders like (inaudible) and broaden to other key players like Vision RNG, as we announced a few weeks ago. Our optimism is supported by the growing forecast for US power demand, which we see positively impacting our pipeline and portfolio today.

最後，在FTN市場，我們持續將RNG視為成長的主要動力。正如我們幾週前宣布的那樣，我們將繼續與（聽不清楚）等領導者建立現有的合作夥伴關係，並擴展到 Vision RNG 等其他關鍵球員。對美國電力需求不斷增長的預測支持了我們的樂觀態度，我們認為這對我們今天的管道和投資組合產生了積極影響。

Moving on to slide 8, year-to-date, we have closed $1.2 billion of transactions. As you can see in the table, these closings are well diversified among our underlying assets. Managed assets have grown to $13.1 billion and the portfolio has increased to $6.3 billion. For the year we expect to exceed $2 billion in transaction closings, consistent with our expectations.

轉到投影片 8，今年迄今，我們已完成 12 億美元的交易。正如您在表中所看到的，這些成交在我們的基礎資產中實現了很好的多元化。管理資產已增至 131 億美元，投資組合增至 63 億美元。我們預計今年的交易成交額將超過 20 億美元，這與我們的預期一致。

One other positive item I’d like to highlight, portfolio growth reflects our asset rotation initiative, where we have rotated out of more than $400 million of investments, which were on the balance sheet at a weighted average yield of less than 6.5%. We also rotated out of these investments at a gain. Replacing these lower-yielding investments with higher-yielding investments will drive a more profitable company into the future.

我想強調的另一個積極因素是，投資組合的成長反映了我們的資產輪換計劃，我們已經從資產負債表上的超過4 億美元的投資中進行了輪換，這些投資的加權平均收益率低於6.5%。我們也以獲利的方式退出了這些投資。用高收益投資取代這些低收益投資將推動公司走向未來獲利能力更高的方向。

On slide 9, given the size of our portfolio, it takes time for new investments to impact our overall portfolio yield, but you are starting to see that impact with the portfolio yield rising to 8.1% from 8% a quarter ago and 7.9% last year.

在投影片9 上，考慮到我們投資組合的規模，新投資需要一段時間才能影響我們的整體投資組合收益率，但您開始看到這種影響，投資組合收益率從上一季的8% 上升至8.1%，上一季為7.9%年。

In addition, while higher interest rates have increased our cost of debt relative to 2023, it’s worth noting that it has declined incrementally from 5.7% in Q1 of 2024. Meanwhile, ROE year-to-date has grown to 12.4%, with the rise supported by our gain-on-sale transaction.

此外，雖然相對於 2023 年，利率上升增加了我們的債務成本，但值得注意的是，該成本已較 2024 年第一季的 5.7% 逐步下降。同時，在我們的銷售收益交易的支持下，年初至今的股本回報率已成長至 12.4%。

Turning to slide 10, to cover our financial results. For Q3, we are reporting adjusted EPS of $0.52 and a GAAP EPS loss of $0.17. Year-to-date 2024 versus 2023, we grew adjusted NII to $192 million, up 20%. Recurring capital light income, $19 million, up 43%. And upfront capital light income, $65 million, up 19%. Year-to-date, our adjusted EPS has increased 8% over the prior year period.

轉向投影片 10，介紹我們的財務表現。對於第三季度，我們報告調整後每股收益為 0.52 美元，GAAP 每股收益虧損為 0.17 美元。與 2023 年相比，2024 年迄今為止，我們調整後的 NII 增至 1.92 億美元，成長了 20%。經常性輕資本收入為 1,900 萬美元，成長 43%。預付資本收入為 6,500 萬美元，成長 19%。今年迄今為止，我們調整後的每股盈餘比去年同期成長了 8%。

There are two items I’d like to explore further. First, the GAAP loss was driven by mark-to-market impacts related to power contracts for some of our underlying project investments. These power contracts provide revenue stability to the project. As power prices increase, the projects are worth more, but the power contracts are worth less. Over time these projects will sell power at higher rates, offsetting the mark-to-market impact.

我想進一步探討兩個項目。首先，公認會計準則虧損是由與我們一些基礎項目投資的電力合約相關的按市值計價的影響所造成的。這些電力合約為該項目提供了穩定的收入。隨著電價上漲，項目的價值增加，但電力合約的價值減少。隨著時間的推移，這些項目將以更高的價格出售電力，從而抵消以市價計價的影響。

Second, gain-on-sale has been consistent when viewed in annual cycles, but will vary quarter-to-quarter as seen in Q3. We remain on track to meet or exceed our prior commentary around being generally in line with 2022 and 2023 gain-on-sale.

其次，從年度週期來看，銷售收益一直保持一致，但如第三季所示，每季都會有所不同。我們仍有望達到或超過我們先前關於與 2022 年和 2023 年銷售收益基本一致的評論。

Wrapping up my section on slide 11, our balance sheet at the end of the quarter leaves us in an excellent position to achieve our near-term growth target. At September 30, our liquidity was $1.3 billion and our debt-to-equity ratio remained at 1.8 times comfortably in our 1.5 times to 2 times target range.

總結投影片 11 中的部分，我們在本季末的資產負債表使我們處於實現近期成長目標的絕佳位置。截至 9 月 30 日，我們的流動性為 13 億美元，負債股本比維持在 1.8 倍，舒適地處於 1.5 倍至 2 倍的目標範圍內。

As you can see on the chart on the right, there have been no major changes to our latter maturity profile with no significant near-term maturities and the $200 million convertible note due next year can be paid off with our revolver.

正如您在右圖上看到的，我們後期的到期情況沒有重大變化，沒有重大的短期到期，明年到期的 2 億美元可轉換票據可以用我們的左輪手槍償還。

As a reminder, we expect our investment-grade status to enable us to refinance our 2026 and 2027 bonds with longer tenors. We have positioned the company well to capitalize on what is a traditionally a very busy quarter at year end.

提醒一下，我們預計我們的投資等級地位將使我們能夠為期限較長的 2026 年和 2027 年債券進行再融資。我們為公司做好了充分的定位，以充分利用年底傳統上非常繁忙的季度。

With that, I’ll pass it back to Jeff for closing remarks.

這樣，我會將其傳回給傑夫以供結束語。

Thank you, Marc. Turning to slide 12, as always, we detail various sustainability and impact items, including a top-tier sustainability assessment from S&P, the greenest specially financed designation by Newsweek, and are reaching a cumulative 8 million metric tons of annual carbon emissions avoided annually.

謝謝你，馬克。轉向幻燈片 12，一如既往，我們詳細介紹了各種可持續性和影響項目，包括標準普爾的頂級可持續性評估、新聞周刊特別資助的最環保稱號，並且每年累計避免了 800 萬噸碳排放。

And finally, wrapping up on slide 13, the energy transition continues to be an extraordinary investment opportunity, providing an enormous addressable market and attractive returns. HASI remains uniquely positioned to benefit, given our experience, expertise, and recent improvements in our access and cost of capital. I would like to thank our talented team for another outstanding quarter, as we look forward to closing out another successful year in 2024.

最後，在投影片 13 中，能源轉型仍然是一個非凡的投資機會，提供了巨大的潛在市場和有吸引力的回報。鑑於我們的經驗、專業知識以及最近在融資管道和資本成本方面的改進，HASI 仍然處於獨特的受益地位。我要感謝我們才華橫溢的團隊又一個出色的季度，我們期待在 2024 年結束又一個成功的一年。

Operator, please open the line for questions.

接線員，請開通提問線。

(Operator Instructions)

（操作員說明）

Jack Hurley, Mizuho Security.

傑克‧赫利，瑞穗安全公司。

Hi. I just had a quick question regarding the technology partners. How big is RNG in the FTN market relatively speaking and can it support -- if there’s any declines in the solar and wind market? And then I have one follow-up, if I may.

你好。我只是有一個關於技術合作夥伴的快速問題。相對而言，RNG 在 FTN 市場中的規模有多大？如果可以的話，我還有一個後續行動。

The RNG market is very large and growing. And I think there’s been an acknowledgement that natural gas is going to be a big part of the energy future. So the idea of converting, obviously, wasted gas and dairy products and landfill to renewable natural gas has become a very big business, and a lot of the large developers and even large private equity firms are making big investments in renewable natural gas.

RNG 市場非常龐大且還在持續成長中。我認為人們已經認識到天然氣將成為未來能源的重要組成部分。因此，顯然，將廢棄的氣體、乳製品和垃圾掩埋場轉化為再生天然氣的想法已經成為一項非常大的業務，許多大型開發商甚至大型私募股權公司都在再生天然氣方面進行了大量投資。

So for a business like ours, that prides itself on diversity, it can become a meaningful part of our business. I wouldn’t necessarily compare it to wind and solar from a size perspective. We’ll very likely continue to do wind, solar and RNG. But I think it’s emerging as a very large market.

因此，對於像我們這樣以多元化為榮的企業來說，它可以成為我們業務中有意義的一部分。我不一定從規模角度將其與風能和太陽能進行比較。我們很可能會繼續開發風能、太陽能和 RNG。但我認為它正在成為一個非常大的市場。

Thanks. And can you remind us of the rate hedges and the impact of rising interest rates on your earnings power, relatively speaking?

謝謝。相對而言，您能否提醒我們利率對沖以及利率上升對您獲利能力的影響？

And then, if anything you can provide regarding SunStrong for the new OEM partner. Any cost savings there possible as you get a new partner on Board?

然後，如果您可以為新的 OEM 合作夥伴提供有關 SunStrong 的任何資訊。當您有新的合作夥伴加入時，是否可以節省成本？

Sure, Jack. Thanks. This is Marc. We have implemented a few different styles of hedges on our liability portfolio, primarily either current swaps that are in place for some of our floating rate facilities, namely the TLA and the revolver. And then we also have forward starting swaps in place to hedge out the base rate for the refinancing of our future liabilities, primarily the 2026 and the 2027 swaps.

當然，傑克。謝謝。這是馬克。我們對負債組合實施了幾種不同風格的對沖，主要是針對我們的一些浮動利率工具（即 TLA 和左輪手槍）實施的當前掉期。然後，我們也制定了遠期啟動掉期，以對沖未來負債再融資的基本利率，主要是 2026 年和 2027 年掉期。

So in terms of earnings power, the hedges that are in place today on our floating rate facilities are generally in the money and supporting earnings. And then on the forward starting swaps, it’s primarily focused around just ensuring we are maintaining a duration profile that fits more closely with the asset side by extending those 2026 and 2027.

因此，就獲利能力而言，目前我們的浮動利率工具實施的避險通常是貨幣和支持獲利的。然後，在遠期起始掉期方面，它主要集中在確保我們透過延長 2026 年和 2027 年來維持與資產方面更貼合的久期概況。

On SunStrong, the partner that Jeff was referring to came in and bought the equity interest. In terms of servicing the lease portfolio, the JV will continue to do that on a go-forward basis and has largely transitioned away from them.

在 SunStrong 上，傑夫提到的合作夥伴介入並購買了股權。在為租賃組合提供服務方面，合資企業將繼續在未來的基礎上這樣做，並且基本上已經擺脫了它們。

Got it. Thanks.

知道了。謝謝。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆蘭-史密斯，杰弗里斯。

Hey. This is Hannah on for Julien. Thank you for the question. So, (inaudible) as a portfolio, how do you all think about limiting your exposure to some of the volatility associated with the RIN (inaudible) I understand, some of these RNG projects are used for transportation offtake.

嘿。這是朱利安的漢娜。謝謝你的提問。因此，（聽不清楚）作為一個投資組合，你們如何考慮限制與 RIN 相關的一些波動性的風險敞口（聽不清楚）我了解，其中一些 RNG 專案用於運輸承購。

I think the primary way we insulate ourselves a bit from RIN risk is that in our RNG business, we are senior debt. So we’ve underwritten these transactions from a cash flow and coverage perspective and it’s not that we don’t have any RIN risk, but I think by being senior debt with good cash flow coverage, we have somewhat mitigated the RIN risk.

我認為我們避免 RIN 風險的主要方式是，在我們的 RNG 業務中，我們是優先債務。因此，我們從現金流和覆蓋範圍的角度承保了這些交易，這並不是說我們沒有任何 RIN 風險，但我認為，透過成為具有良好現金流覆蓋範圍的優先債務，我們在一定程度上減輕了RIN風險。

Got it. Thank you. And then just one last question really quick. I was a bit late for the call. So I don’t know if you all talked at all about the KKR partnership, if you announced any projects funded out of that JV or maybe how we would see that reflected in some of the statements. Thank you.

知道了。謝謝。然後很快就只剩下最後一個問題了。我打電話有點晚了。所以我不知道你們是否都談到了 KKR 合作夥伴關係，是否宣布了由該合資企業資助的任何項目，或者我們將如何看待這一點反映在一些聲明中。謝謝。

Sure. We did touch on it very briefly to say that we have in the third quarter and early fourth quarter added additional investments to the vehicle and that the vehicle is operating exactly as designed and the partnership is working quite well. As the vehicle gets larger, we’ll have more disclosure. But for now, it remains relatively small. So there’s not a lot of specific disclosures we’re making just yet on the assets in the vehicle.

當然。我們確實非常簡短地談到了這一點，說我們在第三季度和第四季度初對車輛進行了額外投資，並且車輛完全按照設計運行，並且合作夥伴關係運行得很好。隨著車輛變得越來越大，我們將有更多的披露。但就目前而言，它仍然相對較小。因此，我們尚未對車輛中的資產進行太多具體披露。

Okay, thank you.

好的，謝謝。

Thank you.

謝謝。

Noah Kaye, Oppenheimer & Company

諾亞凱，奧本海默公司

Hey. Thanks for taking the questions. Maybe housekeeping follow-up on that last one. I think in the press release, there is a line around the -- I think it’s $74 million held in co-investment vehicles. Is that the right number to be looking at in terms of the assets that are currently from a HASI perspective in that co-investment vehicle?

嘿。感謝您提出問題。也許是最後一項的後續客房服務。我認為在新聞稿中，有一條線圍繞著共同投資工具持有的 7,400 萬美元。從目前 HASI 的角度來看，該聯合投資工具的資產數字是否正確？

That’s the, yes, Noah, that’s the KKR dollar amount. That’s the KKR portion of the vehicle that’s disclosed in that table. And when I said we’ll have more disclosure, I just meant in terms of what -- and that’s the funded disclosure. There’s a fair amount of commitments in CCH1 that have not been funded yet. So I’ll make that clarification as well. And when I said we’ll have more disclosure, we might have a more descriptive rather than just a balance there over time. That’s what I meant in the previous question.

這就是，是的，諾亞，這就是 KKR 美元金額。這就是該表中披露的車輛的 KKR 部分。當我說我們將進行更多披露時，我的意思只是指資助的披露內容。CCH1 中有相當數量的承諾尚未得到資助。所以我也會做出澄清。當我說我們將進行更多披露時，隨著時間的推移，我們可能會更具描述性，而不僅僅是平衡。這就是我在上一個問題中的意思。

All right. Thank you. Just pointing out that gives us a starting point. So to reiterate $2 billion of originations for the year, given the year-to-date, just talk to us about the visibility to doing roughly $700 million this quarter were you able to get a substantial portion of that done already? What’s sort of the confidence level there?

好的。謝謝。只是指出這給了我們一個起點。因此，重申今年 20 億美元的啟動，考慮到今年迄今，請與我們談談本季完成約 7 億美元的可見性，您是否能夠完成其中的很大一部分？那裡的置信水準是多少？

Sure. It was in the very early moments of my script, you may have missed it, but I did say that we're at $1.7 billion as of today. . So we did have quite an active October and an early part of November. So I think we have very good visibility on closing out the rest of that amount to get to $2 billion.

當然。那是在我劇本的早期階段，你可能錯過了，但我確實說過，截至今天，我們的收入已達到 17 億美元。。所以我們確實度過了相當活躍的十月和十一月初。因此，我認為我們對於將剩餘金額達到 20 億美元有很好的預見性。

Okay. Excellent. And then I guess the last one, I think the previous question touching on the refi, just to unpack it a little bit further, now that you have investment grade credit rating, we are seeing that showing up in the bonds here. But certainly as we see some of the movements around the yield curve and longer-term notes go a bit higher, how does that change your thinking at all about managing asset versus liability duration risk and the timing of when you might go to market around the refi?

好的。出色的。然後我想最後一個問題，我認為上一個問題涉及再融資，只是為了進一步解開它，現在你有了投資級信用評級，我們看到它出現在債券中。但當然，當我們看到殖利率曲線周圍的一些變動和長期票據走高時，這會如何改變您對管理資產與負債久期風險以及您何時可能進入市場的想法？

Sure. Thanks, Noah. It’s Marc. The fact that the long end of the curve might be moving around doesn’t necessarily change our approach to managing interest rate risk. What we -- I think we’ve mentioned this a few times, but we generally focus on a duration approach where our asset cash flows generally fall in the 10-year zip code. And so we like to focus on either issuing 10-year bonds or when we’re in the high-yield market at shorter tenors, attaching these forward starting swaps to extend that duration.

當然。謝謝，諾亞。這是馬克。曲線的長端可能會移動這一事實並不一定會改變我們管理利率風險的方法。我想我們已經多次提到這一點，但我們通常專注於久期方法，其中我們的資產現金流通常落在 10 年期郵遞區號內。因此，我們希望專注於發行 10 年期債券，或當我們處於期限較短的高收益市場時，附加這些遠期起始互換以延長期限。

So our goal is to minimize the impacts of those curve movements on our business. And then on the front-end side of that, it’s as Jeff already talked about, focusing on that T-plus investing approach or investing at T-plus on average 5%.

因此，我們的目標是盡量減少這些曲線變動對我們業務的影響。然後在前端方面，正如傑夫已經談到的那樣，專注於 T-plus 投資方法或平均 5% 的 T-plus 投資。

In terms of timing for the market, that’s less around movements on the rate curve and more focused on managing our liquidity. And of course, we have a sizable revolver, which gives us flexibility to go to market when the market is relatively attractive. So it’s more of an opportunity approach.

就市場時機而言，不太關注利率曲線的變動，而是更關注管理我們的流動性。當然，我們有一個相當大的左輪手槍，這使我們可以在市場相對有吸引力時靈活地進入市場。因此，這更像是一種機會方法。

Right. Maybe just sneak one more and apologize because I think for some folks it’s been a number of quarters since we actually saw a GAAP equity method loss. I think the last one was 4Q '22. So just for all of our benefits, the simple answer here is that the projects should be worth more because power prices have gone up, but the contracts don’t reflect that yet, they have to re-contract and so there’ll be more revenue later on, but you have to mark it as a loss from an HLBV method, right? So essentially, the assets you’re invested in are now more valuable. Is that a fair way to think about it?

正確的。也許只是再偷偷地道歉一下，因為我認為對於某些人來說，我們已經有好幾個季度沒有真正看到 GAAP 權益法虧損了。我認為最後一篇是 22 年第 4 季。因此，為了我們所有的利益，這裡簡單的答案是，這些項目應該更有價值，因為電價上漲了，但合同還沒有反映這一點，他們必須重新簽訂合同，所以稍後會有更多收入，但您必須將其標記為HLBV 方法的損失，對吧？因此，從本質上講，您投資的資產現在更有價值。這是一個公平的思考方式嗎？

Yeah. The power contracts are essentially treated like hedges and are mark-to-market, whereas the actual underlying assets, projects are not. So those assets will realize the benefit of higher power prices over time, whereas the contracts are mark-to-market and flow through in the period.

是的。電力合約本質上被視為對沖，並且按市值計價，而實際的基礎資產、項目則不然。因此，隨著時間的推移，這些資產將實現更高電價的好處，而合約則按市價計價並在此期間流通。

Great, appreciate the clarification. Thank you.

太好了，感謝您的澄清。謝謝。

Thank you.

謝謝。

Thanks, Noah.

謝謝，諾亞。

(Operator Instructions)

（操作員說明）

Brian Lee, Goldman Sachs.

布萊恩李，高盛。

Hey, guys. This is Tyler Bisset on for Brian. Thanks for taking our question. I have just one question on the pipeline. It looks like you had a strong shift towards Grid-Connected shift away from BTM. Anything to call out on driving that?

嘿，夥計們。我是泰勒·比塞特 (Tyler Bisset) 替補布萊恩 (Brian) 發言。感謝您提出我們的問題。我只有一個關於管道的問題。看起來您已經從 BTM 轉向併網。駕駛它有什麼需要注意的嗎？

Not really. The pipeline can get a little lumpy, particularly on the Grid-Connected side as we typically look at some larger transactions there. So some quarter-to-quarter movements between BTM and Grid-Connected should not necessarily be interpreted as a long-term theme. I don’t think there’s really much of anything to read in there.

並不真地。管道可能會變得有點不穩定，特別是在併網方面，因為我們通常會在那裡查看一些較大的交易。因此，BTM 和併網之間的一些季度變動不一定被解釋為長期主題。我不認為裡面有太多值得讀的東西。

All right. Thank you.

好的。謝謝。

Thank you.

謝謝。

At this time, there are no further questions. And with that, this concludes today's conference. Thank you for joining us. You may now disconnect your lines.

目前，沒有其他問題了。今天的會議到此結束。感謝您加入我們。現在您可以斷開線路。