HA Sustainable Infrastructure Capital Inc (HASI) 2024 Q4 法說會逐字稿

Greetings, and welcome to HASI's fourth-quarter 2024 and full year earnings conference call and Webcast. (Operator Instructions) As a reminder, this conference is being recorded.

問候，歡迎參加 HASI 2024 年第四季和全年收益電話會議和網路廣播。 （操作員指示）提醒一下，本次會議正在錄音。

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

現在我很高興介紹您的主持人、投資者關係資深副總裁 Aaron Chew。

Thank you, operator, and good afternoon to everyone joining us today for HASI's Fourth Quarter 2024 Conference Call. Earlier this afternoon, HASI distributed the press release reporting our fourth quarter and full year 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.

謝謝接線員，祝今天參加 HASI 2024 年第四季電話會議的各位下午好。今天下午早些時候，HASI 發布了一份新聞稿，報告了我們第四季度和 2024 年全年的業績，該新聞稿的副本可在我們的網站上查閱，同時還有我們今天將參考的幻燈片演示。本次電話會議將在我們網站的投資者關係頁面上進行網路直播，今天稍後將提供重播。

Some of the comments made on this call are forward-looking statements, which are subject to risks and uncertainties described in the Risk Factors section of the company's Form 10-K and other filings with the SEC. Actual results may differ materially from those stated. Today's discussion also includes some non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is available in our earnings release and presentation.

本次電話會議中的部分評論屬於前瞻性陳述，這些評論受公司 10-K 表格和向美國證券交易委員會提交的其他文件中「風險因素」部分所述風險和不確定性的影響。實際結果可能與所述結果有重大差異。今天的討論也包括一些非公認會計準則財務指標。我們的收益報告和介紹中提供了 GAAP 與非 GAAP 財務指標的對帳表。

Joining us on the call today are Jeff Lipson, the company's President and CEO; and Marc Pangburn, our CFO; as well as Susan Nickey, our Chief Client Officer; and Chuck Melko, our Chief Accounting Officer and Treasurer.

今天參加電話會議的還有公司總裁兼執行長 Jeff Lipson；以及我們的財務長 Marc Pangburn；以及我們的首席客戶長 Susan Nickey；以及我們的首席會計官兼財務主管 Chuck Melko。

To kick things off, I will first turn it over to our President and CEO, Jeff Lipson, who will open the presentation today on slide 3. Jeff?

首先，我首先將演講交給我們的總裁兼執行長傑夫·利普森 (Jeff Lipson)，他將在幻燈片 3 上開始今天的演講。傑夫？

Thank you, Aaron, and thank you all for joining us today on the call. 2024 was an extraordinary year for HASI as we achieved a number of our long-term and short-term goals. Notably, we closed our CarbonCount Holdings One co-investment partnership with KKR, increased our bank revolver to over $1.3 billion, closed $2.3 billion of new transactions, including $1.1 billion in the fourth quarter alone, maintained robust margins as interest rates fluctuated and increased our adjusted earnings per share by 10%. We continue to deliver results consistent with our expectations despite interest rate volatility and policy uncertainty.

謝謝你，Aaron，也謝謝大家今天參加我們的電話會議。 2024 年對 HASI 來說是不平凡的一年，因為我們實現了許多長期和短期目標。值得注意的是，我們結束了與 KKR 的 CarbonCount Holdings One 共同投資合作關係，將我們的銀行循環信貸額度增加到 13 億美元以上，完成了 23 億美元的新交易，其中僅第四季度就完成了 11 億美元，在利率波動的情況下保持了強勁的利潤率，並將我們的調整後每股收益提高了 10%。儘管利率波動和政策不確定，我們仍繼續提供符合預期的績效。

The cornerstone of our success is our incredibly talented team, and I will take a moment now to address the organizational changes disclosed today.

我們成功的基石是我們極具天賦的團隊，現在我將花點時間來談談今天揭露的組織變革。

Marc Pangburn has performed at a superior level during his tenure as CFO, including closing our CCH1 transaction, achieving investment-grade ratings and restructuring our SunStrong joint venture. With all of our success on the capital front, I have asked Marc to refocus on our deployment. His new role as Chief Revenue and Strategy Officer; Marc will oversee our investment and portfolio management activities and continue to work with me on various strategic matters, including our asset management strategy. I'm confident Marc will excel in this role.

Marc Pangburn 在擔任財務長期間表現出色，包括完成我們的 CCH1 交易、獲得投資等級評級以及重組我們的 SunStrong 合資企業。由於我們在資本方面取得了成功，我已要求馬克重新關注我們的部署。他擔任首席營收和策略長的新職務； Marc 將負責監督我們的投資和投資組合管理活動，並繼續與我合作處理各種策略事務，包括我們的資產管理策略。我相信馬克會出色地扮演這個角色。

Chuck Melko has been an outstanding Chief Accounting Officer and Treasurer for several years, addressing many complex accounting and reporting matters while also closing numerous bank debt and capital raising transactions. I have full confidence in Chuck's ability to be a successful CFO for HASI.

查克·梅爾科 (Chuck Melko) 多年來一直擔任出色的首席會計官和財務主管，處理了許多複雜的會計和報告問題，同時也完成了無數銀行債務和融資交易。我完全相信查克有能力擔任 HASI 的成功財務長。

[Nick Rose], who many of you know, has been with HASI since 2000 as expressed a desire for a reduced role and Nick will be moving to a position where he can continue to be a leader and strong contributor to our team and is also consistent with his career objectives. I want to acknowledge the tremendous success Nate has achieved during his tenure as our Chief Investment Officer as he has participated in nearly every investment the company has made over the last 25 years.

許多人都知道的 [尼克·羅斯] 自 2000 年以來一直在 HASI 工作，他曾表示希望減少職位，而尼克將調到一個可以讓他繼續擔任領導者和為我們的團隊做出強大貢獻的職位，這也與他的職業目標一致。我要承認 Nate 在擔任我們的首席投資長期間取得了巨大的成功，因為他參與了公司過去 25 年來的幾乎每一項投資。

I would also like to recognize our Chief Client Officer, Susan Nickey when completing her tenure as Chair of the American Clean Power Association. Their outstanding leadership of this organization allowed our industry to positively impact several policy matters. Congratulations to all.

我還要對我們的首席客戶長蘇珊·尼基（Susan Nickey）表示感謝，她即將結束自己擔任美國清潔能源協會主席的任期。他們對該組織的傑出領導使我們的行業對多項政策議題產生了積極影響。向大家表示祝賀。

Turning to slide 4. With our capital position stronger than ever, our business strategy well established, several market dynamics moving in a positive direction and our aforementioned talented team, I'm excited to announce that we are extending our adjusted EPS guidance of 8% to 10% annual growth another year to include 2027. The confidence we have in our business plan is based on economic fundamentals, which we'll expand upon shortly and a resilient time-tested business model that we expect will continue to thrive in all interest rate and policy scenarios.

翻到幻燈片 4。由於我們的資本狀況比以往任何時候都更加強勁，我們的業務策略已經完善，一些市場動態朝著積極的方向發展，以及我們前面提到的才華橫溢的團隊，我很高興地宣布，我們將把調整後的每股收益預期從 8% 延長至 10%，即到 2027 年。我們對業務計劃的信心是基於經濟基本面，我們將很快擴展這一基本面，並採用經過時間考驗的彈性業務模式，我們預計該模式將在所有利率和政策情景下繼續蓬勃發展。

Our confidence in extending guidance is also a reflection of the substantial recurring revenue from the existing $6.6 billion portfolio, coupled with a large pipeline of identified investments that are generally insulated from future changes in policy due to their development status or safe harbor. I'm also pleased to announce an increase in our dividend to $0.42 per share as we continue to retain more capital, and as I indicated last February, target a 50% payout ratio by 2030. As an interim target, investors should expect a payout ratio of between 55% and 60% by the end of the guidance period.

我們對延長指引的信心也反映了現有 66 億美元投資組合的大量經常性收入，加上大量已確定的投資，這些投資由於其發展狀況或安全港，通常不受未來政策變化的影響。我還很高興地宣布，由於我們繼續保留更多資本，我們的股息將增加至每股 0.42 美元，正如我去年二月所說，我們的目標是到 2030 年實現 50% 的派息率。作為中期目標，投資者應預期指導期結束時的派息率在 55% 至 60% 之間。

Now let's discuss a few of the favorable market dynamics. First, as depicted on slide 5, demand for power as forecasted by virtually every independent consultant, is poised to grow significantly over the next 20 years after more than 20 years of near zero growth. Therefore, clean energy projects will no longer simply replace other sources of power, but rather meet the need of higher demand as we inevitably move towards an all-of-the-above strategy in the United States.

現在讓我們討論一些有利的市場動態。首先，如投影片 5 所示，幾乎每位獨立顧問都預測，在經歷了 20 多年的接近零成長之後，未來 20 年電力需求將大幅成長。因此，清潔能源專案將不再簡單地取代其他電力來源，而是滿足更高的需求，因為我們不可避免地會在美國走向全覆蓋策略。

Renewables, as depicted on page 6, are the least expensive and fastest to deploy alternatives to meet this rising demand and our clients are expected to continue to increase their development of new renewables projects accordingly, creating more opportunity and a larger investable market for HASI. These lower costs ultimately caused renewables to be directionally anti-inflationary and this supply can act to offset the trend of rising energy prices. Susan will discuss these items in more detail in a few moments.

如第 6 頁所示，再生能源是滿足這一不斷增長的需求的最便宜且部署速度最快的替代能源，我們的客戶預計將繼續加大新可再生能源項目的開發，從而為 HASI 創造更多機會和更大的可投資市場。這些較低的成本最終使再生能源具有方向性的抗通膨作用，而且這種供應可以抵消能源價格上漲的趨勢。蘇珊稍後將更詳細地討論這些事項。

Turning to page 7. Another item worth highlighting is that carbon-reducing solutions will continue to be critical to our economy as related to reversing the trend of climate-related disasters. These events have become more frequent and more costly, which is just another reason clean energy projects will continue to be a growth sector of the economy.

翻到第 7 頁。另一個值得強調的是，減少碳排放的解決方案對於扭轉氣候相關災害的趨勢將繼續對我們的經濟至關重要。這些事件變得越來越頻繁，成本也越來越高，這只是清潔能源專案將繼續成為經濟成長部門的另一個原因。

In summary, although certain federal policy matters remain unsettled for the moment, these fundamental economic dynamics will continue to drive the business. Our business is resilient, and we have confidence we will adapt if there are any changes in policy or regulation, and we'll continue to find investments with attractive risk-adjusted returns.

總而言之，儘管某些聯邦政策問題目前仍未解決，但這些基本經濟動力將繼續推動業務發展。我們的業務具有彈性，我們有信心如果政策或法規有任何變化，我們都會適應，並且我們將繼續尋找具有吸引人的風險調整回報的投資。

To expand on these policy themes, I would like to turn the call over to Susan, followed by Marc to discuss our investment strategy and Chuck to cover our financial results. Susan?

為了擴展這些政策主題，我想將電話轉給蘇珊，然後由馬克討論我們的投資策略，並由查克介紹我們的財務表現。蘇珊？

Thank you, Jeff. I appreciate the opportunity to speak to you all at this important moment in the history of clean energy. While there is uncertainty related to the new administration, the fact remains that broader market forces are being driven by the growing certainty of accelerating US energy demand, the need for an all-of-the-above approach to supplying that demand the fact that renewables are the lowest cost and fastest to deploy at scale.

謝謝你，傑夫。我很高興有機會在清潔能源歷史上這個重要的時刻向大家發表演說。雖然新政府存在不確定性，但事實是，更廣泛的市場力量正受到以下因素的推動：美國能源需求加速成長的確定性日益增強，需要採取全方位的方法來滿足這一需求，而再生能源成本最低，大規模部署速度最快。

Opening on slide 8. The Trump administration's early executive orders had been well telegraphed and the clear impact included no major surprises related to energy. While the executive orders have led to some process uncertainty for new projects, thus far, federal agencies have continued to issue permits. The expected actions targeting wind, electric vehicles and DOE and EPA grants and loans have limited impact on HASI's investment opportunities.

從第 8 張投影片開始。川普政府早期的行政命令已經充分傳達，其明顯影響包括沒有在能源方面出現重大意外。雖然行政命令導致新專案流程出現一些不確定性，但到目前為止，聯邦機構仍在繼續頒發許可證。針對風能、電動車以及能源部和環保署撥款和貸款的預期行動對 HASI 的投資機會影響有限。

The fact is the US will need renewables and storage to fulfill the new administration's commitment to economic growth, national security and lower electricity prices.

事實上，美國需要再生能源和儲能來實現新政府對經濟成長、國家安全和降低電價的承諾。

On the near-term pipeline for new generating capacity remains dominated by solar and storage, given their relative cost and speed to deploy in addition to strong corporate and state commitment to clean energy.

就短期新增發電能力而言，太陽能和儲能仍占主導地位，因為它們的相對成本和部署速度，加上企業和政府對清潔能源的堅定支持。

With regard to potential revisions to the Inflation Reduction Act, we expect clarity on the outlook for energy tax credits to come with the forthcoming budget reconciliation bill. Although a final outcome may not occur until the December expiration of the 2017 tax cut. Nevertheless, the clean energy industry continues to maintain bipartisan support in light of the large investment in new manufacturing and the corresponding increase in jobs, property taxes and economic growth.

關於《通膨削減法案》的潛在修訂，我們預計即將出台的預算協調法案將使能源稅收抵免的前景變得明朗。儘管最終結果可能要到2017年減稅政策12月到期才會揭曉。儘管如此，鑑於對新製造業的大量投資以及相應的就業、財產稅和經濟成長的增加，清潔能源產業繼續保持兩黨的支持。

As Jeff indicated, the core tailwinds to our business are unchanged by policy and include: first, underlying US power demand growth; and second, renewables advantage in both cost and speed to market.

正如 Jeff 所指出的，我們業務的核心推動因素並沒有因政策而改變，包括：首先，美國潛在的電力需求成長；其次，再生能源在成本和上市速度方面都具有優勢。

First, as highlighted on slide 9, US power demand has entered a new era of growth that we haven't experienced in decades. On one hand is the well-publicized demand from data centers, which is forecast to increase by more than 400 terawatt hours in 10 years.

首先，正如第 9 張投影片所強調的那樣，美國電力需求進入了幾十年來從未經歷過的成長新時代。一方面是眾所周知的資料中心的需求，預計 10 年內將增加 400 多太瓦時。

But critically, it's not just about AI. Data centers are just one of several forces driving power demand in the years ahead. It's also domestic manufacturing and the new prioritization of onshoring.

但至關重要的是，這不僅與人工智慧有關。資料中心只是未來幾年推動電力需求的幾種力量之一。這也是國內製造業和在岸生產的新重點。

On top of that, there is also the electrification of buildings, industrial processes and vehicles. All in, McKinsey forecast US electricity demand will double over the next 25 years to more than 8,000 terawatt hours by 2050, not driven by the IRA, but by underlying demand. If we aren't able to meet this demand with sufficient supply is going to drive energy prices higher, on top of inflationary pressures from rising supply chain, labor and tariff costs.

除此之外，建築物、工業流程和車輛也實現了電氣化。總體而言，麥肯錫預測，未來 25 年，美國的電力需求將翻一番，到 2050 年將超過 8,000 太瓦時，這不是由 IRA 推動的，而是由潛在需求推動的。如果我們無法以充足的供應來滿足這項需求，能源價格就會上漲，此外，供應鏈、勞動力和關稅成本的上升還會造成通膨壓力。

As slide 10 shows, we are already starting to see the signals across multiple markets to point to higher power prices. Forward price curves in ERCOT and PJM have essentially doubled over the last five years. Therefore, renewables are not about policy, but the basics of business. They will simply be less expensive and faster to market at scale than other sources, including gas turbines, which due to supply constraints, can take five years or more to deploy.

正如幻燈片 10 所示，我們已經開始看到多個市場發出的預示電價上漲的信號。過去五年來，ERCOT 和 PJM 的遠期價格曲線基本上翻了一番。因此，再生能源不僅關乎政策，還關乎商業的基礎。與其他能源（包括燃氣渦輪機）相比，它們的成本更低，而且可以更快地大規模上市。

As shown on slide 11, solar and batteries currently account for 80% of the current interconnection queue. And first, high probability forecast from January 2025, the new generating capacity includes 92 gigawatts of solar but only 15 gigawatts of natural gas.

如投影片 11 所示，太陽能和電池目前佔目前互連隊列的 80%。首先，從 2025 年 1 月開始的高機率預測，新的發電量包括 92 吉瓦的太陽能，但僅包括 15 吉瓦的天然氣。

As you can see, renewables will be a central component and arguably the most important one for the rest of this decade. Underscoring this dynamic, our clients remain bullish as they monitor the uncertainty in the policy landscape. The feedback from our clients has been remarkably consistent. They are staying the course and even accelerating projects to meet the surge in near-term demand from their buyers, hyperscalers, corporates, utilities, municipalities.

如你所見，再生能源將成為未來十年能源結構的核心組成部分，甚至可以說是最重要的組成部分。鑑於這一動態，我們的客戶在關注政策格局的不確定性時仍保持樂觀態度。我們客戶的回饋非常一致。他們堅持到底，甚至加快專案進度，以滿足買家、超大規模企業、企業、公用事業和市政當局近期激增的需求。

With growing demand and constraints in near-term supply, our clients are largely expecting to pass through any potential changes to tax credits or tariffs through higher PPA prices. Meanwhile, we are also seeing new innovative business models such as co-located data centers and community solar partnership programs anchored by corporate offtakers such as Microsoft and Google, which expands our clients' pipeline and, in turn, are opportunities, all tailwinds for growth and innovation for our pipeline.

隨著需求的成長和短期供應的限制，我們的客戶大多希望透過提高電力購買協議（PPA）價格來轉嫁任何潛在的稅收抵免或關稅變化。同時，我們也看到了新的創新商業模式，例如由微軟和谷歌等企業承購商支持的共置資料中心和社區太陽能合作夥伴計劃，這擴大了我們客戶的管道，進而帶來了機遇，所有這些都有利於我們通路的成長和創新。

So again, amid changes and uncertainty, we do have the fundamentals working in our favor for short- and long-term growth. Now I will pass it to Marc to discuss these new investment opportunities.

因此，儘管存在變化和不確定性，我們確實擁有有利於短期和長期成長的基本面。現在我將把這個主題交給馬克來討論這些新的投資機會。

Thank you, Susan. I am incredibly excited for my new role, long-term fundamentals and short-term market dynamics are creating a tremendous investment opportunity for HASI. Our investment strategy will remain largely unchanged with a few enhancements that I'll discuss shortly.

謝謝你，蘇珊。我對我的新角色感到無比興奮，長期基本面和短期市場動態正在為 HASI 創造巨大的投資機會。我們的投資策略基本上將保持不變，但會進行一些改進，我稍後會談到。

Over the past two years, we have invested approximately $4.6 billion utilizing our climate client assets model. It is working exceedingly well, well enough that we will expand our capability set to meet the opportunity ahead.

在過去兩年裡，我們利用氣候客戶資產模型投資了約 46 億美元。它運作得非常好，好到我們可以擴展我們的能力來迎接未來的機會。

I'll start on slide 12. Jeff and Susan have previously discussed the highly supportive long-term macro trends and the resulting investment opportunity. In addition to the support of long-term trend, we also see short-term policy-driven uncertainty. While uncertainty will cause stress in our end markets, we have never been in a stronger position as it relates to our liquidity, access to capital and balance sheet.

我將從第 12 張投影片開始。傑夫和蘇珊之前曾討論過高度支持的長期宏觀趨勢和由此產生的投資機會。除了長期趨勢的支撐，我們也看到短期政策驅動的不確定性。儘管不確定性會對我們的終端市場造成壓力，但在流動性、資本取得和資產負債表方面，我們從未處於如此強大的地位。

These dynamics lead us to focus on three areas in 2025. First, continuity. As shown with our Q4 activity, we continue to see an attractive investment environment. Our approach is working, and our first priority is to grow the core business. Two, we will also showcase our adaptability. While uncertainty is not optimal, we do anticipate opportunity to come from it.

這些動態使我們在 2025 年專注於三個領域。第一，連續性。正如我們第四季的活動所顯示的，我們繼續看到具有吸引力的投資環境。我們的方法正在發揮作用，我們的首要任務是發展核心業務。二是要展現我們的適應力。儘管不確定性並不是最佳的，但我們確實預期它會帶來機會。

A great example is the SunPower bankruptcy, while an unfortunate event our SunStrong platform assumed the SunPower servicing business, and we are excited about the growth prospects of this business. And finally, we have a strong track record of identifying new areas to invest. As such, we anticipate investing additional time and dollars exploring new growth paths and in particular, opening up new end markets.

一個很好的例子就是SunPower的破產，而不幸的是我們的SunStrong平台接管了SunPower的服務業務，我們對這項業務的成長前景感到興奮。最後，我們在尋找新投資領域方面擁有豐富的經驗。因此，我們預計將投入更多的時間和資金來探索新的成長途徑，特別是開拓新的終端市場。

Moving to slide 13, I'll provide some context on our past growth. On our '23 Investor Day, I said that we have three primary paths to growth, growing with our existing clients, attracting new clients and entering new asset classes. These work well for us.

轉到第 13 張投影片，我將提供一些有關我們過去成長的背景資訊。在我們的 23 年投資者日上，我說我們有三個主要的成長途徑：與現有客戶共同成長、吸引新客戶以及進入新的資產類別。這些對我們來說很有效。

Over the last two years, we have invested $3.5 billion with 20 existing clients, acquired 15 new clients and amassed $1.2 billion of originations in our FTN business. Today, we will continue to focus on these three paths and two more.

在過去的兩年裡，我們向 20 個現有客戶投資了 35 億美元，獲得了 15 個新客戶，並在 FTN 業務中累積了 12 億美元的資金。今天我們將繼續關注這三條路徑和另外兩條路徑。

Fourth, investing outside the US with existing clients, we made a handful of small investments in Canada in 2024 and are evaluating international opportunities with long-standing clients. New forms of investments or revenues. A few examples include SunStrong, which enables both incremental recurring fee streams and a vehicle to acquire certain assets and servicing platforms. We also view platform investments as potential opportunities given the reset and valuations.

第四，與現有客戶一起在美國以外進行投資，我們在 2024 年在加拿大進行了一些小額投資，並正在與長期客戶一起評估國際機會。新的投資或收入形式。一些例子包括 SunStrong，它既可以實現增量經常性費用流，又可以成為獲取某些資產和服務平台的工具。考慮到重置和估值，我們也將平台投資視為潛在的機會。

Turning to slide 14. The addition of new asset classes is where we see a step change in our opportunity set. Today, our investment activities cover 10 asset classes spanning electric generation, clean molecules, transportation and resiliency. One element of our business, which can be underappreciated is our potential investment scope. Over the last five years, renewables have powered the business forward, which is also coincided with massive growth in renewables.

翻到第 14 張投影片。隨著新資產類別的增加，我們看到了機會集的重大變化。如今，我們的投資活動涵蓋發電、清潔分子、運輸和彈性等 10 個資產類別。我們的業務中可能被低估的一個要素是我們的潛在投資範圍。在過去五年中，再生能源推動了業務向前發展，這也與再生能源的大規模成長相吻合。

We launched our FTN team two years ago with the goal of growing beyond renewables and energy efficiency. This started with RNG, but will not stop there. We're currently tracking a number of asset classes as listed on the slide. Not all of these will succeed or be a good fit for HASI. However, entering a select few that scale will be a major driver for growth and diversification of our business.

我們兩年前成立了 FTN 團隊，目標是超越再生能源和能源效率。這始於 RNG，但不會就此停止。我們目前正在追蹤幻燈片上列出的多種資產類別。但並非所有這些措施都會成功或適合 HASI。然而，進入少數幾個具有規模的企業將成為我們業務成長和多樣化的主要動力。

Ultimately, our mandate is to invest in assets that are either neutral to or reduced carbon emissions or that provide some of their kind of environmental benefit. That leaves open a breadth of different opportunities to invest. Before I pass the call to Chuck, I'm pleased to report that as of year-end, we have closed $815 million of transactions into our CCH1 partnership. CCH1 is exceeding expectations, and we remain on track to fully deploy the capital as planned.

最終，我們的任務是投資對碳排放零排放或減少碳排放，或提供某種環境效益的資產。這為投資留下了廣闊的空間。在我將電話轉給查克之前，我很高興地報告，截至年底，我們已與 CCH1 合作完成了 8.15 億美元的交易。CCH1超出預期，我們仍按計畫全面部署資本。

With that, I'll pass the call to Chuck Melko, our soon-to-be CFO.

說完這些，我將把電話轉給我們即將上任的財務長 Chuck Melko。

Thank you, Marc. I'm appreciative of the opportunity and excited about what I can bring to this role. I'm looking forward to working with each of our analysts and investors in the years ahead.

謝謝你，馬克。我很感激有這個機會，並且很高興我能為這個職位做出貢獻。我期待在未來的幾年裡與我們的每位分析師和投資者合作。

On slide 15, we are highlighting our key profitability metrics. On the right-hand side, you can see that we have had meaningful growth across the board over the past four years for our key metrics. CAGR of 32% for adjusted NII, 12% for adjusted EPS, 39% for our recurring capital light income and 12% for our upfront capital-light income.

在投影片 15 上，我們重點介紹了我們的關鍵獲利指標。在右側，您可以看到過去四年來我們的關鍵指標全面實現了有意義的成長。調整後 NII 的複合年增長率為 32%，調整後 EPS 的複合年增長率為 12%，經常性輕資本收入的複合年增長率為 39%，前期輕資本收入的複合年增長率為 12%。

In addition, our primary metric, adjusted EPS was $2.45 in 2024, an increase of 10%. Adjusted NII grew 22% to a new high of $264 million. We are continuing to deliver value from our securitization business, with our gain on sale, fees and securitization income totaling $118 million for 2024, which is up 30%.

此外，我們的主要指標，調整後的每股盈餘在 2024 年為 2.45 美元，成長 10%。調整後NII成長22%，達到2.64億美元的新高。我們將繼續從證券化業務中創造價值，2024 年我們的銷售收益、費用和證券化收入總計 1.18 億美元，成長 30%。

Moving on to slide 16. Our pipeline is greater than $5.5 billion, which is split 48% behind the meter, 27% FTN and 25% grid connected, with all three markets continuing to see ample near-term investment opportunities. And to build upon something that was highlighted earlier on our pipeline, much of it is already in development, largely insulated from any near-term public policy change.

轉到第 16 張投影片。我們的投資管道價值超過 55 億美元，其中 48% 為電錶後項目、27% 為 FTN 項目、25% 為電網項目，這三個市場都將繼續看到充足的短期投資機會。基於我們先前強調的管道內容，其中大部分已在開發中，基本上不受任何近期公共政策變化的影響。

On slide 17, in 2024, we closed $2.3 billion of transactions after closing a record $1.1 billion just in Q4. Importantly, this slide continues to show the powerful diversification of our business. Each year, our leading asset classes tend to rotate and our total activity level remains strong. Also, as you can interpret from the slide, wind is a small contributor to the go-forward business.

在第 17 張投影片中，我們在 2024 年完成了 23 億美元的交易，而光是在第四季就創造了 11 億美元的交易記錄。重要的是，這張投影片繼續展示我們業務的強大多樣化。每年，我們的主要資產類別都會輪換，我們的整體活動水準依然強勁。另外，正如您從幻燈片中看到的，風能對未來業務的貢獻很小。

Moving to slide 18. As of the end of the year, our managed assets totaled $13.7 billion, increasing 11% year-over-year and more than 90% at the end of 2020. This is made up of our $6.6 billion portfolio on our balance sheet, approximately $300 million for our partner share of CCH1 and $6.8 billion of assets we have securitized off balance sheet. In addition to what Marc mentioned on CCH1, we have funded $600 million of the total commitments as of the end of 2024.

移至幻燈片 18。截至年底，我們管理的資產總額達137億美元，年增11%，截至2020年底成長超過90%。這包括我們資產負債表上的 66 億美元投資組合、約 3 億美元的 CCH1 合作夥伴份額以及表外證​​券化的 68 億美元資產。除了馬克在 CCH1 上提到的內容之外，截至 2024 年底，我們已為總承諾資金提供 6 億美元的資金。

On slide 19, our portfolio increased 7% to $6.6 billion from 2023 despite the $400 million asset rotations of lower-yielding assets that we completed earlier in the year. We have been successful in adjusting the pricing of our new investments to the current interest rate environment with our weighted average yield exceeding 10.5% in 2024.

在投影片 19 上，儘管我們今年稍早完成了 4 億美元的低收益資產的資產輪換，但我們的投資組合從 2023 年起仍成長了 7%，達到 66 億美元。我們已成功地根據當前的利率環境調整新投資的定價，2024 年的加權平均收益率將超過 10.5%。

The higher-yielding new investments and the reinvestment of portfolio principal paydowns into these higher-yielding investments contributed to a meaningful increase in our portfolio yield coming in at 8.3% compared to 7.9% at the end of the prior year.

收益更高的新投資以及將投資組合本金償還額重新投資於這些收益更高的投資，使得我們的投資組合收益率顯著上升至 8.3%，而上年年底為 7.9%。

On slide 20, as you can see from the trend of portfolio yield and our average debt cost, we have successfully preserved our margins over multiple periods of interest rate volatility. We believe that this is proof positive that our business can successfully grow in the higher interest rate environment and we are seeing a similar trend in the pricing potential of deals in our pipeline.

在投影片 20 上，從投資組合收益率和平均債務成本的趨勢可以看出，我們在多個利率波動期間成功地維持了利潤率。我們相信，這充分證明我們的業務可以在高利率環境下成功成長，而且我們在交易的定價潛力中也看到了類似的趨勢。

Our investment-grade rating and our hedging program has successfully helped us manage our debt costs, and we are actively focused on continuing to drive down our cost of capital. We are just beginning to realize the benefits of our investment-grade rating.

我們的投資級評級和對沖計劃成功幫助我們管理了債務成本，我們正積極致力於繼續降低資本成本。我們才剛開始認識到投資等級評級的好處。

Turning to slide 21. The combination of our available liquidity and the stability of the investment-grade debt market are expected to provide us flexibility in completing the refinancing of our upcoming maturities and a benefit in the pricing of future debt issuances relative to our historic transaction. We ended the year with greater than $1.5 billion of liquidity and our leverage, as measured by our debt-to-equity ratio, remained within our 1.5 to 2x target range at 1.8x.

翻到第 21 張投影片。我們可用的流動性和投資等級債務市場的穩定性相結合，預計將為我們提供靈活性，以完成即將到期的債務的再融資，並為我們未來債務發行相對於歷史交易的定價帶來優勢。截至年底，我們的流動資金超過 15 億美元，而我們的槓桿率（以債務權益比率衡量）仍保持在 1.5 至 2 倍的目標範圍內，為 1.8 倍。

In addition, 100% of our debt is either fixed or hedged and protected from increases in rates. Our liquidity levels have been increasing, and we have done so through portfolio cash generation, additional capital markets transactions, including our recent $300 million 10-year issuance and an additional $100 million commitment in Q4 for our revolver.

此外，我們的 100% 債務都是固定的或經過對沖的，並受到利率上升的影響。我們的流動性水準一直在提高，這透過投資組合現金產生、額外的資本市場交易來實現，包括我們最近發行的 3 億美元 10 年期債券以及第四季度為我們的循環信貸額外注入的 1 億美元承諾。

In addition to our refinancing plans, we will use this higher liquidity to fund our growing pipeline. We have also initiated a commercial paper issuance program that will generate meaningful savings on short-term borrowings relative to our other sources.

除了我們的再融資計劃之外，我們還將利用這種更高的流動性來為我們不斷增長的管道提供資金。我們還啟動了一項商業票據發行計劃，相對於其他來源，這將為短期借款帶來顯著的節省。

And with that, I'll pass it back to Jeff for his closing remarks.

最後，我將把發言權交給傑夫，請他作最後發言。

Thank you. Thank you, Susan, Marc and Chuck. On slide 22, as always, we provide our primary sustainability metrics, carbon count and water count. Along with some of our sustainability accomplishments over the last quarter and recognition that we have received. Wrapping up on slide 23.

謝謝。謝謝你，蘇珊、馬克和查克。像往常一樣，在第 22 張幻燈片上，我們提供了主要的可持續性指標、碳計數和水計數。以及我們上個季度在永續發展方面取得的一些成就和獲得的認可。結束投影片 23。

We are situated with an incredibly strong balance sheet and liquidity position, coupled with a proven investment strategy, and we are poised to continue scaling our business and achieving our targeted earnings growth. Not only was our adjusted EPS growth 10% in 2024, but our compound average EPS growth has been 10% since our IPO.

我們擁有極為強勁的資產負債表和流動性狀況，再加上行之有效的投資策略，我們準備好繼續擴大業務規模並實現目標獲利成長。我們的調整後每股盈餘不僅在 2024 年成長了 10%，而且自 IPO 以來，我們的複合平均每股盈餘成長率也達到了 10%。

We have a highly resilient and noncyclical business model that has demonstrated -- has a demonstrated ability to adapt to business cycles and policy changes while continuing to produce earnings growth. We have an optimistic outlook for our business and have reinforced that confidence with guidance through 2027.

我們擁有高度彈性和非週期性的商業模式，已證明有能力適應商業週期和政策變化，同時繼續實現獲利成長。我們對我們的業務持樂觀態度，並透過對 2027 年的指導增強了這種信心。

I would like to thank our dedicated and talented team for an outstanding year as we look forward to further success in 2025. Operator, please open the line for questions.

我要感謝我們敬業且才華橫溢的團隊在過去一年中取得的出色成績，我們期待在 2025 年取得更大的成功。接線員，請打開電話線以回答問題。

(Operator Instructions) Mark Strouse, JPMorgan Chase & Company.

（操作員指示）摩根大通公司 Mark Strouse。

Great. Congrats to everybody on your new roles. I wanted to go back to slide 14, if we can. A few questions there. Just to start, can you talk about maybe when we should expect just kind of around the timing of when some of these opportunities could be added to the portfolio?

偉大的。恭喜大家獲得新的職位。如果可以的話，我想回到第 14 張投影片。有幾個問題。首先，您能否談談我們應該預計何時可以將這些機會添加到投資組合中？

And then just kind of how you're thinking about it today, at least as far as kind of the risk-adjusted returns, how we think about that?

那麼，您今天是如何看待這個問題的，至少就風險調整後的回報而言，我們是如何看待這個問題的？

Mark, thank you for the question. So with a list as extensive as we provided, you can imagine that some of these are tangible and near term and others are perhaps within the scope, but from a timing perspective, much further out. In terms of some of the opportunities we see in the near term, I would encourage you to think of them in a very similar context to what we're doing today and that they are infrastructure assets with long-term cash flows and contracted cash flows that enable us to price in a similar ZIP code as we are today.

馬克，謝謝你的提問。因此，透過我們提供的詳盡列表，您可以想像其中一些是切實可行的、近期的，而其他一些可能在範圍內，但從時間角度來看，還要遙遠得多。對於我們在短期內看到的一些機會，我鼓勵你在與我們今天所做的事情非常相似的背景下思考它們，它們是具有長期現金流和合約現金流的基礎設施資產，使我們能夠按照與今天類似的郵政編碼進行定價。

But obviously, we will adjust pricing as risk changes for the asset classes as we move forward.

但顯然，隨著資產類別風險的變化，我們將調整定價。

Okay. And then just a quick follow-up. So obviously, the scope is expanding. Can you talk about the scale, too? Does the expansion into new markets, does that change kind of your stated goal of reducing your reliance on public capital markets?

好的。然後只是快速的跟進。顯然，範圍正在擴大。也可以談談規模嗎？擴展到新市場是否會改變您所宣稱的減少對公共資本市場依賴的目標？

Is there anything about these verticals that you're going after that, for example, might not fit into the KKR partnership or some of the other private deals that you're looking at?

您所追求的這些垂直領域是否存在什麼不適合與 KKR 合作夥伴關係或您正在考慮的其他一些私人交易有關？

Thanks, Mark. No, I wouldn't think about the way in which we fund any of these new asset classes to be differently different than the way we've historically funded the business. And so I don't think they would result in any more or less capital raising. I say it would have a consistent funding strategy, as Marc said, presuming they had a consistent risk profile, we would fund them exactly the same as we funded ourselves historically.

謝謝，馬克。不，我認為我們為這些新資產類別提供資金的方式與我們過去為企業提供資金的方式沒有什麼不同。因此，我認為它們不會導致更多或更少的資本籌集。我認為它會有一個一致的融資策略，正如馬克所說，假設他們有一個一致的風險狀況，我們就會像過去我們自己融資一樣為他們提供資金。

Ben Kallo, Baird.

本卡洛，貝爾德。

Congrats, Marc, Chuck and Susan. Just maybe just on the next deal with KKR, I know it's still less than half of the $2 billion, but you guys are moving quickly. And so I just wanted to understand what the kind of discussions you're having with them or others about a similar cycle partnership. And then I have a follow-up.

恭喜馬克、查克和蘇珊。也許只是在與 KKR 的下一筆交易中，我知道它仍然不到 20 億美元的一半，但你們的行動很快。所以我只是想要了解您與他們或其他人就類似的周期合作關係進行了什麼樣的討論。然後我有一個後續問題。

So thanks for the question, Ben. Although I would say it's a little premature. We're not in advanced discussions. I think we have a ways to go with our existing co-investment vehicle. I would say, as I said to you and others before, I would expect a co-investment strategy to be a permanent part of our capital structure, but we don't have anything to say yet on what's next after CCH1.

謝謝你的提問，本。儘管我想說現在還太早。我們尚未進行深入討論。我認為我們還有很長的路要走，依靠我們現有的共同投資工具。我想說，正如我之前對你和其他人所說的那樣，我希望共同投資策略成為我們資本結構的永久組成部分，但對於 CCH1 之後的下一步，我們暫時還沒有任何消息可說。

Okay. Just on the -- going back to Mark's question on slide 14. I guess the takeaway, you guys have to move internationally, too. I don't know if we should think that you might have opportunities kind of in your bread and butter areas that you guys have been doing or if we should think of it as technologies maturing or the sub more capital to deploy or maybe all of the above. So maybe just to frame like why we list these things and then the move internationally?

好的。回到幻燈片 14 上馬克提出的問題。我想，你們也必須走向國際化。我不知道我們是否應該認為你們在你們一直從事的賴以生存的領域中可能有機會，或者我們是否應該將其視為技術的成熟，或者是需要部署更多的資本，或者或許是以上所有。所以也許只是為了說明為什麼我們列出這些事情然後將其推向國際？

Thanks, Ben. Maybe I'll start and give Marc an opportunity to expand upon my answer, but I would say definitively, it is not a reflection of the asset strategy as reflected today in the middle com on page 14, somehow running out of capacity. I think we have a great opportunity in the asset classes and the client base we have today. But as any business would, we want to expand. And I think Marc in describing his vision and this new role that we've created for him, wanted to really get out in front of this notion of where might we expand the business, both geographically and in terms of asset classes.

謝謝，本。也許我會開始給馬克一個機會來擴展我的答案，但我可以肯定地說，它並不反映資產策略，正如今天在第 14 頁中間部分所反映的那樣，不知何故容量耗盡了。我認為我們在現有的資產類別和客戶群中擁有巨大的機會。但和任何企業一樣，我們也希望擴張。我認為馬克在描述他的願景和我們為他創造的新角色時，想要真正闡明我們可以在哪些方面擴展業務，無論是從地域上還是從資產類別上。

So I would contextualize it in that framework. We're certainly not running out of opportunity though with the existing business. The market opportunity to add anything to that? He's not -- he said that nothing to add.

因此我會在這個框架內進行具體化。當然，就現有業務而言，我們不會失去機會。有哪些市場機會可以補充呢？他不是——他說沒有什麼好補充的。

Julien Dumoulin-Smith, Jefferies.

朱利安‧杜穆蘭‧史密斯 (Julien Dumoulin-Smith)，傑富瑞 (Jefferies)。

Congratulations to all of you guys. Nicely done. And maybe also nicely done and rolling forward the guidance here, the updates there as well. In fact, do you think going forward, you'll start this cadence of rolling forward as you finish when you kind of rolling forward the guidance in the kind of a disciplined, consistent manner like this versus the prior Analyst Day rollout?

祝賀你們所有人。做得好。也許也做得很好，並且在這裡推出了指導，那裡也推出了更新。實際上，您是否認為，在未來，您會開始以這種節奏向前推進，就像您以一種有紀律、一致的方式向前推進指導一樣，而不是像之前的分析師日那樣？

Thanks for the question, Julian. I think we've done it a couple of different ways, as you know, because you've covered us a long time, but I think we've consistently had multiyear guidance out there at any given moment. And to have three more years out there is obviously a reflection of the confidence and visibility we have on the business. I can't guarantee exactly how we'll do it in the future, but I think we've been generally consistent with multiyear guidance.

謝謝你的提問，朱利安。正如你所知，我們已經採取了幾種不同的方式來做到這一點，因為你已經報道我們很長時間了，但我認為我們在任何時候都會有多年的指導。而持續維持三年的強勁勢頭顯然反映了我們對業務的信心和前景。我無法保證我們將來會怎麼做，但我認為我們總體上與多年指導方針保持一致。

No. It's great to have the affirmation here and now on the long-dated view. In fact, maybe that folds into the next question. I mean, strategically here, I see the new role. Maybe Marc, you can speak to a little bit mentioning strategy.

不。現在就得到對長遠觀點的肯定是件好事。事實上，這也許與下一個問題有關。我的意思是，從策略角度來看，我看到了新的角色。也許馬克，你可以稍微談談策略。

Is the emphasis on creating that role more about reviewing strategic nature for the company itself? Or is it more about evaluating the next frontier, as you guys labeled in the slides as to what direction you just want to go?

設立這一職位是否更多的是為了審視公司本身的策略性質？或者更多的是評估下一個前沿，就像你們在幻燈片中標記的那樣，你們只是想走哪個方向？

And then maybe related on kind of this next frontier, how do you think about the gross asset origination number? I know we've talked about this a few different times. But given all the various new end markets, given the growth trajectory, is there kind of a good heuristic that you're thinking about now in terms of what that gross origination number could scale to as you think about that '26 and now '27.

然後也許與下一個前沿相關，您如何看待總資產發起數字？我知道我們已經討論過這個問題幾次了。但是考慮到所有各種新的終端市場，考慮到成長軌跡，您是否正在考慮一種好的啟發式方法，即當您考慮 26 年和現在的 27 年時，總發起量可以擴大到多少。

Sure. I'll take the first part of that and allow Marc to answer the second part. So the strategy in Marc's new title is primarily a focus on our investment strategy. It may involve some corporate strategy matters at certain times, but think of it more as driving the investment strategy. I'll let Marc answer the second part of that question.

當然。我將回答第一部分，然後讓馬克回答第二部分。因此，馬克的新頭銜中的策略主要關注我們的投資策略。它可能在某些時候涉及一些公司策略問題，但更多地將其視為推動投資策略。我請馬克回答這個問題的第二部分。

Julien, thanks for the question. The second part around our general thoughts on investment volumes and so forth, I do think that from a most basic perspective, we're an organization that grows earnings primarily through the investment and deployment of capital. And so our goal, of course, is to always be increasing our level of activity on that front.

朱利安，謝謝你的提問。第二部分圍繞著我們對投資量等的整體想法，我確實認為從最基本的角度來看，我們是一個主要透過投資和部署資本來增加收益的組織。因此，我們的目標是始終提高我們在這方面的活動水平。

We, of course, balance our desire to increase the investment activity with our capital platform and the people we have internally. But I'm sure you can pick up from this call that we feel very good about the capital platform, the people and are very much looking forward to expanding our level of activity.

當然，我們會在增加投資活動的願望與我們的資本平台和內部人才之間取得平衡。但我相信您可以從這通電話中了解到，我們對資本平台和人員感到非常滿意，並非常期待擴大我們的活動水平。

Moses Sutton, BNP Paribas.

法國巴黎銀行的摩西‧薩頓 (Moses Sutton)。

This is Heidi on for Moses. I had one doing the event that tax credits, adders or the base credit face pressure and reduce whether whatever the time line or magnitude. Would you expect to gain a greater investment opportunity in the average asset of the customer? Or considering the gap in the capital stack that could emerge specifically from reduced tax monetization, would this actually be positive for your funding prospects?

這是海蒂代替摩西。我曾經做過一件事情，即稅收抵免、加法器或基本抵免面臨壓力並且減少，無論時間線或幅度如何。您是否期望在客戶的平均資產中獲得更大的投資機會？或者考慮到由於減少稅收貨幣化而可能出現的資本缺口，這實際上對您的融資前景有利嗎？

I do think that incrementally, yes. If you think about the capital stack of a particular project, it's generally comprised of tax equity, perhaps in debt and cash equity. And cash equity is generally where we participate in our investments. So if the amount of tax equity would go down, that would imply that there is a gap there, and that's usually would also imply the sponsor is passing through a higher PPA rate that increases the level of cash and that gives us more of a monetization opportunity in any one project.

是的，我確實是逐步地這麼認為。如果你考慮某個特定項目的資本結構，它通常由稅收股權、債務和現金股權組成。我們一般以現金股權形式參與投資。因此，如果稅收公平金額下降，那就意味著存在差距，這通常也意味著發起人正在透過更高的 PPA 利率來增加現金水平，並為我們在任何一個項目中提供更多的貨幣化機會。

Noah Kaye, Oppenheimer.

諾亞凱、奧本海默。

I'll add my congratulations to those who have already done so. And it's great to see the continued growth and evolution of the organization. I will return to the slide 14 around the next front here. It strikes me that at least some of these buckets are areas where some of your existing customers are already doing work and quite active.

我要向那些已經這樣做的人表示祝賀。我很高興看到該組織的持續發展和進步。我將回到幻燈片 14，討論下一個前沿。令我印象深刻的是，這些類別中至少有一些是您的現有客戶已經在進行工作並且相當活躍的領域。

So Marc, maybe talk a little bit about what leverage you might actually have from existing relationships to get into some of these growth areas and where you think you're going to need to build some new bridges and relationships?

那麼 Marc，您能否談談，您實際上可以利用現有的關係進入哪些成長領域，以及您認為需要在哪些方面建立新的橋樑和關係？

Sure. Thank you, Noah. I think when you think about our model, climate appliance assets, obviously, the client dynamic is one of the key pillars. And something that we have, I believe, done a very good job of over time is, of course, acquiring, retaining clients, but then figuring out how we expand into all of their business lines. And that will be -- and I think the example I'll give you is Ameresco has been one of our longest-standing clients.

當然。謝謝你，諾亞。我認為，當您考慮我們的模型、氣候設備資產時，客戶動態顯然是關鍵支柱之一。我認為，長期以來，我們做得非常好的一件事就是獲取和留住客戶，然後弄清楚如何擴展到他們的所有業務線。那就是——我想我給你的例子是 Ameresco 一直是我們最長期的客戶之一。

They, of course, are very focused on R&D. And our first R&D investment was with Ameresco, again, as an example. So that will be a continued focus. And I agree there are some of these asset classes where we'll need to initiate in the with new clients as opposed to existing. But again, as a core part of our business and model, we'll continue to focus on it.

當然，他們非常注重研發。再次舉例來說，我們的第一筆研發投資就是與 Ameresco 合作的。因此，這將是我們持續關注的重點。我同意，對於其中一些資產類別，我們需要面向新客戶而非現有客戶開展業務。但作為我們業務和模式的核心部分，我們將繼續關注它。

The outlook for '25 includes kind of a gain on sale level that's more consistent with '21, '23 is pretty strong this past year. Can you give us a little bit of insight on to sort of what drives that kind of reversion or normalization? And then since it's been a big support to some of the earnings growth this year, any color on how you think about the cadence of the multiyear EPS growth in forming of this next year, if we just kind of as much help from the gain on sale.

'25 年的前景包括銷售水準的成長，這與 '21 年更加一致，'23 年去年的表現相當強勁。您能否向我們稍微介紹一下推動這種回歸或正常化的因素？然後，由於它對今年的部分盈利增長提供了巨大的支持，您如何看待明年多年期每股收益增長的節奏，如果我們只是從銷售收益中獲得同樣多的幫助的話。

Thanks, Noah. I think the way to think about it is '21 to '23 gain on sale was a very attractive number and allowed us to achieve significant earnings growth. '24 had a bit of an outsized gain related to asset rotation, and that would be otherwise hard to replicate. It wasn't related to client-related gain on sale. So client-related gain on sale will remain consistent, and we'll grow the other revenue streams, given our guidance.

謝謝，諾亞。我認為，應該這樣考慮：21 年至 23 年的銷售收益是一個非常有吸引力的數字，並使我們能夠實現顯著的獲利成長。 '24 在資產輪換方面獲得了一些超額收益，否則將很難複製。這與客戶相關銷售收益無關。因此，與客戶相關的銷售收益將保持一致，並且根據我們的指導，我們將增加其他收入來源。

Clearly, we'll grow the other revenue streams to accommodate what otherwise may look like a little drop this year in gain on sale.

顯然，我們將增加其他收入來源，以彌補今年銷售收益可能出現的小幅下降。

Our next question comes from the line of Brian Lee with Goldman Sachs.

我們的下一個問題來自高盛的 Brian Lee。

This is Tyler Bisset on for Brian. You called out grandfathering and safe harbor and protecting your pipeline. And I noticed you recently closed a structured equity capital partnership with IGS, who's been active with safe harboring. So just wondering, are you seeing any potential near-term opportunities for safe harboring? And was that included at all in your $1.1 billion in transactions closed in 4Q?

這是泰勒比塞特 (Tyler Bisset) 為布萊恩 (Brian) 主持的節目。您呼籲祖父條款和安全港並保護您的管道。我注意到您最近與 IGS 建立了結構化股權資本合作夥伴關係，IGS 一直積極推行安全港政策。所以只是想知道，您是否看到任何潛在的近期安全庇護機會？這筆交易包含在你們第四季完成的 11 億美元交易中嗎？

And if so, to what extent?

如果是的話，程度如何？

Yes. I know that a lot of our clients in really the industry took advantage of opportunities last year to safe harbor or start construction given the uncertainty. So they protected their pipelines for a continued period and that, in turn, protects our pipeline. And that part of our pipeline being insulated is in a good place. Whether or not those will lead to the projects, I think themselves, that will give us plenty of opportunities to invest in versus new safe harboring facilities, but that could come as well.

是的。我知道，考慮到不確定性，我們許多業內客戶確實利用了去年的機會進行避險或開始建設。因此，他們持續一段時間保護他們的管道，進而保護我們的管道。而且我們管道的絕緣部分狀況良好。無論這些是否會導致項目本身，我認為，這將為我們提供大量的投資機會，而不是新的安全港設施，但這也可能發生。

And just to answer the other part of the question, I don't believe any of the $1.1 billion in fourth quarter was a direct safe harboring transaction with HASI.

僅回答問題的另一部分，我不認為第四季的 11 億美元是與 HASI 的直接安全港交易。

Super helpful. And kind of piggybacking off of that, closed transactions were strong in 4Q, bringing you to $2.3 billion for the year, which was the same as you did last year, but your ROE has obviously increased. So just wondering how you're viewing opportunities for transactions in 2025. Can we see the volume increase this year?

超有幫助。得益於此，第四季完成的交易表現強勁，全年交易額達到 23 億美元，與去年持平，但 ROE 明顯提高。所以只是想知道您如何看待 2025 年的交易機會。今年銷量能成長嗎？

You may see volume increase. I think our guidance is premised on flat to slight increases in overall volumes. But we may, of course, exceed the guidance. So you may see some increase in 2025. But it's -- I would view that as a relatively modest increase over the $2.3 billion.

您可能會看到音量增加。我認為我們的指導是基於整體交易量持平或略有成長的前提。但我們當然可能會超出預期。因此你可能會在 2025 年看到一些成長。但我認為這與 23 億美元相比是一個相對溫和的成長。

Chris Dendrinos, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Chris Dendrinos。

You highlighted two new growth paths outside of the US, but then new forms of investment, opne of the things you pointed out was SunStrong and the opportunity there to leverage that and acquire new assets as well as make it into a servicing platform. Can you just, I guess, walk through that a little bit more? What does the opportunity set look like there? And how are those transactions, I guess, unfold?

您強調了美國以外的兩條新的成長路徑，以及新的投資形式，您指出的其中之一就是 SunStrong，以及利用這一點、收購新資產以及將其打造成服務平台的機會。我想您能再詳細地講一下這一點嗎？那裡的機會是什麼樣的？我猜這些交易是如何展開的？

Thanks, Chris. Sure. So the background on this particular business is that, of course, we had a partnership with SunPower. SunPower was both an equity partner and a servicer of the assets that, that partnership owned. And of course, when they went bankrupt, we -- the SunStrong platform itself, that partnership assumed the servicing business.

謝謝，克里斯。當然。因此，這項特定業務的背景是，我們當然與 SunPower 建立了合作關係。SunPower 既是該合夥企業的股權合夥人，也是該合夥企業所擁有資產的服務商。當然，當他們破產時，我們——SunStrong平臺本身，那個合作夥伴承擔了服務業務。

And so that business is an asset management and servicing business for distributed solar today. And so as such, it generally receives revenue in the form of these recurring fees. And we do see an opportunity to grow that platform which, of course, would increase the level of recurring fees running through its financial statements and then eventually ours.

因此，該業務如今是分散式太陽能的資產管理和服務業務。因此，它通常以這些經常性費用的形式獲得收入。我們確實看到了發展該平台的機會，這當然會增加其財務報表中經常性費用的水平，並最終增加我們的財務報表中經常性費用的水平。

Got it. Okay. And then I guess maybe just one kind of housekeeping question here. But on CCH1, and you mentioned it was progressing as planned. So does that mean -- is it fully funded by the end of this year?

知道了。好的。然後我想這可能只是一種常規問題。但是在 CCH1 上，您提到它正在按計劃進行。那麼這是否意味著──今年底前資金能夠充足嗎？

Or is it just that total transaction volume is complete by the end of this year? And I'll leave it there.

還是說今年底總交易量就完成了？我就把它留在那裡了。

So I think what we've said previously, which we'll stand by is that the original $2 billion target in the first 18 months of CCH1 is on track, and that would roughly end right at the end of 2025. So I think we're in good track to hit the original projection of investment volume in CCH1.

因此我認為，我們之前說過，我們會堅持這一目標，即 CCH1 前 18 個月原定的 20 億美元目標正在按計劃實現，大約在 2025 年底完成。因此我認為我們有望實現 CCH1 最初投資額預測。

If that question also had to do with committed versus funded. Just to clarify, it is the nature of most of our investments, that there's a commitment in one period and then a funding that occurs later. So that dynamic is consistent in CCH1 as it is in the rest of the business. And investments can fund anywhere from 3 months to 12 to 18 months after our original commitment.

如果該問題也與承諾與資助有關。需要澄清的是，我們大多數投資的性質是，在一個時期內做出承諾，然後在稍後提供資金。因此，CCH1 中的這種動態與其餘業務中的動態一致。並且投資可以在我們最初承諾後的 3 個月到 12 至 18 個月內獲得資金。

Vikram Bagri, Citi.

花旗的維克拉姆‧巴格里 (Vikram Bagri)

I wanted to ask the macro question. Marc, you mentioned in your comments that the short-term policy uncertainties causing stress in end markets. I was wondering if you can expand how that stress is manifesting? Are you seeing more projects move out of the pipeline? Are you seeing delays, cancellations given you have a holistic view on so many end markets can share like directionally or in that in the market?

我想問一個宏觀問題。馬克，你在評論中提到短期政策不確定性導致終端市場壓力。我想知道您是否可以詳細說明這種壓力是如何表現出來的？您是否看到有更多項目退出？鑑於您對如此多的終端市場有整體的了解，是否可以在方向性或市場中分享，您是否看到了延誤或取消的情況？

Sure. Thanks, Vikram. Of course, the specifics of any market can differ, but I think that a general characterization is that all of these end markets are infrastructure projects where people make investment decisions that are based on some clear understanding of the policy environment. If you lack that clear understanding, it is for our clients who are actually investing in development dollars, they're the ones who have to make that financial decision, either make it and take the risk or delay it. Either way, that represents increased risk and/or extended time lines.

當然。謝謝，維克拉姆。當然，任何市場的具體情況都會有所不同，但我認為，總體特徵是，所有這些終端市場都是基礎設施項目，人們在做出投資決策時，都是基於對政策環境的清晰了解。如果您缺乏這種清晰的理解，那麼對於我們實際投資開發資金的客戶來說，他們必須做出財務決策，要么做出決策並承擔風險，要么推遲決策。無論哪種方式，這都意味著風險的增加和/或時間的延長。

And as Susan covered, many are following forward because they've taken actions to protect themselves. But again, as a general matter, of course, in development, extending time lines is usually a bet.

正如蘇珊所報導的，許多人正在採取行動來保護自己。但是，當然，一般來說，在開發過程中，延長時間線通常是一種賭注。

Got it. And as a follow-up, I noticed the decrease in payout ratio in '27 versus '24 to '26, which increases your reliance on capital markets. I was wondering is there a long-term target where you want to get to in terms of payout ratios? And on a relative note, a housekeeping question, can you also confirm what the new asset yield was in fourth quarter? I saw a number for the entire year.

知道了。接下來，我注意到 27 年的派息率較 24 年至 26 年有所下降，這增加了對資本市場的依賴。我想知道您在派息率方面是否有一個長期目標？相對而言，一個常規問題，您能否確認第四季度的新資產收益率是多少？我看到了全年的數字。

If you can share what the number was for fourth quarter.

能分享一下第四季的數字嗎？

Sure. Thanks, Vikram. On the first question there, going all the way back to our Investor Day in 2023, we gave a seven-year projection that the payout ratio would hit 50% by 2030. So I think we've given very good long-term visibility on where that's headed and now we've given the interim 2027 range as well. What we'll do after 2030 I'm not prepared to say.

當然。謝謝，維克拉姆。關於第一個問題，早在 2023 年的投資者日，我們就給出了七年預測，即到 2030 年派息率將達到 50%。因此，我認為我們對長期發展方向給出了非常好的預測，現在我們也給出了 2027 年的中期範圍。我還沒準備好說出2030年之後我們會做什麼。

But again, I think we've gotten good long-term visibility on where we're headed with the payout ratio. I'll let Chuck answer the other part of that question.

但我再次認為，我們對派息率的長期走向有了良好的了解。我讓查克回答這個問題的另一部分。

Vikram, this is Chuck. So the Q4 portfolio yield number was very similar to the full year of greater than 10.5.

維克拉姆，這是查克。因此，第四季的投資組合收益率與全年非常相似，均超過 10.5。

Maheep Mandloi, Mizuho.

Maheep Mandloi，瑞穗。

Congratulations on the promotion here for everyone. Just on the previous question, if you could just talk about the yield, how things are changing on that front in Q1. You did talk about increased risk in some of the projects in construction business. Wondering if that's manifesting and higher yields in the broader asset renewal or negative (inaudible) for you.

在這裡恭喜大家晉升。就上一個問題而言，如果您可以談談收益率，那麼第一季這方面的情況有何變化？您確實談到了建築業中一些項目的風險增加。想知道這對您來說是否意味著更廣泛的資產更新中收益更高還是負面（聽不清楚）。

Thanks for the question. I would say, obviously, we're not going to talk a lot about Q1, but I think the pipeline, we were, I think, pretty clear has yield similar to what we've done in 2024. And if there's rate movement, that's subject to change. But I think we're in that same range in terms of the transactions in the pipeline at this point.

謝謝你的提問。我想說，顯然，我們不會談論太多關於第一季的事情，但我認為，我們的管道很清楚，其收益與我們在 2024 年所做的類似。如果利率有變動，則可能會發生變化。但我認為，就目前正在進行的交易而言，我們處於同一範圍內。

You made a reference to increased risk, and I think you were calling back to my answer around the policy uncertainty. I would just want to clarify that, that would not be a risk as it relates to us or the positions that we take, but more around decisions made during the development phase, which is before we tend to get involved.

您提到了風險增加，我想您是在回顧我關於政策不確定性的回答。我只是想澄清一點，這不會成為與我們或我們所採取的立場有關的風險，而更多的是圍繞開發階段所做的決定，也就是在我們參與之前。

Got it. So it seems more like a risk for construction financing or bridge financing than for the later stage when you guys come in. Got it. And separately, just on -- going back to slide 14, on these new opportunities, I know it's probably pretty early, but in terms of the yields or tenure of these investments, do you expect any differences there? Or for our modeling purposes, we just assume this expands your bigger funding and then pretty much everything else from market perspective remains the same for us.

知道了。因此，這看起來更像是建造融資或過橋融資的風險，而不是你們介入後的後期風險。知道了。另外，回到第 14 張投影片，關於這些新機遇，我知道現在可能還為時過早，但就這些投資的收益率或期限而言，您預計會有什麼差異嗎？或者出於我們的建模目的，我們只是假設這會擴大您的更大資金，然後從市場角度來看，其他一切對我們來說都保持不變。

Sure. So a couple of comments. One, from a modeling perspective, I would want to clarify that the guidance that Jeff laid out is premised on the the asset classes that we invest in today. And so I would suggest that you continue modeling the business as you have been.

當然。有幾點評論。首先，從建模的角度來看，我想澄清的是，傑夫提出的指導是基於我們今天投資的資產類別的。因此我建議你繼續按照以前的方式經營企業。

In terms of the yield that we're seeing on some of these new asset classes, it is TBD. But as I mentioned, I believe when Mark asked the question, we're generally looking at these in a very similar way that we look at our existing asset classes in terms of being infrastructure assets with long duration cash flows that are contracted. And so I would think of the risk return to be somewhat similar to what we have today. Of course, we will adapt to markets as they evolve over time.

就我們所看到的一些新資產類別的收益率而言，目前仍有待確定。但正如我所提到的，我相信當馬克提出這個問題時，我們通常以非常相似的方式來看待這些資產，即我們現有的資產類別，即具有長期現金流的收縮基礎設施資產。因此我認為風險回報與我們今天的情況有些相似。當然，我們會隨著市場的發展而適應它。

Dimple Gosai, Bank of America.

美國銀行的 Dimple Gosai。

I just wanted to ask you a little bit more about the international opportunity, which you mentioned on slide 13. How would you frame the size of the opportunity relative to the US pipeline in terms of TAM growth? Can you kind of discuss the underlying details in terms of the types of asset classes, sectors and geographies that kind of underpins that?

我只是想多問您一些有關您在第 13 張投影片中提到的國際機會的問題。從 TAM 成長角度來看，您如何衡量相對於美國管道而言的機會規模？您能否從資產類別、產業和地區的角度討論相關細節？

Sure. So first, I would say, and I tried to indicate in the prepared remarks that what we've done to date has been a very small portion of the business. And I would anticipate that much like the way we enter many different markets, we will take our time to not overextend ourselves.

當然。所以首先我想說，並且我試圖在準備好的發言中表明，我們迄今為止所做的只是業務的一小部分。而且我預計，就像我們進入許多不同市場的方式一樣，我們會花時間避免過度擴張。

So I would continue to think about the business as being heavily US-focused in the near term. One of the areas that we wanted to put out with this call is just to remind people of the scope of the business and then what we're doing to continue to grow the business. But again, from a near-term perspective, I continue to think of a majority of our pipeline in the US.

因此，我會繼續認為近期的業務將主要集中在美國。我們想透過這次電話會議提出的觀點之一就是提醒人們業務範圍以及我們為繼續發展業務所做的努力。但是，從短期來看，我仍然認為我們的大部分管道都在美國。

And I would add something that Marc actually did already say in the prepared remarks, which is international strategy is overwhelmingly likely to be with an existing client, which will give us more of a comfort zone. So it makes it a little harder to pick -- to speculate on geographies because we'll see what opportunities our clients show us internationally.

我想補充一點，馬克在準備好的發言中實際上已經提到過，那就是國際戰略極有可能與現有客戶合作，這將為我們提供更多的舒適區。因此，選擇變得有點困難——推測地理位置，因為我們會看到客戶在國際上向我們展示什麼機會。

Jordan Levy, Truist Securities.

喬丹·利維（Jordan Levy），Truist Securities。

I think in the prepared remarks, Jeff, you made mention to or maybe Marc mentioned of additional forms of investment, including platform investments becoming more attractive given valuations. I just wanted to get a sense of whether this was sort of a reference to your historical target sector buckets or if that could be extended into some of the new growth areas as well in terms of possibilities.

傑夫，我想在準備好的評論中你提到或馬克提到其他形式的投資，包括平台投資在估值方面變得更具吸引力。我只是想了解這是否是對您的歷史目標行業範圍的一種參考，或者是否可以擴展到一些新的成長領域（就可能性而言）。

Thanks, Jordan, and thanks for picking up coverage. I mean, I think the fundamental answer to that question is both. It could be in either of those buckets. I think it's something, again, with the reset and valuations we want to be prudent about. It's not been a core part of our business, and you should think about the core part of our business continuing to be at the asset level.

謝謝喬丹，謝謝你的報道。我的意思是，我認為這一問題的根本答案是兩者兼而有之。它可能位於上述任一類別中。我認為，這與我們想要謹慎對待的重置和估值有關。它不是我們業務的核心部分，你應該認為我們業務的核心部分仍然處於資產層面。

But if there is a specific opportunity that presents itself given this reset in valuations, we might consider it. So Marc wanted to make mention of it. But it's -- again, it would be hard to speculate what that might be.

但如果在估值重置的情況下出現特定的機會，我們可能會考慮。所以馬克想提一下這件事。但是—再說一次，很難推測那會是什麼。

And then just a follow-up on the breakout of new investments on slide 17. I know it bounces around a lot year-to-year, but it seems like a really strong year for new investments in C&I, particularly maybe just some of the opportunity set and dynamics you're seeing in that particular subsegment.

然後，我們再來跟進第 17 張投影片中新投資的進展。我知道它每年都在有很大波動，但今年似乎是 C&I 新投資真正強勁的一年，特別是您在該特定細分市場中看到的一些機會和動態。

Sure. That is a market where we have been more and less focused on. But lately, we've seen some better opportunities. And I would think of that as primarily in the solar and storage business. And again, our continued focus on our BTM solar business.

當然。這是一個我們一直或多或少都在關注的市場。但最近，我們看到了一些更好的機會。我認為這主要涉及太陽能和儲存業務。我們將繼續關注 BTM 太陽能業務。

Ryan Pfingst, B. Riley Securities.

Ryan Pfingst，B. Riley Securities。

I'll just ask one on the RNG side, D3 RIN prices have been a bit volatile in recent months. Does that affect your investment process at all? Or are you mostly looking at RNG facilities with fixed price offtake?

我只想問一個 RNG 方面的專家，D3 RIN 的價格近幾個月來有點不穩定。這會對您的投資過程產生影響嗎？或者您主要關注的是固定價格承購的 RNG 設施？

I would say it certainly is a factor in our underwriting, and we watch prices closely. But at the end of the day, we are senior debt in these RNG projects, and we don't view our tranche of capital to be materially exposed to RIN pricing, given that it's senior debt. So it's a factor but we are well protected from a cash flow perspective in these investments.

我想說這肯定是我們承保的一個因素，我們密切注意價格。但歸根結底，我們在這些 RNG 專案中是優先債務，鑑於它是優先債務，我們認為我們的資本部分不會受到 RIN 定價的重大影響。所以這是一個因素，但從這些投資的現金流量角度來看，我們受到了很好的保護。

And this concludes today's -- we have reached the end of the question-and-answer session, and this also concludes today's conference. You may disconnect your lines at this time, and thank you for your participation.

今天的問答環節到此結束，今天的會議也到此結束。此時您可以斷開您的線路，感謝您的參與。