HA Sustainable Infrastructure Capital Inc (HASI) 2025 Q1 法說會逐字稿

Greetings, and welcome to HASI's first-quarter 2025 earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 HASI 2025 年第一季財報電話會議及網路廣播。（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. Please go ahead, Aaron.

現在我很高興向大家介紹主持人、投資者關係資深副總裁 Aaron Chew。請繼續，Aaron。

Thank you, operator, and good afternoon to everyone joining us today for HASI's first-quarter 2025 conference call. Earlier this afternoon, HASI distributed a press release reporting our first quarter 2025 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 2025 年第一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 2025 年第一季的業績，新聞稿的副本可在我們的網站上找到，同時還有我們今天將要參考的幻燈片演示。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，重播將於今天稍後提供。

Some of the comments made in 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，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。我們的收益報告和簡報中提供了 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; as well as Chuck Melko, our CFO; and also available for Q&A are Susan Nickey, our Chief Client Officer; and Marc Pangburn, our Chief Revenue and Strategy Officer.

今天參加電話會議的有公司總裁兼執行長 Jeff Lipson 和財務長 Chuck Melko；我們的首席客戶長 Susan Nickey 和首席收入與策略長 Marc Pangburn 也可以參加問答環節。

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，我將把發言權交給我們的總裁兼執行長傑夫·利普森 (Jeff Lipson)，他將在第 3 張幻燈片上開始今天的演講。傑夫？

Thank you, Aaron. And thanks everyone for joining our first-quarter 2025 call. Despite heightened policy and economic uncertainty, HASI is currently operating in a business-as-usual mode as we continue to close new investments, maintain a large pipeline, enhance our liquidity platform, and steadily grow our adjusted earnings per share.

謝謝你，亞倫。感謝大家參加我們的 2025 年第一季電話會議。儘管政策和經濟不確定性加劇，HASI 目前仍按正常業務模式運營，我們將繼續完成新投資、維持龐大的管道、增強我們的流動性平台並穩步提高我們的調整後每股收益。

In fact, business activity is robust, and we are experiencing a historically high volume of incoming requests for capital from sponsors and developers. We had the most active first quarter of new originations in our history, closing over $700 million of new investments. The average yield on these new investments was greater than 10.5%, and our adjusted earnings per share was $0.64. These results are further evidence of the resilience of our business model.

事實上，商業活動十分活躍，來自贊助商和開發商的資金請求數量達到了歷史最高水準。我們迎來了歷史上新投資最活躍的第一季度，完成了超過 7 億美元的新投資。這些新投資的平均收益率超過10.5%，調整後每股收益為0.64美元。這些業績進一步證明了我們商業模式的韌性。

One of the key reasons we have been operating without meaningful disruption is the powerful funding and liquidity platform we have constructed over the past several years. Having substantial liquidity in periods of volatility is vital to capitalizing on opportunities. We currently have in excess of $1.3 billion in available liquidity resulting from our diverse funding strategy, including our CCH1 partnership, investment grade ratings, and a large and supportive bank group. This combination of a strong pipeline of investment opportunity, access to capital, and our recurring revenue model allow us to reaffirm our guidance of 8% to 10% compound annual growth and adjusted EPS through 2027.

我們的營運沒有受到重大干擾的一個關鍵原因是我們在過去幾年中建立了強大的資金和流動性平台。在波動時期擁有充足的流動性對於抓住機會至關重要。我們目前擁有超過 13 億美元的可用流動資金，這得益於我們多元化的融資策略，包括我們的 CCH1 合作夥伴關係、投資級評級以及龐大的支持性銀行集團。強大的投資機會、資本獲取管道以及我們的經常性收入模式相結合，使我們能夠重申到 2027 年實現 8% 至 10% 的複合年增長率和調整後每股收益的預期。

Turning to page 4, I'd like to discuss an issue which is on the minds of all investors, the impact of tariffs on our business. As a reminder, we are not a developer and do not directly procure any materials, so we are only impacted as related to the overall volume of project development. To assess the impact in more detail, let's begin with our portfolio and simply state that these projects are already operational or near operational and are unimpacted by tariffs.

翻到第 4 頁，我想討論所有投資人都關心的問題，就是關稅對我們業務的影響。提醒一下，我們不是開發商，也不直接採購任何材料，因此我們受到的影響僅與專案開發總量有關。為了更詳細地評估影響，讓我們從我們的投資組合開始，簡單地說明這些項目已經投入運營或接近投入運營，並且不受關稅的影響。

Likewise, the projects in our pipeline, which will likely comprise the vast majority of our investments over the next 12 to 18 months, are typically partially or fully constructed and thus not impacted by tariffs. Our clients, who are generally among the largest developers of renewables, energy efficiency, and RNG projects, have been effectively addressing various supply chain and tariff challenges for over 10 years.

同樣，我們計劃中的項目可能構成未來 12 至 18 個月內絕大部分的投資，這些項目通常已部分或全部建成，因此不會受到關稅的影響。我們的客戶通常是再生能源、能源效率和 RNG 專案的最大開發商，十多年來一直有效地應對各種供應鏈和關稅挑戰。

In addressing these challenges, our clients have invested significantly in their domestic supply chains and inventories, allowing them to deliver a positive message of minimal tariff impact in their quarterly reports. The post-pipeline impact refers to projects that will be constructed in 2027 and beyond. It is reasonable to assume that by that time, our developer clients will have adapted to any remaining tariffs by both onshoring more of their procurement and passing on any increased costs.

為了應對這些挑戰，我們的客戶在其國內供應鏈和庫存方面投入了大量資金，這使得他們能夠在季度報告中傳遞出關稅影響最小的正面訊息。管道建設後的影響是指 2027 年及以後建設的項目。我們可以合理地假設，到那時，我們的開發商客戶將透過增加採購業務並轉嫁增加的成本來適應任何剩餘的關稅。

In fact, most of the public developers and sponsors who have already reported their first-quarter results have confirmed strong confidence in their long-term pipelines just in the last few weeks. We also have a portion of our business that involves capital recycling on existing projects, which is an investment profile unimpacted by tariffs. In summary, we expect very limited impact from any increased tariffs on our business, particularly in the guidance period.

事實上，大多數已經公佈第一季業績的公共開發商和贊助商在過去幾週內都對其長期產品線表現出了強烈的信心。我們的部分業務還涉及現有項目的資本回收，這是一種不受關稅影響的投資狀況。總之，我們預期任何關稅上調對我們業務的影響都非常有限，特別是在指導期內。

Turning to page 5, another issue worth discussing is the expected impact of a recession on our business. GDP contracted in the first quarter of 2025, and many economic forecasts have increased the likelihood of a 2025 recession above 50%. However, as depicted on the slide, US electric generation capacity continues to expand, even during economic downturns, in recent years substantially driven by wind and solar.

翻到第 5 頁，另一個值得討論的問題是經濟衰退對我們業務的預期影響。2025 年第一季 GDP 出現萎縮，許多經濟預測將 2025 年經濟衰退的可能性提高到 50% 以上。然而，如幻燈片所示，即使在經濟低迷時期，美國的發電能力近年來仍在繼續擴大，主要得益於風能和太陽能。

If a recession occurs in 2025, we would expect investments in clean energy generation to be only marginally impacted, and we would not expect any resulting material impact on our financial results. Also, as stated a few moments ago related to tariffs, the vast majority of our pipeline includes projects under construction, which are unlikely to be impacted by a recession.

如果 2025 年出現經濟衰退，我們預計清潔能源發電的投資僅會受到輕微影響，並且不會對我們的財務表現產生任何重大影響。此外，正如剛才有關關稅所述，我們的絕大多數項目都在建設中，這些項目不太可能受到經濟衰退的影響。

In summary, we have a non-cyclical business model in which growth and profitability are typically not directly tied to macroeconomic cycles. In addition, related to both the tariff issue and the potential slowdown, the forecasted demand for energy is expected to drive clean energy development in all policy and macroeconomic scenarios, resulting in a large volume of investment opportunities. As we mention frequently, our business model is resilient and adaptable. We have demonstrated the ability to thrive despite interest rate fluctuations, policy changes, and economic cycles.

總而言之，我們擁有一個非週期性商業模式，其中成長和獲利能力通常與宏觀經濟週期不直接相關。此外，與關稅問題和潛在的經濟放緩相關的預測能源需求預計將在所有政策和宏觀經濟情景下推動清潔能源發展，從而帶來大量的投資機會。正如我們經常提到的，我們的商業模式具有彈性和適應性。我們已經證明，無論利率波動、政策變化和經濟週期如何，我們都能蓬勃發展。

Turning to slide 6, our pipeline of new investments is sizable and well-balanced among our business lines. As stated earlier, the demand from sponsors is elevated, as more projects are being developed to address the significant expected increase in load growth. Behind-the-meter solutions continue to be driven by fundamental consumer economics, increasing the demand for resi and community solar solutions, and by government efficiency initiatives, particularly at the state and local level.

轉到投影片 6，我們的新投資管道規模龐大，並且在我們的業務線中保持良好的平衡。如前所述，隨著越來越多的項目正在開發以應對預期的負載增長大幅增加，贊助商的需求也在增加。用戶側解決方案繼續受到基本消費者經濟的推動，增加了對住宅和社區太陽能解決方案的需求，並受到政府效率措施（特別是在州和地方層面）的推動。

Grid-connected activity has been elevated due to the impending increase in load growth, and in addition to several solar projects, wind opportunities have reemerged in the pipeline. And our FTN business continues to identify numerous opportunities, most notably in RNG, as that asset class has contributed meaningfully to our growth. Although not yet reflected in our pipeline, we continue to evaluate some of the new frontier asset classes that we discussed last quarter and expect at least some of these sectors will become investable for us.

由於負載成長即將增加，電網連接活動增加，除了幾個太陽能專案外，風能專案也重新出現在規劃中。我們的 FTN 業務繼續發現眾多機會，尤其是 RNG，因為該資產類別對我們的成長做出了重大貢獻。儘管尚未反映在我們的管道中，但我們仍在繼續評估上個季度討論過的一些新前沿資產類別，並預計其中至少有一些領域將可供我們投資。

As we turn to slide 7, we note that our managed assets have increased 12% year over year and that our robust pipeline has been successfully converted into a high volume of closed transactions in the first quarter. Significant investments in resi solar and public sector energy efficiency led to a first-quarter volume above $700 million.

當我們翻到第 7 張投影片時，我們注意到我們管理的資產年增了 12%，而我們強大的管道已在第一季成功轉化為大量已完成的交易。對住宅太陽能和公共部門能源效率的大量投資導致第一季的投資額超過 7 億美元。

We continue to see strong performance from resi solar assets, which we expect to remain an attractive consumer alternative as retail utility rates continue to increase. Importantly, the corporate issues that resi solar originators have faced are separate from the performance of the underlying assets in which we invest, and thus we expect to remain active in this asset class.

我們繼續看到住宅太陽能資產的強勁表現，隨著零售公用事業費率的持續上漲，我們預計它仍將是一個有吸引力的消費者替代品。重要的是，住宅太陽能發起人所面臨的公司問題與我們投資的標的資產的表現無關，因此我們預計將繼續活躍於這個資產類別。

In addition, our CCH1 co-investment vehicle with KKR now has a funded balance of $1 billion, and we are considering placing debt at the vehicle, which will increase its investment capacity. And we have correspondingly extended the investment period until the fourth quarter of 2026. This partnership continues to provide significant value to our business as we maintain diverse sources of funding with several of these sources outside of capital markets.

此外，我們與 KKR 的 CCH1 共同投資工具目前的資金餘額為 10 億美元，我們正在考慮向該工具注入債務，這將提高其投資能力。而我們也相應將投資期間延長至2026年第四季。由於我們擁有多元化的資金來源，其中有幾個資金來源位於資本市場之外，因此這種合作關係將繼續為我們的業務提供巨大的價值。

And with that, I'll pass the call on to our CFO, Chuck Melko.

說完這些，我將把電話轉交給我們的財務長 Chuck Melko。

Thanks, Jeff. Over the past few months, we have certainly seen uncertainty in the markets from the public policy backdrop, and I believe we have constructed a portfolio that is well-positioned to continue to deliver earnings growth through these periods of volatility. In addition, our healthy level of liquidity and our capital platform will continue to provide access to capital to fund the business and preserve, if not expand, our investment margins.

謝謝，傑夫。在過去的幾個月裡，我們確實從公共政策的背景下看到了市場的不確定性，我相信我們已經建立了一個能夠很好地在這些波動時期繼續實現盈利增長的投資組合。此外，我們健康的流動性水準和資本平台將繼續提供資金管道來資助業務並保持（如果不能擴大）我們的投資利潤率。

Starting on slide 8, our portfolio is now at $7.1 billion, and as Jeff mentioned, we are delivering meaningful growth in our closed transactions. We had another quarter of delivering double-digit yields on new investments, with an average yield greater than 10.5% in Q1, and are continuing our success at generating growth in our portfolio with recurring earnings at attractive risk-adjusted returns.

從第 8 張投影片開始，我們的投資組合現在已達到 71 億美元，正如 Jeff 所提到的，我們在已完成的交易中實現了有意義的成長。我們又一個季度的新投資收益達到兩位數，第一季的平均收益超過 10.5%，並且我們繼續透過具有吸引力的風險調整後收益實現投資組合的成長。

As a reminder, 50% of the balance sheet transactions that we close into CCH1 do not show up in our portfolio growth but do provide earnings through upfront and annual management fees. Our portfolio continues to be well-diversified across our different asset classes, which we believe is a key strength to the resilience of our business.

提醒一下，我們關閉到 CCH1 的 50% 的資產負債表交易不會出現在我們的投資組合成長中，但會透過預付和年度管理費提供收益。我們的投資組合繼續在不同的資產類別中保持良好的多元化，我們相信這是我們業務韌性的關鍵優勢。

On slide 9 is a trend of our portfolio yield and average debt costs. Our portfolio yield is at 8.3% and our cost of debt at 5.7%. As we continue to originate and fund investments at higher yields, we expect our portfolio yield to continue to increase.

投影片 9 是我們的投資組合收益率和平均債務成本的趨勢。我們的投資組合收益率為 8.3%，債務成本為 5.7%。隨著我們繼續以更高的收益率發起和資助投資，我們預計我們的投資組合收益率將繼續增加。

On the cost of debt side, we have mentioned on several calls our active hedging strategy to manage the risk of increases in interest rates and want to reiterate the success we have had in managing our debt costs through this program. In addition to fixing the cost of our floating rate borrowings, we also have hedged a base rate for the refinancing of our '26 and '27 bond maturities, and recently executed base rate hedges with a notional amount of $300 million related to expected debt issuances later in the year.

在債務成本方面，我們在多次電話會議上提到了我們為管理利率上升風險而採取的主動對沖策略，並希望重申我們透過該計劃管理債務成本的成功經驗。除了固定浮動利率借款成本外，我們還對2026年和2027年到期債券的再融資基準利率進行了對沖，並於近期執行了名目金額為3億美元的基準利率對沖，用於預計今年稍後發行的債券。

These hedges were executed in early April, fixing base rates at an average of 3.5% when Treasuries had declined meaningfully, and are a great example of the active management of our cost of capital. The details of our hedging activities are included in the appendix.

這些對沖是在 4 月初執行的，在國債大幅下跌的情況下將基準利率固定在平均 3.5%，這是我們積極管理資本成本的一個很好的例子。我們的對沖活動的詳細資訊包含在附錄中。

Turning to slide 10, for our key profitability metrics, we ended the quarter with an adjusted EPS of $0.64. The growth in our portfolio and yield drove an increase of 11% in our adjusted net investment income to $72 million compared to the same period last year.

翻到第10張投影片，就我們的關鍵獲利指標而言，本季末我們的調整後每股收益為0.64美元。投資組合和收益率的成長推動我們的調整後淨投資收益年增11%，達到7,200萬美元。

In addition, we continue to see growth in our other recurring sources of income related to our securitization activities and our CCH1 asset management fees. Our gain on sale and other income were lower this quarter at $24 million compared to $30 million last year due to higher than normal gain on sale activity in the prior year from asset rotations.

此外，我們繼續看到與我們的證券化活動和 CCH1 資產管理費相關的其他經常性收入來源的成長。本季我們的銷售收益和其他收入為 2,400 萬美元，低於去年的 3,000 萬美元，原因是去年資產週轉帶來的銷售收益高於正常水準。

As discussed in our Q4 call, our full-year gain on sale activity is expected to be more in line with the level seen in 2021 through 2023, and we expect that the majority of the total gain on sale this year to come through in the second half of the year due to the expected timing of closings. Overall, we delivered strong adjusted EPS that continues to be predominantly generated from recurring earnings and is a large contributor to the confidence we have in achieving our adjusted EPS guidance.

正如我們在第四季度電話會議上所討論的那樣，我們全年的銷售收益預計將與 2021 年至 2023 年的水平更加一致，並且我們預計今年的大部分銷售總收益將在下半年實現，因為預計的成交時間。總體而言，我們實現了強勁的調整後每股收益，這主要來自經常性收益，並且對我們實現調整後每股收益指引的信心有很大幫助。

On slide 11, we illustrate key characteristics of our finance platform. Our available liquidity as of March 31 was $1.3 billion. We have been very focused on building a liquidity and capital platform that enhances the resilience of our business, and a key strength of this platform is the credit facility that we have enhanced over the years.

在第 11 張投影片上，我們展示了我們的財務平台的主要特徵。截至 3 月 31 日，我們可用的流動資金為 13 億美元。我們一直非常注重建立流動性和資本平台，以增強我們業務的彈性，而該平台的一個關鍵優勢是我們多年來增強的信貸便利。

We recently increased our credit facility by $200 million and now have approximately $1.6 billion in total capacity and include 16 relationship banks. This facility ensures we can continue to fund the growth of our business in times of market volatility and opportunistically time our longer-term capital market issuances.

我們最近將信貸額度增加了 2 億美元，目前總信貸額度約為 16 億美元，並包括 16 家合作銀行。該工具確保我們能夠在市場波動時繼續為業務成長提供資金，並適時進行長期資本市場發行。

In addition, our commercial paper program has been a success at reducing our overall cost. We have a well-ladder maturity profile and are actively focused on our plan for refinancing our upcoming maturities. We recently, this past April, paid off our convertible bond due in Q2 with a portion of our available revolver commitments. And related to our upcoming bond maturity in 2026, our available liquidity will provide us flexibility in our refinancing plans, which we will likely address later this year or early 2026.

此外，我們的商業票據計劃成功降低了我們的整體成本。我們擁有完善的階梯式到期結構，並積極專注於為即將到期的債務進行再融資的計劃。我們最近，也就是今年四月，用部分可用的循環信貸承諾償還了第二季到期的可轉換債券。鑑於我們即將於 2026 年到期的債券，我們可用的流動性將為我們的再融資計劃提供靈活性，我們可能會在今年稍後或 2026 年初解決這個問題。

We remain committed to managing our capital structure at a 1.5 to 2 times leverage ratio, and we're at 1.9 times as of the end of the quarter. It is also important to highlight that Moody's recently reaffirmed in April our investment grade rating in the current environment. It is our liquidity, access to capital, and diversified sources of funding that will allow us to thrive in these periods of market volatility and is a key strength in the continued growth of our business.

我們仍然致力於以 1.5 至 2 倍的槓桿率管理我們的資本結構，截至本季末，我們的槓桿率已達到 1.9 倍。值得強調的是，穆迪最近在四月重申了我們在當前環境下的投資等級評級。我們的流動性、資本獲取管道和多元化的資金來源使我們能夠在市場波動時期蓬勃發展，也是我們業務持續成長的關鍵優勢。

I will now turn the call back to Jeff for some closing remarks.

現在我將把電話轉回給傑夫，請他作一些結束語。

Thank you, Chuck, great job. Turning to page 12, we highlight our progress regarding carbon count and water count, as well as noting that our seventh annual sustainability and impact report was recently published and is available on our website.

謝謝你，查克，幹得好。翻到第 12 頁，我們重點介紹了我們在碳計數和水計數方面取得的進展，同時指出我們的第七份年度永續發展和影響報告最近已發布並可在我們的網站上查閱。

Concluding on page 13, with a reminder that we have substantial liquidity and ongoing access to capital, we have a demonstrated track record of successfully growing our earnings in all interest rate, public policy, and macroeconomic environments. Therefore, we are able to affirm our 2027 guidance despite the current volatility. The long-term fundamentals of our business are powerful and position us effectively for continued earnings growth over many years.

最後在第 13 頁總結一下，我們擁有充足的流動性和持續的資本獲取管道，並且在所有利率、公共政策和宏觀經濟環境中，我們都有成功增加收益的記錄。因此，儘管當前存在波動，我們仍能確認 2027 年的指導。我們業務的長期基本面強勁，並有效地為我們未來多年的持續獲利成長奠定了基礎。

I thank our outstanding team for their execution as we completed a successful first quarter of 2025 and continue to position ourselves for further prosperity. Thank you for your attention. Operator, please open the line for questions.

我感謝我們出色的團隊，他們幫助我們成功完成了 2025 年第一季度，並將繼續為進一步的繁榮做好準備。感謝您的關注。接線員，請打開熱線來回答問題。

(Operator Instructions) Chris Dendrinos, RBC Capital Markets.

（操作員指示）RBC Capital Markets 的 Chris Dendrinos。

Yeah, good evening, and thanks for taking the question. I guess, maybe to start here, you mentioned doing some debt at the CCH1 level. Could you maybe discuss, I guess, what kind of leverage profile that would look like? And then does that interest rate look similar to HASI's interest rate, or how do we think about, I guess, the interest rate there, or maybe just the strategy in general to put the debt at that level? Thanks.

是的，晚上好，感謝您回答這個問題。我想，也許從這裡開始，您提到在 CCH1 級別做一些債務。能否討論一下，這樣的槓桿情況是什麼樣的呢？這個利率和 HASI 的利率相似嗎？或者我們如何看待 HASI 的利率？或者說，我們是如何將債務維持在那個水準的？謝謝。

Sure. Thanks for the question, Chris. I would envision the leverage at CCH1 would be relatively low, certainly more equity than debt. And in terms of interest rate, it's probably premature, but I would say an investment grade-type cost of funds would be very likely at the CCH1 level.

當然。謝謝你的提問，克里斯。我預期CCH1的槓桿率會相對較低，股權槓桿肯定高於債務槓桿。至於利率，現在下結論可能為時過早，但我認為CCH1的資金成本很可能會達到投資等級。

I guess, would that be below the HASI level cost of debt, potentially?

我猜，這有可能低於 HASI 水平的債務成本嗎？

I would say it would be in the same general vicinity would be our expectation.

我想說，它會處於與我們預期大致相同的範圍內。

Got it. Okay. And then, I guess, maybe just as a follow-up here, how does equity financing need kind of factor into the pace of your investment? I just am thinking about kind of the stock price right now being a little bit depressed given a lot of the uncertainty out in the marketplace, and I'm just trying to figure out how you all factor that into the thought process of the rate that you go at. Thanks.

知道了。好的。然後，我想，也許只是作為後續問題，股權融資需要如何影響您的投資步伐？我只是在想，由於市場上存在著許多不確定性，目前的股價有點低迷，我只是想弄清楚你們是如何將這一點納入到你們的利率思考過程中的。謝謝。

Sure. So I think we've reduced substantially the number of shares we need to issue to grow our business, both through CCH1, through what we've done with the payout ratio. The CCH1 debt we were just talking about, in addition, ultimately reduces the number of shares we have to issue, so I think we've moved the business in a direction of issuing fewer shares per dollar invested, which I think over time is a very positive thing.

當然。因此，我認為我們已經大幅減少了為發展業務所需發行的股票數量，無論是透過 CCH1 還是透過我們對派息率的調整。此外，我們剛才談到的 CCH1 債務最終減少了我們必須發行的股票數量，所以我認為我們已經將業務轉向了每投資一美元發行更少股票的方向，我認為從長遠來看這是一件非常積極的事情。

Noah Kaye, Oppenheimer & Company.

諾亞·凱伊（Noah Kaye），奧本海默公司。

Hi, all. Thanks for taking the questions. Nice quarter.

大家好。感謝您回答這些問題。不錯的季度。

Thanks, Noah.

謝謝，諾亞。

The extending of the CCH1 term through 4Q '26, I assume we should not read into that as an indication of not getting to the $2 billion target funding by the end of 2025, or can you kind of comment on timing of expectations there?

CCH1 期限延長至 2026 年第四季度，我認為我們不應該將其解讀為 2025 年底無法達到 20 億美元目標資金的跡象，或者您能否就預期時間發表評論？

Sure. I think you should definitely not read that into the extension. The extension is ultimately a reflection that we will increase the capacity of CCH1, and therefore, it was logical to extend the investment period in mutual agreement between HASI and KKR. So it's just going to be a larger vehicle than originally contemplated, and therefore, the investment period would naturally be longer.

當然。我認為你絕對不應該在擴展中讀到這一點。此次延期最終反映出我們將增加 CCH1 的容量，因此，在 HASI 和 KKR 的共同協議下延長投資期是合乎邏輯的。因此，它將會比最初設想的更大，因此投資期間自然會更長。

Helpful. Thank you. Second one, just on the record transactions in 1Q, we understand that timing can be lumpy. Was there anything unique to the environment or the types of conversations with the clients that maybe pulled forward some originations? I think you mentioned business as usual at the outset. In other words, what do we make of the 1Q record originations and any implications for future quarters?

很有幫助。謝謝。第二，僅從第一季的記錄交易來看，我們知道時間可能會不穩定。環境或與客戶的對話類型中是否存在一些獨特之處，可能會推動一些起源？我認為您一開始就提到了一切照舊。換句話說，我們如何看待第一季的記錄起源及其對未來幾季的影響？

Sure. I'm going to ask Marc to jump in on that one.

當然。我要請馬克參與此事。

Hey, Noah, thanks for the question. No, I would not attribute it to any specific pull forward of pipeline, but simply, just the level of our business activity growing. And I do think it would be reasonable to assume that with the macro and political uncertainty that our competitive position has increased and we've seen some of our competition leave the market, which has certainly helped as well.

嘿，諾亞，謝謝你的提問。不，我不會將其歸因於任何具體的產品線提前，而僅僅是我們業務活動的成長水平。我確實認為，可以合理地假設，由於宏觀和政治不確定性，我們的競爭地位有所提升，而且我們看到一些競爭對手退出了市場，這當然也起到了一定作用。

Moses Sutton, BNP.

英國國家黨的摩西·薩頓。

This is [Joe] on for Moses Sutton. Thanks for taking my question. Average yield on new investments is pushing north of 10.5%. How would you break out the dispersion of that blended yield, anything pushing 12%, 13% or higher? And are the mezz debt slices of the capital stack pushing in double digits, or is the yield expansion coming more from equity investments? Thank you.

這是摩西·薩頓 (Moses Sutton) 的 [Joe]。感謝您回答我的問題。新投資的平均收益率已突破 10.5%。您會如何區分混合收益率的分散程度？是達到 12%、13% 還是更高？資本結構中的夾層債務部分是否正在推動兩位數成長，還是收益率擴張更多來自股權投資？謝謝。

Yes, I think, in general, the asset yields that we saw in the quarter are pretty consistent with the yields on closing of transactions last quarter. We're not really seeing asset yields jumping into the mid-double digits by any stretch of the means right now, based on the nature of the assets that we are investing in. But we are continuing to see strong yields in double digits.

是的，我認為，總體而言，我們在本季看到的資產收益率與上個季度交易結束時的收益率非常一致。根據我們所投資資產的性質，我們目前實際上並沒有看到資產收益率以任何方式躍升至兩位數的中段。但我們繼續看到兩位數的強勁收益率。

Mark Strouse, JPMorgan.

摩根大通的馬克‧斯特勞斯。

Yeah. Hey, this is Michael on for Mark. It looks like it was a pretty strong quarter of volumes within resi solar. Can you give some color on the dynamics at play there, and is that related to SunStrong?

是的。嘿，我是邁克爾，代替馬克。看起來這是住宅太陽能領域銷售相當強勁的一個季度。您能否介紹一下那裡的動態，這與 SunStrong 有關嗎？

I'll start, and maybe Marc can add to my answer. But, no, that is unrelated to SunStrong. SunStrong, at this point, is a servicing platform. And the investments we made in resi solar were consistent with the resi solar investments we've made historically, in terms of being mezzanine loans on pools of resi solar leases. Marc, would you add anything else to that?

我先開始，也許馬克可以補充我的答案。但是，這與 SunStrong 無關。此時，SunStrong 是一個服務平台。就住宅太陽能租賃池的夾層貸款而言，我們對住宅太陽能的投資與我們過去對住宅太陽能的投資一致。馬克，您還有什麼要補充的嗎？

I would just want to reinforce that we invest at the asset level and are continuing to see strong performance in our underlying resi solar assets. And that performance is not impacted by the sponsor's financial position, which I understand has been a little bit more volatile.

我只是想強調，我們在資產層面進行投資，並且繼續看到我們的基礎住宅太陽能資產表現強勁。而這種表現不會受到贊助商財務狀況的影響，據我所知，贊助商的財務狀況有點不穩定。

Got it. And then maybe just as a follow-up, you mentioned a historically high volume of inquests for capital. I know you mentioned some competitors dropping out of the market, and maybe that has something to do with it. But are there any other underlying drivers there in regards to policy uncertainty or tariff uncertainty that you'd call out?

知道了。然後也許只是作為後續，您提到了歷史上大量的資本調查。我知道您提到一些競爭對手退出了市場，也許這與此有關。但是，您是否會指出政策不確定性或關稅不確定性方面的其他潛在驅動因素？

Thanks for the question. I think, really, the underlying factors here continue to be the high demand growth, really across all sectors, and our clients transacting on the pipelines that they've had in place for a while. So we don't see that as, again, I think the question about a pull-forward of tariffs or uncertainty. And our clients and partners have insulated themselves largely from some of that volatility.

謝謝你的提問。我認為，真正的根本因素仍然是所有行業的需求高成長，以及我們的客戶在他們已經建立的管道上進行交易。因此，我們並不認為這是關於關稅提前或不確定性的問題。我們的客戶和合作夥伴已在很大程度上避免了這些波動的影響。

May I just confirm, are those all your questions?

我可以確認一下，這些都是您的問題嗎？

Yeah, thank you.

是的，謝謝。

Ben Kallo, Baird.

本卡洛，貝爾德。

Hey, guys. Just thinking about the cadence of investment with uncertainty about the IRA, I know that there's a long timeline with what you guys do, so how should we think about Q2, Q3, ahead of that? And then is there a sub-sector that you guys find more appealing right now than others? Thank you.

嘿，大家好。只是考慮到 IRA 的不確定性以及投資節奏，我知道你們所做的事情有一個很長的時間線，那麼我們應該如何考慮在此之前的第二季、第三季呢？那麼，你們現在是否發現某個子產業比其他子產業更有吸引力？謝謝。

Thanks, Ben. I would say the pipeline is well-balanced by timing of closings as well. So again, to reiterate, a high first quarter was not a pull forward of a number of things that may have closed later in the year. That's not how to view the first quarter. We're very bullish on our continued volumes through second, third, and fourth quarter. And that volume of calls we're talking about continues to build the pipeline.

謝謝，本。我想說，管道的關閉時間也是很平衡的。因此，再次重申，第一季的強勁成長並不意味著許多可能在今年稍後完成的事情已經提前結束。這並不是看待第一季的方式。我們對第二季、第三季和第四季的持續銷售非常樂觀。我們所談論的呼叫量將繼續建造管道。

So we're just not seeing a lot of impacts of IRA or tariffs from our developers. Again, for all the reasons we've mentioned in terms of fundamental economics and load demand, we still view it as low probability that the core components of the IRA will be repealed. And so, again, we go back to that sort of business as usual phrase. If anything, business even slightly elevated from usual, if anything. So we're just not seeing the impact of these policy items in our business right now.

所以，我們並沒有看到IRA或電價對開發商造成太大影響。同樣，基於我們之前提到的基本經濟因素和負載需求的所有原因，我們仍然認為IRA核心部分被廢除的可能性很小。因此，我們再次回到那種一切照舊的短語。如果有的話，業務量甚至比平常略有提高。因此，我們目前還沒有看到這些政策項目對我們業務的影響。

Brian Lee, Goldman Sachs.

高盛的 Brian Lee。

Hey, guys. This is Tyler Bisset on for Brian. Thanks for taking our questions. So I just want to piggyback on the last question on the IRA. I'm just curious, what's your latest view on the outlook for and timing of potential changes to the IRA?

嘿，大家好。我是泰勒‧比塞特 (Tyler Bisset)，取代布萊恩 (Brian)。感謝您回答我們的問題。所以我只是想順便回答關於愛爾蘭共和軍的最後一個問題。我只是好奇，您對 IRA 潛在變化的前景和時機的最新看法是什麼？

Sure. Susan, why don't you go ahead on that one?

當然。蘇珊，為什麼不繼續做這件事？

Thank you. The anticipation of next steps with the IRA and the reconciliation bill, I think are public now, but sometime in the next few days or weeks. The first draft of the bill is anticipated to come out from the House Ways and Means, as well as other drafts that come from, that are related to come from committees. But again, we anticipate, and certainly in the American Clean Power Association that we're involved with, anticipate this is the beginning and certainly there may be rocky headlines.

謝謝。我認為，對愛爾蘭共和軍和解法案的下一步行動的預期現在已經公開，但將在未來幾天或幾週內公佈。預計該法案的初稿將由眾議院籌款委員會出台，其他相關委員會也將推出相關草案。但是，我們再次預計，當然我們所參與的美國清潔能源協會也預計這只是一個開始，而且肯定會出現一些令人不安的消息。

But it's a process and negotiation and the industry remains confident that the bill won't be repealed and that the majority -- a majority both in the House and the Senate, realize the importance of, again, of meeting our priorities of energy dominance, AI, the demand for growth from AI, as well as the low cost of renewable energy is part of all the above.

但這是一個過程和談判，業界仍然相信該法案不會被廢除，而且眾議院和參議院的多數派都意識到滿足我們的能源主導地位、人工智慧、人工智慧對成長的需求以及再生能源的低成本等優先事項的重要性。

Super helpful. And then appreciate the commentary on the limited impact from tariffs. And can you just remind us, like, what is your exposure on the storage side, like standalone and also solar plus storage projects?

超有幫助。然後欣賞關於關稅影響有限的評論。您能否提醒我們一下，您在儲存方面有哪些投資，例如獨立專案和太陽能加儲存專案？

So on standalone, it's very, very minimal. On solar plus storage, certainly most of what we do in either utility scale solar or residential solar does involve some component of storage. But again, as I alluded to in the prepared remarks, the partners we have there have generally already reported and I think have expressed a very high degree of confidence in their ability to procure ongoing storage equipment. And most of -- and to also amplify something I said in the prepared remarks, most of what we'll invest in in the next 12 to 18 months is already constructed or nearly already constructed. And so this issue, even if it became more challenging, would have a substantial period before it would impact folks like us.

因此就獨立性而言，它非常非常小。關於太陽能加儲能，我們在公用事業規模太陽能或住宅太陽能方面所做的大部分工作肯定都涉及一些儲能組件。但是，正如我在準備好的演講中提到的那樣，我們的合作夥伴通常已經報告了情況，並且我認為他們對他們採購持續儲存設備的能力表現出了高度的信心。而且大部分——也為了強調我在準備好的發言中所說的話，我們在未來 12 到 18 個月內投資的大部分項目已經建成或接近建成。因此，即使這個問題變得更具挑戰性，也需要相當長的一段時間才能影響我們這樣的人。

Maheep Mandloi, Mizuho Securities.

Maheep Mandloi，瑞穗證券。

Hey, thanks for the question. And I apologize if this was disturbing, jumping between calls here. On the tax credit transferability, any thoughts on that, like, if that is removed, does that impact your overall funnel of projects available in the market here under the IRA?

嘿，謝謝你的提問。如果這給您帶來困擾，我深感抱歉，因為您一直在通話。關於稅收抵免可轉讓性，您對此有何看法？例如，如果取消此政策，是否會影響 IRA 下市場上可用的專案整體管道？

This is Susan again. Thanks for the question. I think there are a couple of things. One is that the tax market certainly includes both traditional tax equity and transferability has expanded that market. But again, with the Safe Harboring projects, not only for this year, but the years going forward, a lot of the pipeline is already insulated from whatever may happen with changes in the tax bill. But again, that's viewed as an important component of the value of the energy tax credits and building out more clean energy projects across the associations, utilities, and other groups.

我又是蘇珊。謝謝你的提問。我認為有幾件事。一是稅收市場肯定包括傳統的稅收公平，而可轉移性擴大了該市場。但是，再次強調，透過安全港項目，不僅是今年，而且是未來幾年，許多管道已經不受稅法變化可能帶來的影響。但同樣，這被視為能源稅收抵免價值的重要組成部分，並在協會、公用事業和其他團體中建立更多的清潔能源項目。

Yeah. And I would also mention there's broad support for transferability by utilities, corporates. It's really worked very well. And I think that broad support will go a long way.

是的。我還要提到，公用事業和企業廣泛支持可轉讓性。效果確實非常好。我認為廣泛的支持將發揮深遠的作用。

Right. No, I think the concern is also how would the [JCT] even attribute any cost savings from removing that. But I guess that's a different question. And separately, just on the financing, could you just help us understand once you lock in drop-down yields, do you lock in the cost of capital at the same time or do you use the liquidity on hand to kind of manage that? I'm just trying to understand if rates are volatile, then how do you manage that for the project you're dropping in the next quarter or two? Thanks.

正確的。不，我認為令人擔憂的還在於，[JCT] 如何將消除這一現象所帶來的成本節省歸因於此。但我想這是一個不同的問題。另外，就融資而言，您能否幫助我們了解，一旦鎖定下行收益率，您是否會同時鎖定資本成本，或者您會使用手頭上的流動性來管理資本成本？我只是想知道，如果利率波動，那麼您將如何管理未來一兩個季度放棄的項目？謝謝。

Yeah. Hi, this is Chuck. I assume you're referring to assets originated in the CCH1 with that question.

是的。你好，我是查克。我假設您問的這個問題指的是源自 CCH1 的資產。

Or any assets in general where you haven't logged in the interest rates and trade change before you go and log in.

或者一般而言，在您登入之前，您尚未登入任何資產的利率和交易變化。

Okay, understood. Yeah. So when we're funding assets, we'd typically initially use our revolver and our available liquidity to fund those investments. And we have some hedging products to lock in the interest rate that we're paying on that. So we're not really wearing interest rate risk once we fund some of those investments. And for longer-term takeout of the short-term facility, we also have some hedging products that we have where we hedge the long-term takeout as well.

好的，明白了。是的。因此，當我們為資產融資時，我們通常會先使用我們的循環信貸和可用的流動資金來為這些投資提供資金。我們有一些對沖產品來鎖定我們支付的利率。因此，當我們為其中一些投資提供資金時，我們實際上並沒有承擔利率風險。對於短期貸款的長期提取，我們也有一些對沖產品，用於對沖長期提取。

I appreciate the color. Thanks.

我很欣賞這個顏色。謝謝。

Jordan Levy, Truist Securities.

喬丹·利維（Jordan Levy），Truist Securities。

Hi, all. It's Henry on for Jordan here. Thanks for taking my questions. Let's just start. Could you just give a little bit more color around the potential wind opportunities you mentioned you're seeing in the pipeline now? I would assume those are onshore opportunities given the current policy environment. And then just what kind of the timeline you see for those?

大家好。這裡亨利代替喬丹。感謝您回答我的問題。我們就開始吧。您能否稍微詳細地介紹一下您提到的目前正在籌劃的潛在風能機會？我認為，在目前的政策環境下，這些都是國內機會。那麼你看到的這些時間線是什麼樣的呢？

Sure. Thanks for the question. I can confirm that they are all onshore and that there's nothing in our pipeline that is offshore. The type of projects that we look at in wind are very consistent with the projects that we've done in the past and frankly very consistent with solar projects as well, simply a different technology.

當然。謝謝你的提問。我可以確認它們都在陸上，我們的管道中沒有任何在海上的東西。我們在風能領域研究的專案類型與我們過去完成的專案非常一致，坦白說，也與太陽能專案非常一致，只是技術不同。

One of the reasons that we did call that out is because wind has been in the news and wind has not been in our closed transactions more recently. We did want to note for investors that we are starting to see more wind assets available and continuing to move forward. But in terms of the uniqueness, I would consider the revenue streams and risk profile to be very consistent with what we've seen in the past.

我們之所以指出這一點，是因為風能一直是新聞焦點，而最近風能並沒有出現在我們已完成的交易中。我們確實想讓投資者知道，我們開始看到更多風能資產可用，並且還在繼續向前發展。但就獨特性而言，我認為收入來源和風險狀況與我們過去所見非常一致。

Understood. Thanks. Thanks for that. And then just a quick one looking at FTN within CCH1, it looks like it's a pretty decent piece of the mix right now. I guess is that primarily being driven by RNG at this stage? And do you expect that level of mix to hold up as CCH1 develops?

明白了。謝謝。謝謝。然後快速看一下 CCH1 中的 FTN，現在它看起來是相當不錯的一部分。我猜想現階段這主要是由 RNG 推動的嗎？您是否預計隨著 CCH1 的發展，這種混合水平能夠保持下去？

Yes, that is primarily renewable natural gas at this point. And I would just think of the CCH1 balance sheet profile, so to speak, to be very consistent with HASI. So we have constructed two CCH1, so look a lot like HASI from an asset diversification perspective. So as we grow our RNG business, CCH1's RNG percentage should be consistent.

是的，目前主要是再生天然氣。我認為 CCH1 資產負債表概況與 HASI 非常一致。因此，我們建立了兩個 CCH1，從資產多樣化的角度來看，它們看起來很像 HASI。因此，隨著我們 RNG 業務的成長，CCH1 的 RNG 百分比應該保持一致。

Jeff Osborne, TD Cowen.

傑夫·奧斯本，TD Cowen。

Okay, great. Thank you. I just had one, Jeff, listen, on CCH1 actually. I guess, just given -- maybe I'm a naïve person, but given it had one in the name, I was assuming instead of making it longer and bigger, you would just create CCH2 and maybe extract more value for yourselves. So maybe you could just enlighten me, was there any conversation about creating a new vehicle that maybe had different terms and conditions as opposed to extending the existing one and making it larger?

好的，太好了。謝謝。傑夫，聽著，我剛剛在 CCH1 上聽到了一個。我想，只是考慮到——也許我是一個天真的人，但考慮到它的名字裡有一個，我假設你不會把它做得更長更大，而是會創建 CCH2，也許會為自己提取更多價值。所以也許您可以啟發我，是否有關於製造一輛可能具有不同條款和條件的新車而不是延長現有車輛並使其更大的討論？

So good question, Jeff. I think the way to think about that is the existing CCH1 is working particularly well. I think both parties are very pleased with it. I think the notion of putting debt on CCH1, which is an objective of both HASI and KKR, and growing it to something like $2.5 billion to $3 billion without additional equity contributions from the partners, but rather through debt, which is just a very prudent way to continue forward and allow this vehicle to exist in terms of an investment period through next year. And so there might be a CCH2 some day. But I think at the current moment, this is a very prudent way to attack the notion of increase in the capacity of CCH1.

傑夫，這個問題問得真好。我認為思考這個問題的方式是現有的 CCH1 運作得特別好。我認為雙方都對此感到非常滿意。我認為將債務置於 CCH1 之上的想法是 HASI 和 KKR 的目標，在沒有合夥人額外股權貢獻的情況下，透過債務將其增長到 25 億美元至 30 億美元左右，這只是一種非常謹慎的方式，可以繼續前進並允許該工具在明年的投資期內存在。因此，將來某一天可能會有 CCH2。但我認為，就目前而言，這是解決 CCH1 容量增加問題的一種非常謹慎的方法。

Got it. And I think I know the answer to this question, but just to reiterate, there is another company in storage space reporting that lower guidance to this calendar year. And so it might have been tariffs. And so is there a way of talking about your pipeline or funnel as it relates to what percentage of the behind-the-meter, front-of-the-meter asset that require batteries -- but typically people don't buy battery a year in advance, just given they degrade, and even prices historically have gone down. And s, as said in your comment that they're locked and promoted for the next 12 to 18 months, I think, in solar projects with batteries potentially being delayed. So is there a way of flushing that out for investments?

知道了。我想我知道這個問題的答案，但需要重申的是，儲存領域還有另一家公司報告了今年的下調預期。所以這可能是關稅。那麼，有沒有辦法談論您的管道或漏斗，因為它與需要電池的電錶後、電錶前資產的百分比有關——但通常人們不會提前一年購買電池，因為電池會退化，而且從歷史上看，價格已經下降了。而且，正如您在評論中所說，我認為，在未來 12 到 18 個月內，它們將被鎖定並推廣，因為太陽能專案的電池可能會被推遲。那麼，有沒有辦法將其轉化為投資呢？

I think, again, the status of the projects that comprise our pipeline is such that equipment has generally been secured, identified, safe-harbored, and these issues that you're raising are real issues but very unlikely to impact our pipeline, and therefore, very unlikely impact your volumes in the next 12 to 18 months. I think there will be issues in that post pipeline period, which I talked about in the prepared remarks. But I do think our pipeline reflects a stage of construction and development in which these issues are not a large risk.

我認為，構成我們管道的項目的狀態是這樣的，設備通常已經得到保護、識別和安全庇護，而您提出的這些問題是真正的問題，但不太可能影響我們的管道，因此，也不太可能影響您在未來 12 到 18 個月內的產量。我認為後管道時期會出現一些問題，我在準備好的發言中已經談到了這個問題。但我確實認為，我們的管道反映了建設和發展的階段，其中這些問題並不構成太大的風險。

Great to hear that. That's all I have. Thank you.

很高興聽到這個消息。這就是我所擁有的一切。謝謝。

Thank you.

謝謝。

Thank you. (Operator Instructions) We will pause to see if we have any further questions before we conclude.

謝謝。（操作員指示）在結束之前，我們將暫停一下，看看是否還有其他問題。

Thank you. There are no further questions at this time. And this does conclude today's teleconference. Thank you very much for joining us today. And you may now disconnect your lines.

謝謝。目前沒有其他問題。今天的電話會議到此結束。非常感謝您今天加入我們。現在您可以斷開線路了。