Hannon Armstrong ( NYSE: HASI ) said Wednesday it closed two new investments in grid-connected renewable energy assets developed, owned and operated by AES Corp. ( NYSE: AES )
Hannon Armstrong ( HASI ) will acquire a 49% equity interest in a 1.3 GW portfolio of 18 operating solar and wind projects located across six states: Arizona, California, New York, South Dakota, Utah and Virginia.
The company said the portfolio's cash flows are contracted with a diverse group of predominately investment-grade corporate, utility, and municipal offtakers; AES ( AES ) will continue to own and operate the assets.
Hannon Armstrong ( HASI ) also will finance land owned by AES ( AES ) for a solar project and a standalone battery energy storage system in California.
Hannon Armstrong ( HASI ) offers "a 5% yield in a trillion dollar growth market," Brad Thomas writes in an analysis published on Seeking Alpha .
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Hannon Armstrong to invest in AES Corp. 1.3 GW renewables portfolio