HASI, KKR Partner on $2 Billion Climate Investments

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KnowESG_HASI, KKR Partner on $2 Billion Climate Investments
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Hannon Armstrong Sustainable Infrastructure Capital (HASI) and investment giant KKR have joined forces to create CarbonCount Holdings 1 (CCH1), a new venture dedicated to investing in climate-friendly projects across the US.

The agreement, signed on May 4, 2024, commits each company to contribute up to $1 billion to CCH1, bringing the total potential investment to $2 billion over the next 18 months. HASI will take the lead in finding and managing these investments, focusing on areas like rooftop solar, utility-scale renewables, and clean transportation initiatives. The company will also use its proprietary CarbonCount® tool to measure the environmental impact of each project.

CCH1 will kick off with a portfolio of assets valued at roughly 10% of the total potential investment.

“Our strategic partnership with KKR perfectly aligns with our Climate Clients Assets strategy, enabling us to capitalize on our ambitious pipeline of opportunities and scale our business,” said Jeffrey A. Lipson, President and Chief Executive Officer of HASI. “We are excited to collaborate with the KKR team, who share our commitment to accelerating the energy transition and whose interest in the relationship serves as a testament to HASI's history of success.”

“CCH1 represents a significant milestone in our objective to migrate to a more capital light model and reduce reliance on public equity markets for growth,” said Marc Pangburn, Chief Financial Officer of HASI. “This transaction further increases the resilient, non-cyclical nature of our business.”

“HASI has built an impressive portfolio of sustainable infrastructure projects through strategic partnerships and we believe their pipeline of future opportunities is highly complementary to KKR’s existing clean energy investing strategy,” said Cecilio Velasco, Managing Director on KKR’s Infrastructure team. “We look forward to working together to advance projects in the sustainable infrastructure space and accelerate the energy transition.”

KKR has over 15 years of experience in infrastructure investing, with more than $15 billion dedicated to renewable energy and climate initiatives through their infrastructure platform alone. According to BloombergNEF, they rank as the 10th largest owner of operational and under-construction solar facilities in the US. Funding for this venture comes from KKR's core infrastructure strategy.

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Source: HASI

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