HA Sustainable Infrastructure Capital Inc J.P. Morgan Natural Resources Conference Takeaways

Research evidence excerpt

HA Sustainable Infrastructure Capital Inc J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

24 June 2026

HA Sustainable Infrastructure

Capital Inc Overweight

HASI, HASI US

J.P. Morgan Natural Resources Conference Takeaways Price (23 Jun 26):$39.15

We hosted HASI's Head of IR for a fireside chat at the J.P. Morgan Natural

Resources Conference. Key topics included the company's strong historical

performance in varying interest rate environments, the continued evolution toward

an asset management model as CCH1 capacity ramps and CCH2 comes into view, Clean Energy, Power Infrastructure,

and HASI's measured but open posture toward direct data center investment. and Sustainable Investing

Below are our key takeaways. AC Mark Strouse, CFA

(1-212) 622-8244

• CCH2 is coming, potentially with a different structure. CCH1 is on track mark.w.strouse@jpmorgan.com

to be fully committed by YE26, and management signaled a CCH2 Michael G Fairbanks

announcement could come soon. Management noted the structure may evolve (1-212) 622-4908

michael.fairbanks@jpmchase.com

beyond the current 50/50 ownership split, with third-party capital potentially

Anna Zhu

representing a larger share, further accelerating the shift toward an asset (1-212) 622-0012

management model and a growing fee stream. On self-funding, HASI is anna.zhu@jpmorgan.com

pulling three levers in parallel: KKR co-investment (50% of CCH1 capital), J.P. Morgan Securities LLC

junior subordinated notes (which receive 50% equity credit from rating

agencies, reducing equity issuance needs at a given leverage ratio), and a

reduced payout ratio, collectively expected to make 2026 a zero-ATM year.

However, the company notes that equity capital raises are still likely for FY27

and FY28.