HA Sustainable Infrastructure (HASI): Updating model for green senior unsecured notes due 2033

Research evidence excerpt

HA Sustainable Infrastructure (HASI): Updating model for green senior unsecured notes due 2033

Equity Research

17 June 2026 | 12:14AM EDT

HA Sustainable Infrastructure (HASI): Updating model for green senior

unsecured notes due 2033

We are updating our model to reflect HASI’s recently priced $1bn of green senior Brian Lee, CFA

+1(917)343-3110 | brian.k.lee@gs.com

unsecured notes due 2033. Importantly, the company issued these notes at a Goldman Sachs & Co. LLC

favorable spread as compared to a recent issuance, and we see the current laddered Tyler Bisset, CFA

debt portfolio as providing financial flexibility with no maturities until 2028 +1(212)357-5510Goldman Sachs & Co.| tyler.bisset@gs.comLLC

(excluding $600mn of senior unsecured notes due imminently). We remain Neutral Keshav Choudhary

rated and provide additional takeaways below. +1(332)245-7971keshav.choudhary@gs.com|

Goldman Sachs India SPL

n Debt priced at favorable yield. HASI announced that on 6/15, it priced $1bn in

aggregate principal of green senior unsecured notes due 2033 at a 5.95%

interest rate. This interest rate is at a slight discount to the 6.00% rate on the

$400mn of green unsecured notes due 2036 that it issued in April 2026.

Importantly, when compared against 7-year and 10-year treasuries, the recent

note issuance was at just a ~170bp spread as compared to the 10-year April

notes that were at a ~195bp spread.

n Laddered maturity profile. Following payment of the company’s $600mn of

2026 senior unsecured notes that mature imminently, the company has no debt

maturities until 2028 (~$400mn of exchangeable senior notes due 2028). As a

result, HASI has structured a solid laddered debt portfolio with maturities in

2030, 2031, 2033, 2034, 2035, and 2036, as well as 2056. This should provide