Tyler Bisset's questions to HA Sustainable Infrastructure Capital (HASI) leadership • Q2 2025
Question
Tyler Bisset from Goldman Sachs asked about the expected trend for adjusted ROE given the capital efficiency of the CCH1 structure and how the CCH1 debt will be treated on the income statement and by credit rating agencies.
Answer
President and CEO Jeffrey Lipson clarified that the ROE figures for CCH1 are illustrative for incremental investments and not directly comparable to the full company ROE. CFO Chuck Melko projected a gradual, steady increase in overall ROE rather than a large jump. Melko also explained that the CCH1 debt is held at the unconsolidated joint venture level, so it does not appear on HASI's balance sheet, and rating agencies do not factor it into HASI's leverage as long as the JV's leverage remains below 0.5x.