{
  "docId": "019dd923-622c-750b-8b97-386a39fe2e3c",
  "docSlug": "5f1b43d262e5",
  "documentTitle": "Hannon Armstrong Sustainable Infrastructure Capital (HASI)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-07-12 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 15,
  "pageCount": 27,
  "prevPage": 14,
  "nextPage": 16,
  "slideType": "appendix_data",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 18,
  "notes": "The slide provides a detailed breakdown of income adjustments and methodology for calculating non-cash income inflation.",
  "elementsJson": [
    "paragraph",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-386a39fe2e3c/15",
  "deckHref": "/decks/019dd923-622c-750b-8b97-386a39fe2e3c",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-386a39fe2e3c.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-386a39fe2e3c#slide-15",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Our Low End Estimate for Non-Cash ITC-Related HLBV Income in 2020 and 2021 is $20.3 million and $293.2 million",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0931-74b9-a332-3d94d9b95cbc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Non-Cash HLBV-Related Income: $293.2 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0931-74b9-a332-47ad28f4cbf9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.78,
        "x": 0.11,
        "y": 0.65
      },
      "kind": "paragraph",
      "text": "We derive the low end of our income inflation by combining several figures and estimates. For HASI EMI SunStrong, we use the redemptions of noncontrolling interest attributable to HASI from the SunStrong financial statements...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8dce20b0-b6fb-4b90-a7f1-525bff8fcaee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "We estimate that ITC-related HLBV income inflation from the EMIs' financial statements, where available. From the financials available to us, we estimate that non-cash ITC-related HLBV income inflated HASI's income by $20.3 million – $60.6 million in 2020 and $293.2 million – $353.2 million in 2021.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9c6fccb3-49c8-4aff-8f8d-45b5c2d19172",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "We derive 59.8% from two figures. An expert in structuring renewable investments described the Tax Equity Partner's benefit to us as an ITC of 30% of project value and 14% in the form of depreciation, combined with a typical ~8% cash return. — Footnote 66",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0931-74b9-a332-414ffe25c57a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.78,
        "x": 0.11,
        "y": 0.57
      },
      "kind": "source-note",
      "text": "Sources: SunStrong consolidated financial statements, 2019-2021; Buckeye Wind Energy Class B Holdings LLC financial statements, 2018-2020; Rosie TargetCo LLC financial statements, 2021; Vivint Solar Asset 3 HoldCo Parent financial statements, 2021; Engie SA 2021 Annual Report",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9c3270c4-382f-4c69-8211-80514bdf5c50",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.78,
        "x": 0.11,
        "y": 0.84
      },
      "kind": "source-note",
      "text": "66 We derive 59.8% from two figures. An expert in structuring renewable investments described the Tax Equity Partner's benefit to us as an ITC of 30% of project value and 14% in the form of depreciation...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fe32c201-5640-4b54-98be-9dc514bbc467",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.78,
        "x": 0.11,
        "y": 0.44
      },
      "kind": "table",
      "text": "HASI Inflated Non-Cash HLBV-Related Income, by EMI (MWC Low End Estimate): SunStrong (10.0, 1.2), Buckeye (10.3, N/A), Rosie (N/A, 39.4), Vivint Solar 3 (N/A, 34.8), Jupiter (N/A, 217.8), Total (20.3, 293.2)",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6105857e-0af3-4535-9aff-8fe4b31f785c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.78,
        "x": 0.11,
        "y": 0.27
      },
      "kind": "table",
      "text": "HASI Reported Income From EMIs: 48.0 (2020), 126.4 (2021); MW Adjustment: (60.6) to (20.3) (2020), (353.2) to (293.2) (2021); HASI Adjusted Income From EMIs: (12.7) to 27.7 (2020), (226.7) to (166.8) (2021)",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8fe4e1ad-4695-42f9-a717-8cd6068bb318",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}