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  "documentTitle": "Hannon Armstrong Sustainable Infrastructure Capital (HASI)",
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      "text": "A significant portion of these project losses appears to have stemmed from mark-to-market hedging losses.",
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      "text": "net losses: -$917 million",
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      "text": "A significant portion of these project losses appears to have stemmed from mark-to-market hedging losses. One of HASI's newest EMIs, Lighthouse, needed HASI to add another $15 million in equity plus a $10 million loan to help meet a funding shortfall purported to be caused by hedging losses relating to the February 2021 Texas freeze. Oddly, a HASI investor relations representative told us the hedging losses were non-cash.",
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      "text": "-$917 million in net losses among HASI's largest JVs from Q1 2019 to Q4 2021",
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      "text": "Jupiter's hedging losses raise questions. While the Texas freeze might be considered a black swan event, HASI's reporting on the financial performance of its largest JV by assets, Jupiter, shows that negative revenue and additional losses were not confined to that period. Negative revenue comes from hedging losses relating to power sales, in which the amounts due to be paid to the hedge counterparty exceed the earnings from the sale of the power. Over the full year 2021, Jupiter generated negative ($253 million) in revenue and recorded ($450 million) in net losses, of which only 28.4% ($72 million) and 36.7% ($165 million) of the losses were booked in Q1, which is the quarter in which the 2021 Texas freeze occurred. In 2020, Jupiter also earned negative ($14 million) in revenue and generated ($72 million) in losses.",
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      "text": "In 2021, we made approximately $15 million in equity contributions and made $10 million in member loans to one of the Lighthouse Partnerships for the settlement of hedging activity under one of the project’s power hedge agreements as a result of the February 2021 winter storms in Texas. — HASI 2021, 10-K, p. 100",
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      "text": "100 We note that there is an unexplained $1 million difference in the total losses reported for EMIs for FY 2020 in 2020 (-$239 million) vs. that reported in 2021 (-$238 million). We use the lower figure in our calculation. 101 “In 2021, we made approximately $15 million in equity contributions and made $10 million in member loans to one of the Lighthouse Partnerships for the settlement of hedging activity under one of the project’s power hedge agreements as a result of the February 2021 winter storms in Texas.” Source: HASI 2021, 10-K, p. 100 102 Negative revenue occurs from financial hedging losses from the use of Virtual Power Purchase Agreements, where the amounts due to be paid to the hedge counterparty exceed the earnings from the sale of the power.",
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      "text": "Balance Sheet and Income Statement data for Vivint Solar Asset 3 Borrower, LLC, Rosie Targetco, LLC, and Other Investments.",
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