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  "documentTitle": "Hannon Armstrong Sustainable Infrastructure Capital (HASI)",
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      "text": "Hannon Armstrong has still failed to publicly acknowledge – or deny – that in 2021, it booked ~$300 million of non-cash income that will never be collected.",
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      "text": "Jupiter generated €439 million in losses in 2020 and 2021. HASI's $540 million investment in Jupiter appears to have enabled the JV partner, Engie, to take most – if not all – its equity investment off the table.",
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      "kind": "quote",
      "text": "[Jupiter] is essentially a dividend recap... they borrowed a bunch of money, and they get locked down their project finance debt.",
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      "kind": "quote",
      "text": "They [bankers] walk around the Street... they're looking for some sucker to take paper on a non-controlling passive basis.",
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      "text": "They [bankers] walk around the Street... they're looking for some sucker to take paper on a non-controlling passive basis. I mean, you look around the room, who are you going to call? It's not like Annapolis [HASI's headquarters] is a destination location for money-raising. So, I just felt like that was marginal and these are widely shopped deals that other more informed investors wouldn't take because of the low yields. — Former HASI Executive A",
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      "text": "HASI: Is there a Greater Fool?",
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      "text": "Jupiter – Effectively a Dividend Recap for Engie",
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