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  "documentTitle": "Hannon Armstrong Sustainable Infrastructure Capital (HASI)",
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  "notes": "The slide provides a narrative analysis of financial data points (investments, losses, equity changes, debt increases) to support a thesis about asset harvesting.",
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      "text": "Engie harvested the asset for cash, while HASI's most recently quarterly filing indicates that negative revenues and losses continue to accumulate.",
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      "text": "Jupiter's projects were substantially all operational by the end of 2020. Meanwhile, in 2021, the project's total equity fell by €629 million, declining from €1.3 billion to €703 million. That same year, Jupiter's long-term liabilities increased by €544 million.",
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      "text": "In July 2020, HASI made a preferred equity investment in Jupiter Equity Holdings, LLC, which owns nine operating wind projects and four utility-scale solar projects with an aggregate capacity of approximately 2.3 gigawatts.",
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      "text": "In 2020 and 2021, HASI invested $540 million into the Jupiter EMI, while Jupiter recorded €439 million in losses, per Engie. From Engie's financial statements, we can see several year-over-year changes that show how Engie harvested the asset for cash.",
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      "kind": "quote",
      "text": "in the form of development fees, or something else, which is in addition. So, probably at this point on they have a negative investment in the asset. — Interview with Former HASI Executive A, May 2022",
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      "text": "2 Interview with Former HASI Executive A, May 2022... 9 Engie 2021 Annual Report, p. 60",
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