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  "documentTitle": "Hannon Armstrong Sustainable Infrastructure Capital (HASI)",
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  "authorName": "Carson Block",
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  "presentationDate": "2022-08-25 00:00:00",
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  "notes": "The table provides comparative financial statements for Engie Brasil, Engie Peru, Gaztransport & Technigaz, and Engie Jupiter Group.",
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      "text": "HASI’s claims should be subordinated to the tax equity partners and project debt holders. With significant debt on a project that has generated substantial losses since inception, color us skeptical that HASI will be able to hit its hurdle rate (let alone avoid a loss) over the remaining ~12 years of the project’s 13-year contract life.",
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      "text": "HASI's claims should be subordinated to the tax equity partners and project debt holders. With significant debt on a project that has generated substantial losses since inception, color us skeptical that HASI will be able to hit its hurdle rate (let alone avoid a loss) over the remaining ~12 years of the project's 13-year contract life.",
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      "text": "In addition to HASI's $540 million (~€470 million) investment, 2020 commitments from tax equity investors were $1.6 billion – $2.0 billion (€1.8 billion – €2.35 billion). Between HASI's investment, that of the tax equity investors, and the large debt taken on by the project holding company, Engie was likely able to reclaim most – or even all – of its original equity investment.",
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      "text": "10 https://www.engie.com/en/journalists/press-releases/partnership-hannon-armstrong-renewables-portfolio-US 11 HASI 2021 10-K, p. 100",
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      "text": "Financial statements table for Engie entities (2020-2021)",
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