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  "documentTitle": "Hannon Armstrong Sustainable Infrastructure Capital (HASI)",
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      "text": "We estimate that the Rosie EMI accounted for approximately 12% of our ~$300 million estimate of HASI’s 2021 non-cash, unrealizable HLBV income.",
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      "text": "HASI recently disclosed that Jupiter continued to generate negative revenue and net losses in Q1 2021.",
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      "text": "A former Engie executive made clear his view of the dynamic between renewable energy developers selling project deals and the financiers underwriting the projects:",
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      "text": "We estimate that the Rosie EMI accounted for approximately 12% of our ~$300 million estimate of HASI's 2021 non-cash, unrealizable HLBV income. However, HASI's preferred return only kicks in after 85.4% of the contracted capacity is post-contract.",
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      "text": "Former HASI Executive A confirmed that despite being a minority investor, HASI bears most of the remaining risk in the asset.",
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      "text": "An important part of financing projects is finding a financing partner that believes in your long-term view... And that forecasted price doesn't necessarily have to be true fifteen years from now, same with any other asset.",
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      "text": "An important part of financing projects is finding a financing partner that believes in your long-term view... All the project developers are concerned with is finding someone who will buy the asset at the forecast price. And that forecasted price doesn’t necessarily have to be true fifteen years from now, same with any other asset. — Former Engie Executive B",
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      "text": "Financial table showing Balance Sheet and Income Statement for Empower Clean, Lighthouse, Jupiter, Phase V, Vivint, and Other.",
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      "text": "HASI's \"Preferred Return\" on Rosie Makes it Look Like the Sucker at the Table",
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