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  "documentTitle": "Hannon Armstrong Sustainable Infrastructure Capital (HASI)",
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  "notes": "The slide uses a combination of expert interview commentary and formal financial statement footnotes to argue that the investment structure creates a misalignment of incentives.",
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      "text": "HASI's Rosie JV Preferred Return Takes Effect in 2035...",
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      "text": "Rosie TargetCo LLC is the holding company for a 192 MW grid-connected solar project... HASI joined Rosie as JV partner with CWEN on November 20, 2020, acquiring the B interests via its subsidiary HA Lighthouse LLC for $61.9 million in cash.",
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      "text": "The Company is governed by an amended limited liability agreement, or LLCA. The LLCA provides for allocations of income... subsequent to November 20, 2035, up to 80% of the Class A Member's cash may be allocated to the Class B Member...",
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      "text": "Clearway puts all this money into construction... You're incented heavily to maximize the apparent value in the future by sandbagging the numbers: You're not taking the risk around it, and you're selling it.",
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      "text": "“Clearway puts all this money into construction—they want to maximize, they want to get their money out as much as possible, so they generate a financial model... You're incented heavily to maximize the apparent value in the future by sandbagging the numbers: You're not taking the risk around it, and you're selling it. So, when Hannon is buying into these projects, it's essentially stepping in the shoes of those original project owners. Now, what's strange about this is that if you're going to step into their shoes, you want to have a control position. So, think about Clearway, in this case, is managing this asset, Clearway is negotiating the contracts, Clearway is interfacing with the market, you're just financial passive investor, and you're going to have to take whatever happens... it's kind of weird.” — Interview with Former HASI Executive A, April 2022",
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      "text": "16 Interview with Former HASI Executive A, April 2022; 17 SEC filing; 18 Provision note; 19 HASI 2021 10-K/A",
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      "text": "ROSIE TARGETCO LLC AND SUBSIDIARIES",
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