HA Sustainable Infrastructure Capital
24 named things its latest annual report says its results depend on, each in the company's own words. 17 of them are also named by other companies we've read.
Customers
U.S. government customers
earns fromnamed as a riskAlthough our energy efficiency investments do not normally require additional governmental appropriations to cover repayment due to the energy and operating savings derived from the newly installed equipment and systems, a significant decline in the fiscal health, level of appropriations or budgets may make it difficult for our government customers to remain current on existing payment obligations or undesirable to enter into new energy efficiency improvement projects.Risk factors (Item 1A)
California utilities
earns fromnamed as a riskAn event in a non-related part of their respective businesses could have a material adverse impact on the financial strength of such end-customer, such as the effect of wildfires on certain California utilities.Risk factors (Item 1A)
Partners and platforms
Kohlberg Kravis Roberts & Co. (KKR)
depends on · $4.5 billion of capitalIn 2025, we increased the equity commitment to $1.5 billion per investor and agreed to allow CCH1 to issue up to $1.5 billion in unsecured debt, for a total of $4.5 billion of capital to be invested in eligible projects by CCH1.Business (Item 1)
Energy service companies (ESCOs)
depends onnamed as a riskOur ability to originate new assets could be adversely affected if one or more of the ESCOs or other origination sources with whom we have relationships are suspended or debarred or fail to win new, or renew existing, contracts.Risk factors (Item 1A)
Other companies
Behind-the-Meter assets
concentrated in · Approximately 52% of our PortfolioApproximately 52% of our Portfolio is invested in BTM assets, approximately 34% invested in GC assets, and approximately 14% invested in FTN investments.Business (Item 1)
Places
United States
operates in · substantially all of our revenueWe generate substantially all of our revenue from operations in the United States.Risk factors (Item 1A)
Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more
Land leased to renewable energy projects
concentrated innamed as a riskConcentration of projects in certain states exposes us to potential adverse political or regulatory changes or to potential natural disasters, impacting property values and leasing capabilities.Risk factors (Item 1A)
Hazards
Wildfires
named as a riskComponents of renewable energy systems, such as turbines, solar panels and inverters, could be damaged by natural disasters or severe weather, including extreme temperatures, wildfires, hurricanes, hailstorms or tornadoes.Risk factors (Item 1A)
Also named by AAON, AMRC, AZO, BRK/B, CCI, CDNS, CINF, CNP and 17 more
Commodities and inputs
Natural gas
exposed to its pricenamed as a riskFor example, low natural gas prices may reduce the demand for renewable energy projects that can substitute for natural gas.Risk factors (Item 1A)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
Electricity
exposed to its pricenamed as a riskThe performance of renewable energy projects that produce electricity or natural gas can be impacted by volatility in the market prices of various forms of energy, including electricity, coal and natural gas.Market risk (Item 7A)
Also named by AA, AESI, APD, APLD, ATI, ATO, BA, BMNR and 22 more
Renewable identification numbers (RINs)
exposed to its pricenamed as a riskProjects in which we invest, or in which we may plan to invest, may also be exposed to volatility in the prices of environmental attributes which the project may produce, such as renewable energy credits (“RECs”) or renewable identification numbers (“RINs”).Market risk (Item 7A)
Renewable energy credits (RECs)
exposed to its pricenamed as a riskProjects in which we invest, or in which we may plan to invest, may also be exposed to volatility in the prices of environmental attributes which the project may produce, such as renewable energy credits (“RECs”) or renewable identification numbers (“RINs”).Market risk (Item 7A)
Also named by APLD
Regulators
Federal Energy Regulatory Commission (FERC)
subject tonamed as a riskFor example, Federal Energy Regulatory Commission (“FERC”) conducted a review of grid resiliency and the functioning of electricity markets and has made, and could continue to make, changes to policies and regulations related to the function of the electricity markets and grid resiliency which may negatively impact the use of renewable energy or encourage the use of fossil fuel energy over renewable energy.Risk factors (Item 1A)
Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more
Internal Revenue Service (IRS)
subject tonamed as a riskIf the IRS were to determine that we failed to qualify as a REIT for any prior taxable year ended on or before December 31, 2023, and we do not qualify for certain statutory relief provisions, we would be subject to U.S. federal income tax on our taxable income for such taxable year at the applicable corporate rate.Risk factors (Item 1A)
Also named by AAPL, ABNB, ADI, AJG, AMGN, BBSI, BMNR, BRO and 39 more
Laws and programs
Investment Company Act of 1940
subject tonamed as a riskIf we or our subsidiaries fail to maintain an exemption from the 1940 Act, we could, among other things, be required either to (1) change the manner in which we conduct our operations to avoid being required to register as an investment company, (2) effect sales of our assets in a manner that, or at a time when, we would not otherwise choose to do so or (3) register as an investment company, any of which could negatively affect our business, our ability to make distributions, our financing strategy and the market price for shares of our common stock.Risk factors (Item 1A)
Also named by ABR, AMG, AMP, ARCC, ARES, BAM, BCSF, BEN and 28 more
Inflation Reduction Act
subject tonamed as a riskSuch policies may include governmental initiatives, laws and regulations designed to reduce energy usage and impact the use of renewable energy or the investment in and the use of climate solutions, including the Infrastructure Investment and Jobs Act and the Inflation Reduction Act.Risk factors (Item 1A)
Also named by AEE, AMGN, ARWR, BIIB, BKNG, BMY, CAH, CI and 26 more
Infrastructure Investment and Jobs Act
subject tonamed as a riskSuch policies may include governmental initiatives, laws and regulations designed to reduce energy usage and impact the use of renewable energy or the investment in and the use of climate solutions, including the Infrastructure Investment and Jobs Act and the Inflation Reduction Act.Risk factors (Item 1A)
Also named by APG, AWK, CTOS, J, MLM, MTZ, NWPX, OGE and 3 more
Section 382 of the Internal Revenue Code
subject tonamed as a riskAn ownership change may severely limit or effectively eliminate our ability to utilize our NOL carryforwards and other tax attributes.Risk factors (Item 1A)
Power purchase agreements (PPAs)
earns fromnamed as a riskThrough our investments in various projects, we will be exposed to the credit risk of the obligor of the project’s PPA or other long-term contractual revenue commitments, as well as to the credit risk of certain suppliers and project operators.Market risk (Item 7A)
Net energy metering
subject tonamed as a riskThe ability and willingness of customers to pay for renewable energy systems that benefit from net metering rules may be reduced if net metering rules are eliminated or their benefits reduced, which may also impact our returns on such systems.Risk factors (Item 1A)
Renewable portfolio standards
subject tonamed as a riskState and local governments policies and incentives include, for example, renewable portfolio standards (“RPS”), feed-in tariffs, other tariffs, tax incentives and other cash and non-cash payments.Risk factors (Item 1A)
Federal Power Act
subject tonamed as a riskChanges to these U.S. federal laws and regulations could increase the regulatory burdens and costs and could reduce the revenue of the project.Risk factors (Item 1A)
Consumer protection laws
subject tonamed as a riskCertain obligors to which we have credit exposure are, or may be, subject to consumer protection laws, such as federal truth-in-lending, consumer leasing, and equal credit opportunity laws and regulations, as well as state and local sales and finance laws and regulations.Risk factors (Item 1A)