Hannon Armstrong Sustainable Infrastructure Capital Inc. has announced a preferred equity investment in about 1.6 GW onshore wind and utility-scale solar portfolio which was developed and operated by the Clearway Energy Group in the United States. The portfolio includes 974 MW of onshore wind, 192 MW of solar capacity, and 557 MW of utility-scale solar combined with 395 MW of co-located storage. It covers seven projects in total, located in California, Hawaii, West Virginia, and Texas. The project is expected to create more than 2,500 jobs in the country to build and operate the assets. Another positive outcome will be an increased supply of clean low-power to thousands of households and businesses across the United States.

Hannon Armstrong’s investment is also expected to reduce an estimated 703,000 metric tons of CO2 emissions annually. Hannon Armstrong has funded $200 million of its investment till now and is expected to invest the remaining portion by 2022. The total will be approximately $ 663 million, following the terms of the investment. The remaining ownership of the cash equity interests will be held by one of Clearway Energy Group’s publicly traded affiliates; Clearway Energy, Inc.

Hannon Armstrong is the first US public company, which is dedicated solely to providing capital to companies in energy efficiency, renewable energy, and other climate solutions. The project will be developed through the partnership of Hannan Armstrong, which is expected to contribute its expertise in providing long-term investment for climate solutions, and Clearway Energy Group, which will offer expertise in the installation and operation of renewable energy capacities.