HASI and KKR Issue $508M Senior Notes for CarbonCount Holdings to Scale $4B Clean Energy Platform

HA Sustainable Infrastructure Capital and KKR have announced that CarbonCount Holdings 1, their joint clean energy investment vehicle, has issued $508 million in aggregate principal amount of senior unsecured notes in a private offering. The 20-year fixed-rate amortising notes priced at a weighted average coupon of 6.29 percent, representing the second issuance of senior notes by the platform following an inaugural offering in June 2025. The successful pricing reinforces investor appetite for high-quality sustainable infrastructure debt as institutional capital continues to flow into the United States clean energy sector.

 

Improved Pricing and Investor Demand

 

The second issuance achieved a weighted average coupon of 6.29 percent, an improvement of more than 30 basis points compared with the first issuance in June 2025, which priced at 6.76 percent. Five new institutional investors participated in the offering, expanding the investor base beyond the original syndicate that backed the inaugural notes. Dan McMahon, Senior Managing Director of Syndications at HASI, said the improved pricing reflects how the quality of the underlying assets is translating into a lower cost of capital.

The tighter spreads also signal growing market confidence in the credit profile of clean energy infrastructure assets at a time when broader capital markets are navigating elevated interest rate conditions. After deducting estimated offering expenses, the net proceeds from the offering are expected to be approximately $503 million. CCH1 intends to use these proceeds to acquire or invest in new and existing sustainable infrastructure projects across the United States, providing capital deployment flexibility for the platform.

 

The CarbonCount Holdings Structure

 

CarbonCount Holdings 1 was formed in May 2024 as a strategic partnership between HASI and KKR to invest in clean energy projects across the United States. The platform was established with an initial capital commitment of up to $2 billion over an 18-month period, providing dedicated capacity for sustainable infrastructure investments outside the partners' core balance sheets. The structure allows each party to deploy capital efficiently while sharing investment opportunities across a diversified asset base.

In December 2025, HASI and KKR agreed to upsize their combined commitment to $3 billion, with each party contributing an additional $500 million and extending the investment period to the earlier of the end of 2027 or when all commitments have been utilised. With the new notes issuance, CCH1's investment capacity has now increased to more than $4 billion, and both parties continue to expect total investment capacity to reach nearly $5 billion based on existing leverage targets. The progressive scaling of the platform reflects strong deal flow and continued conviction in the clean energy investment thesis.

 

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Strategic Rationale for the Partnership

 

The CCH1 platform combines HASI's specialist expertise in sustainable infrastructure investment with KKR's global investment capabilities and access to institutional capital. McMahon framed the latest issuance as an opportunity to expand CCH1's investment capacity to support the strong growth in investment activity HASI is experiencing while continuing to enhance capital efficiency. The structure also allows the platform to deploy capital across multiple clean energy asset classes including solar, storage, renewable natural gas and energy efficiency.

Cecilio Velasco, Managing Director at KKR, said the strong investor reception of the second issuance reflects the quality and diversity of the underlying asset base. He added that with more than $4 billion of investment capacity, the platform is well-positioned to continue collaborating with HASI to deliver sustainable, reliable and affordable energy infrastructure to meet significant demand across the United States. The framing positions the partnership as a vehicle for addressing both climate objectives and broader energy security and reliability priorities.

 

The Broader US Sustainable Infrastructure Market

 

The CCH1 issuance reflects the continued maturation of sustainable infrastructure as an institutional asset class, supported by long-term policy frameworks, stable cash flows and rising demand from corporate offtakers. Despite higher interest rates, demand for clean energy infrastructure debt has remained resilient because the underlying projects typically generate long-dated revenue streams from creditworthy counterparties. Investors are increasingly differentiating among issuers based on the quality of their underlying assets and the discipline of their investment processes.

The platform's growth also reflects rising investment activity across the United States renewable energy sector, where utility-scale solar, energy storage and distributed generation continue to attract significant capital. Hyperscale technology companies, industrial operators and utilities are all increasing their procurement of clean power, which supports robust development pipelines for sustainable infrastructure investors. Platforms with proven origination capabilities and institutional capital backing are well-positioned to capture this opportunity at scale.

 

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HASI's Strategic Positioning

 

For HASI, the CCH1 platform represents a significant strategic vehicle that supports its broader business model as a specialist sustainable infrastructure investor. The partnership structure allows HASI to scale its investment activity beyond what its balance sheet alone could support, while sharing risk and capital requirements with a major institutional partner. The platform's growing investment capacity also supports HASI's reputation as a leading capital provider in the United States sustainable infrastructure market.

HASI's broader portfolio currently manages more than $16 billion in sustainable infrastructure assets across utility-scale solar, storage and onshore wind, distributed solar and storage, renewable natural gas, and energy efficiency. The CCH1 platform sits alongside this broader portfolio, providing dedicated capacity for projects that benefit from KKR's institutional capital and HASI's investment expertise. The combination strengthens HASI's competitive position relative to other capital providers in the sector.

 

Outlook for Sustainable Infrastructure Finance

 

The CCH1 issuance reinforces a broader trend in which dedicated investment platforms are becoming the primary vehicle for institutional capital deployment in United States clean energy. Morgan Stanley and HASI Securities served as Joint Lead Placement Agents on the transaction, reflecting the involvement of major financial institutions in supporting clean energy capital formation. The notes were offered only to institutional accredited investors meeting specific qualifications under United States securities laws.

Whether platforms such as CCH1 can continue to scale at their current pace will depend on the availability of high-quality investment opportunities, the trajectory of interest rates and policy stability across the United States clean energy sector. Sustained execution by HASI and KKR would establish a template for how specialist managers and global investment firms can collaborate to channel large pools of institutional capital into the energy transition. The continued growth of dedicated platforms is expected to be a defining feature of the next phase of sustainable infrastructure finance.

 

Source: BUSINESS WIRE