Invenergy (developer, owner, and operator of sustainable energy and power infrastructure solutions) and HA Sustainable Infrastructure Capital, Inc. (a real estate investment trust) have finalized a strategic equity partnership that will support a 2.7-gigawatt portfolio of utility-scale solar, solar-plus-battery storage, and wind projects spread across seven U.S. states, the companies announced on September 10, 2026.

Deal Structure and Portfolio Scope

The transaction, which has now closed, sees HASI take an equity stake in a portfolio of 10 Invenergy projects spanning six major U.S. power markets across Arizona, New Mexico, Texas, Arkansas, Indiana, Ohio, and New York. Invenergy will retain control and majority ownership of the projects and continue to lead day-to-day operations.

More than 850 megawatts of the portfolio are currently operating, with the remaining capacity expected to reach commercial operation by the first quarter of 2027. HASI has agreed to fund each individual project as it achieves commercial operation, rather than committing the full capital outlay upfront.

All 10 projects in the portfolio are backed by long-term agreements with investment-grade offtakers, a group that includes corporate, utility, and public-sector entities.

CIBC Capital Markets acted as financial advisor to Invenergy for the transaction. Sidley Austin LLP provided legal counsel to Invenergy, while Baker McKenzie served as legal counsel to HASI.

Building on an Existing Relationship

Both companies described the transaction as an expansion of a longstanding partnership rather than the establishment of a new one.

The deal reflects what the two parties characterized as growing demand for large-scale, contracted clean energy and storage assets, and is intended to support Invenergy's continued growth by allowing the company to recycle capital.

Meghan Schultz, Executive Vice President and Chief Financial Officer of Invenergy, said the transaction underscores the company's execution capabilities. "HASI continues to be a great partner as we continue to deploy power infrastructure that meets the needs of our customers and communities," Schultz said in a statement.

Susan Nickey, HASI's Chief Client Officer, said the investment pairs Invenergy's development and operating expertise with HASI's long-term capital solutions. "Invenergy is among the most experienced and respected power infrastructure developers in the country, and this portfolio reflects the breadth and quality of its platform," Nickey said.

About the Companies

Invenergy is described as North America's largest privately held developer, owner, and operator of power infrastructure. Headquartered in Chicago, the company has been operating for 25 years and has successfully developed more than 220 projects totaling over 36 gigawatts.

The company currently operates more than 20 gigawatts of large-scale power infrastructure across four continents. Its portfolio spans natural gas, solar, land-based wind, energy storage, transmission, and domestic manufacturing.

HASI, listed on the New York Stock Exchange under the ticker HASI and headquartered in Annapolis, Maryland, is an investor focused on sustainable infrastructure assets.

The company manages more than USD 17 billion in assets diversified across utility-scale solar, storage, and onshore wind; distributed solar and storage; renewable natural gas; and energy efficiency. The firm combines what it describes as deep expertise in energy markets and financial structuring with long-term programmatic client partnerships.

Market Context

The scale of the transaction reflects a broader trend of institutional capital flowing into contracted, large-scale clean energy assets in the United States. The portfolio's geographic diversity across six power markets and seven states, combined with the mix of generation technologies including standalone solar, wind, and solar paired with battery storage, illustrates the range of assets that are attracting this type of programmatic equity investment.

The structure of the deal, in which HASI funds projects individually upon reaching commercial operation, is consistent with approaches used in large programmatic partnerships, where capital deployment is tied to project milestones rather than committed in full at signing.

With more than 850 megawatts already operating within the portfolio, a significant share of the assets is generating revenue under their long-term offtake agreements, while the remaining projects are expected to follow through the first quarter of next year.

For Invenergy, the capital recycling aspect of the transaction is central to its stated rationale, enabling the privately held company to redeploy proceeds into future development activity without taking on additional debt or diluting its control over the operating projects included in the portfolio.

Powering Smarter Decisions Across Every Voltage Level in the United States

The energy transition is accelerating, and the pipeline of power sector projects across the United States has never been more crowded or more competitive. Whether you are tracking grid modernization initiatives, renewable energy buildouts, or conventional generation upgrades, the difference between winning and losing often comes down to who had the right intelligence first.

The Global Project Tracking (GPT) platform by Blackridge Research was built for exactly this environment. It delivers structured, continuously updated project data across the full lifecycle of power sector development, giving developers, contractors, equipment suppliers, and investors a clear view of where opportunities are emerging and how quickly they are moving.

From early-stage planning through to project completion, the GPT platform organizes the information that matters most into a single, searchable environment, so your team spends less time hunting for data and more time acting on it.

• Upcoming Projects

• Tender Notices

• Contract Awards

• Projects Under Construction

• Completed Projects

See how the Global Project Tracking (GPT) platform by Blackridge Research can sharpen your strategy in the United States power market. Book a Free Demo with our team today.