HASI and KKR form $2B clean energy JV; each commits $1B

HA Sustainable Infrastructure Capital, Inc.

Each HASI and KKR affiliate commits $1B to JV; 18-month investment period for clean energy projects.
KKR Hoops to pay ~$54.7M to HASI subsidiary for 50% interest; closing expected by May 17, 2024.
HASI to provide sourcing and management services; upfront fee 1%, ongoing fee 0.5%-1% pa.
JV has acquired two seed assets; HASI may provide back-stop guarantees for project obligations.
KKR may terminate if closing fails by May 31, 2024; minimum $300M deployed by 6-month mark required.

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