Company Timeline

1981

Company founded

Hannon Eden logo 1980s

Hannon Armstrong started in September 1981 as Eden Hannon Goodwin & Company, led by Greg Eden and Mike Hannon out of the firm’s first headquarters in Alexandria, Virginia. Eden Hannon was one of the first firms to utilize the “tax-exempt” lease to finance capital equipment upgrades for state and local governments.

The first closed transaction was a $300,000 Motorola communications system for the Petersburg, Virginia Police Department, and the company’s early financing focused on telecommunications, information technology and energy equipment vendors.

1983

Jon Armstrong joins the company and first federal transaction

Entrepreneur and former Naval aviator R. Jon Armstrong joined the firm and brought Federal contracting experience that was used to expand our client offerings. This year also was also marked by our first financing transaction with the U.S. Federal government, which involved telecommunications equipment for the FBI.

1985

Jeff Eckel joins the company

During his first stint with the company, 1985 to 1989, Jeff Eckel served as senior vice president and in the new energy project finance group. He didn’t close anything for the first two years and Mike Hannon was sure to remind him of it!

1987

First renewable energy transaction and first third-party financed energy efficiency asset for the U.S. government

Hannon Armstrong timeline solar renewable energy photo
Hannon Armstrong financed energy asset image

Refinanced the Solar Energy Generating Systems III plant, a 30-megawatt concentrating solar plant in California to provide capital to develop SEGS VII and VIII. That same year, we pioneered the use of third-party capital for government energy efficiency projects with a 25-megawatt cogeneration plant at the Department of Energy facility.

1989

Firm renamed Hannon Armstrong and Eckel’s congressional testimony

The company renamed Hannon Armstrong after the departure of Greg Eden. This same year, Jeff Eckel testified to the U.S. Senate Energy Subcommittee on how to expand their energy performance contracting in the Federal government.

1991

Transition to merchant banking

While still financing IT and telecommunications assets for the U.S. government, Hannon Armstrong moved into the merchant banking business for U.S. federal contractors.

1995

Acquisition financing of Pathlore Software

Hannon Armstrong arranged the $20 million acquisition financing of Pathlore Software Corporation (business education software) from Computer Associates. Pathlore was later acquired by SumTotal Systems for $50 million.

1996

First energy performance contract financed

Hannon Armstrong financed its first of many energy service performance contracts (ESPCs) with $1 million ESPC for a lighting upgrade at the U.S. Postal Service building.

2000

Jeff Eckel returns as CEO, HannieMae Trust is launched

Jeff Eckel returned to Hannon Armstrong after leading Wärtsilä Power Development and EnergySource, with high-efficiency power systems and renewables in emerging markets, and the company’s headquarters were moved to Annapolis, Maryland. This same year, the company closed the Hannon Armstrong Multi-Asset Trust (a.k.a. “HannieMae”), the first securitization vehicle for financing Energy Savings Performance Contracts (ESPCs).

2003

Investment in undersea fiberoptic systems

Hannon Armstrong timeline undersea fiber optics photo

The company provided $40 million for an undersea fiber-optic communication system from Svalbard, Norway, an island above the Arctic Circle, to a facility on the mainland of Norway. The fiber-optic network feeds weather and environmental data to the U.S. National Oceanic and Atmospheric Administration (NOAA), Department of Defense and NASA.

2006

HannieMae exceeds $1 billion of ESPC financings

Hannon Armstrong Hannie Mae award image

The HannieMae securitization vehicle crossed the $1 billion mark with a combined 32 separate fundings, 191 transactions, 860 energy conservation measures for 14 energy service clients. The transactions were enough to offset the energy equivalent to .1% of all U.S. cars (129,000) on the road.

2007

Management buyout of Hannon Armstrong and 100% Employee Ownership Achieved

After Jon Armstrong’s untimely death in 2005, management recapitalized the firm with the private equity firm Mission Point Capital. Every employee became an owner of the new firm.

2008-2009

Clean energy financing during financial crisis

Hannon Armstrong Hudson Ranch project photo

Despite the decline of the DJIA by 34% in 2008, the company still provided over $700 million of financing to clean energy assets in the 2008 and 2009 periods. Additionally, the firm developed the 49.9 MegaWatt Hudson Ranch geothermal project in California. The $400 million project was awarded the 2010 Project Finance Magazine’s 2010 North American Geothermal Deal of the year.

2013

Debut as a public company

Hannon Armstrong NYSE 2013 photo

Recognizing that climate change is a defining issue of our generation and that finance has much to contribute to the adoption of low carbon technologies, we became a public company – Hannon Armstrong Sustainable Infrastructure Capital – traded under the ticker “HASI” on the New York Stock Exchange on April 18, 2013. We believed then, as we do now, that the opportunity to finance the decarbonization of the economy is simply enormous, as industries like the 100-year-old+ electric utility sector evolve to more sustainable business models.

2013

First Sustainable Yield® Bond issuance

Hannon Armstrong sold $100 million of its first series of asset-backed Sustainable Yield Bonds™ (HASI SYBs). The transaction securitized the cash flows generated by over 100 individual wind, solar and energy efficiency installations, all with investment-grade obligors.

2015

CarbonCount® scoring tool launched

Hannon Armstrong Sustainability Report Card image

Working with the Alliance to Save Energy, Hannon Armstrong debuted CarbonCount®: a scoring tool that evaluates investments in U.S.-based, energy efficiency and renewable energy projects to determine how effectively they can be expected to reduce CO2 emissions per $1,000 of investment.

2015

First publicly rated asset-backed securitization

In September 2015, Hannon Armstrong completed an offering of A-rated (Kroll) Sustainable Yield Bonds issued secured by a portion of its utility scale solar and wind real estate. It was the winner of the First Green Bond Asset-backed Securitization by the Climate Bonds Initiative.

2019

Inaugural corporate debt rating

In June 2019, Hannon Armstrong received BB+ corporate long-term issuer credit ratings from S&P Global Ratings and Fitch Ratings. Fitch also rated the Company’s senior secured revolving recourse credit facility investment grade at BBB- and its unsecured convertible note BB+. Hannon Armstrong had previously received an investment-grade rating of BBB (low) for its long-term issuer rating and its senior secured revolving credit facility from DBRS.