BNY Mellon, a global leader in investment management and investment services, has been appointed trustee, registrar, paying agent and back-up servicer for $118.6 million in asset-backed securities issued by Hannon Armstrong Sustainable Infrastructure Capital, Inc. (NYSE: HASI), a leading provider of debt and equity financing to the energy efficiency and renewable energy markets.
The securities issued by Hannon Armstrong are backed by a portion of its solar and wind real estate-related assets. They are supported by ground lease payments, which are higher in priority than the senior debt.
"BNY Mellon's Corporate Trust business continues to broaden its role in environmental finance," said Tim Vara, managing director for U.S. financial institutions in the Corporate Trust group. "We see growing interest from investors in securities that are supported by renewable energy sources."
BNY Mellon provides a wide array of services to Hannon Armstrong on a range of securities including paying agent, collateral agent, security intermediary, depository and custodian.
"We chose to work with BNY Mellon on this financing because of its capabilities and its 15-year history of supporting Hannon Armstrong and providing us with superior service," said Lisa Hale, Vice President of Asset Management for Hannon Armstrong.