Hannon Armstrong provides debt and equity financing to the energy efficiency and renewable energy markets. We focus on providing preferred or senior level capital to established sponsors and high credit quality obligors, such as U.S. federal, state and local governments, Global 1000 corporations and private developers, for assets that generate long-term, recurring and predictable cash flows. Our management team has extensive industry knowledge and experience, having completed its first renewable energy financing more than 25 years ago and its first energy efficiency financing over 15 years ago.
In conjunction with our initial public offering (IPO) which closed on April 23, 2013, we changed our organizational structure in order to allow us to continue our business as a real estate investment trust (REIT). Our strategy in converting to a REIT and in undertaking our IPO was to expand our proven ability to serve our rapidly growing markets by increasing our capital resources, enhancing our financial structuring flexibility, expanding the types of projects and end-customers we pursue, and selectively retaining a larger portion of the economics in the assets in which we invest, while delivering attractive risk-adjusted returns to our stockholders.