CarbonCount Holdings 1 LLC (CCH1), a strategic co-investment vehicle formed by HA Sustainable Infrastructure Capital (HASI) and KKR, has successfully issued $508 million in senior unsecured notes. The private offering marks the second major capital raise for the vehicle, aimed at expanding investment capacity for clean energy projects across the United States.
The fixed-rate amortizing notes carry a 20-year final maturity and were priced at a weighted average coupon of 6.29%. This represents a significant improvement in borrowing costs compared to the vehicle’s inaugural issuance in June 2025, which carried a coupon of 6.76%.
The issuance attracted five new institutional investors, with credit spreads narrowing by more than 30 basis points over the past year. Management attributed this trend to the increasing maturity and proven quality of the underlying sustainable infrastructure assets.
“We are excited to further expand the investment capacity of CCH1 to support the strong growth in investment activity we are experiencing,” said Dan McMahon, Senior Managing Director of Syndications at HASI. “The improvement in spreads reflects how the quality of our underlying assets is translating into a lower cost of capital.”
Net proceeds from the offering, estimated at approximately $503 million, will be utilised to acquire or invest in new and existing sustainable infrastructure projects. Following this transaction, CCH1’s total investment capacity has surpassed $4 billion, with partners anticipating a final capacity of nearly $5 billion under current leverage targets.
Cecilio Velasco, Managing Director at KKR, noted that the vehicle is “well-positioned to continue collaborating with HASI to deliver sustainable, reliable, and affordable energy infrastructure to meet the significant demand we see across the U.S.”
Originally established in May 2024, the CCH1 partnership has seen rapid expansion. In December 2025, HASI and KKR increased their combined commitment to $3 billion and extended the investment period through to the end of 2027.
The partnership leverages HASI’s expertise in sustainable asset management and KKR’s global investment reach to fund large-scale decarbonisation efforts. Morgan Stanley and HASI Securities served as Joint Lead Placement Agents for this latest transaction.
