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1、 BofA Securities does and seeks to do business with issuers covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making the

2、ir investment decision.Refer to important disclosures on page 22 to 26.Analyst Certification on page 21.Price Objective Basis/Risk on page 20.12889996 US Cleantech AES,CWEN,HASI 3Q Preview:Power demand strong,watch for execution Estimate Change Power demand,safe harbor provides positive backdrop Str

3、ong power demand positions our large developer,IPP,and financing group well,with data center demand continuing to drive renewable PPA activity.We see macro concerns around project cancellations due to capital constraints,permitting,and tariff uncertainty,but the 80-150GW of already safe harbored pro

4、jects provides solid visibility for bigger players and insulates them better relative to smaller players,who are seeing 20-25%kill rates.Component cost increases due to reciprocal,sect.232 tariffs,and AD/CVD add near-term execution risks,but PPA prices appear to be stepping up to$60/MWh(solar)and$75

5、/MWh(wind)based on LevelTen from$6B pipeline,strong 2H25 volumes and look for incremental updates on new frontier investments and growth of HASIs addressable market.Resi solar strength and 26+visibility in focus with shift to lease/PPA(positive for HASI).We are slightly below consensus for 3Q25(Adj.

6、EPS of$0.66 vs.$0.69),noting our lumpy transaction volumes and gain of sale more 4Q weighted($600M/$1B),and are slightly higher on interest expense($73M vs.$71M).25E EPS est of$2.65 in line,while 26E-28E are 3%above cons.Re-iterate Buy rating and$40 PO.CWEN:M&A gives visibility to high end for 27 We