ANNAPOLIS, Md., March 15, 2017 /PRNewswire/ -- Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong," or the "Company") (NYSE: HASI), a leading investor in sustainable infrastructure markets, including energy efficiency and renewable energy, announced today its quarterly dividend, the addition of Rebecca A. Blalock, the former chief information officer of Southern Company, as a new Board member and a new Deputy Chief Financial Officer and a new Chief Accounting Officer. "We are investing in our growth with additional electric power, cyber security, risk, finance and accounting capabilities," said Jeffrey Eckel, Chairman, President & CEO of Hannon Armstrong. "These changes further solidify the base from which we intend to grow the business."
The Board of Directors declared a quarterly cash dividend of $0.33 per share of common stock payable on April 13, 2017, to stockholders of record on April 5, 2017. Based upon the Company's common stock closing price of $18.42 per share on March 14, 2017, the dividend represents an annualized yield of 7.2%.
Board of Director Expansion, Creation of Finance and Risk Committee and Committee Realignment
The Company announced the appointment of Rebecca A. Blalock as an independent member to its Board of Directors. "Becky Blalock brings significant energy market and cyber risk management expertise to the Board," said Jeffrey Eckel, Chairman, President & CEO of Hannon Armstrong. "Her work on the EPRI Board, among others, will bring incremental insight on the continued evolution of the U.S. power sector, and we are pleased to welcome her to Hannon Armstrong's Board of Directors." With the addition of Ms. Blalock, the Board of Directors now consists of seven members, six of whom are independent members.
Ms. Blalock has extensive experience in the energy and information technology industries, having served in a variety of roles for over 30 years at Southern Company and its subsidiaries, most recently as its Senior Vice President and Chief Information Officer from 2002 to 2011. She currently serves on the Board of Directors of Aspen Aerogels, Inc., an energy efficiency technology company and the Electric Power Research Institute, a non-profit electric industry research institute and is presently the Managing Partner at Advisory Capital, a firm that provides strategic insights for companies involved in the energy, information technology, healthcare and telecommunications industries. Ms. Blalock holds a BBA in Marketing from the State University of West Georgia, an MBA in Finance from Mercer University and completed the Program for Management Development (PMD) at Harvard Business School.
The Company also announced its Board of Directors has established a Finance and Risk Committee, consisting of Mr. O'Neil (Chair) and Ms. Blalock, with responsibility for overseeing the Company's financing objectives and related risk exposures. Effective May 15, 2017, Mr. O'Neil will rotate off the Compensation Committee and be replaced by Mr. Osgood and Ms. Blalock with Mr. Cirilli remaining the Chair. There were no changes to the Audit Committee (Osgood (Chair), O'Neil, Osborne) or the Nominating and Corporate Governance Committee (Brenner (Chair), Cirilli).
Finance Team Expansion
The Company also announced that Justin Cressall has joined the Company as Deputy Chief Financial Officer and Charles Melko has been appointed Chief Accounting Officer. "The addition of Justin and Chuck to the team expands our expertise in the areas that will be critical as we continue to grow," continued Eckel.
Mr. Cressall has extensive capital markets and asset management experience, having previously served as Managing Director in the Ares Credit Group of Ares Management, L.P. and at American Capital, Ltd. Previously, Mr. Cressall was a Senior Vice President and Treasurer at Platinum Underwriters Holdings, Ltd., a publicly traded reinsurance company. In addition, Mr. Cressall was a Director in the Transaction Services Division at KPMG LLP, where he focused on financial services. Mr. Cressall holds a B.A. from Tufts University in Economics. He also holds an M.B.A. from the University of Toronto in management and professional accounting. Mr. Cressall is a Chartered Accountant.
Mr. Melko joined Hannon Armstrong in 2016 as a Senior Vice President and Controller of the Company. Prior to this role, he served in a number of roles at PricewaterhouseCoopers LLP (PwC), including as a Senior Manager in the National Professional Services Group where he focused on complex financial instruments accounting issues for energy clients. Mr. Melko received a Bachelor of Science degree in Accountancy, a Master of Business Administration degree and a Master of Science degree in Accountancy from Wheeling Jesuit University. He holds a CPA license in West Virginia and Maryland.
About Hannon Armstrong
Hannon Armstrong (NYSE: HASI) invests in sustainable infrastructure markets, including energy efficiency and renewable energy. The Company focuses on providing preferred or senior level capital to established sponsors and high credit quality obligors for assets that generate long-term, recurring and predictable cash flows. The Company is based in Annapolis, MD.
Forward Looking Statements
Some of the information in this press release contains forward-looking statements and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, words such as "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may," "target," or similar expressions, are intended to identify such forward-looking statements. Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements include those discussed under the caption "Risk Factors" included in our Annual Report on Form 10-K for our fiscal year ended December 31, 2016, which was filed with the U.S. Securities and Exchange Commission ("SEC"), as well as in other reports that we file with the SEC.
Forward-looking statements are based on beliefs, assumptions and expectations as of the date of this press release. We disclaim any obligation to publicly release the results of any revisions to these forward-looking statements reflecting new estimates, events or circumstances after the date of this press release.
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SOURCE Hannon Armstrong Sustainable Infrastructure Capital, Inc.