V
Velarion™Intelligence
Sign InFree TrialBook a Walkthrough

HA Sustainable Infrastructure Capital Executive Compensation (FY25)

HASI · Annapolis, MD · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Jeffrey Lipson
Latest say-on-pay support
=
June 3, 2026
Chief executive pay ratio
◇
To the median employee
Velarion Member: every covered company in one industry, with dashboards, peer screens and board-ready briefs. Three seats, one year.
Email me this page as a cited PDF — sent in 2 minutes
The same figures, the same citations, formatted to hand to a committee. Nothing is added that is not on this page.
Your address is used for this and nothing else. Unsubscribe in one click.

The paid brief on HA Sustainable Infrastructure Capital

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
$1,500 for the Executive Compensation Report. Both reports for $2,400.
Get the executive briefGet the board briefNo account needed.
Data as of October 19, 2026Latest filing (8-K): June 5, 2026
13 filings cited on this page
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
HA Sustainable Infrastructure Capital brief$1,500Get the executive brief
Velarion Member, one year
243 figures on this page: 233 cited to the filing that reported them, 10 calculated from figures it prints. See the citations

More on HA Sustainable Infrastructure Capital

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Jeffrey Lipson: $8,399,696 → $9,566,821 (13.9% higher)
Say-on-pay support: 92.3% → 91.1% (1.2 points lower)
CEO pay ratio: 33:1 → 36:1 (9.1% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is HA Sustainable Infrastructure Capital's chief executive and what were they paid?
Total compensation for Jeffrey Lipson, Director, Chief Executive Officer and President, came to $9,566,821 in fiscal 2025. Lipson's total moved 13.9% higher from the $8,399,696 reported for fiscal 2024.
What was HA Sustainable Infrastructure Capital's say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 91.1% of votes cast for or against in favor at the meeting held June 3, 2026.
Which companies are in HA Sustainable Infrastructure Capital's peer group?
The disclosed peer group names Affiliated Managers Group, Inc., Ameresco, Inc., Array Technologies, Inc., Artisan Partners Asset Management Inc. and Clearway Energy, Inc., among others.
What is HA Sustainable Infrastructure Capital's chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2025 is 36:1, against median employee compensation of $265,886.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jeffrey Eckel
Executive Chair
◇—◇—◇—◇◇
Jeffrey Lipson
Director President and Chief Executive Officer
◇—◇—◇—◇◇
Nathaniel Rose
Executive Vice President and Chief Investment Officer
◇—◇—◇—◇◇
Marc Pangburn
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Susan Nickey
Executive Vice President and Chief Client Officer
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jeffrey Lipson
Director President and Chief Executive Officer
◇—◇—◇—◇◇
Jeffrey Eckel
Executive Chair
◇—◇—◇—◇◇
Nathaniel Rose
Executive Vice President and Chief Investment Officer
◇—◇—◇—◇◇
Marc Pangburn
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Susan Nickey
Executive Vice President and Chief Client Officer
◇—◇—◇—◇◇
Richard Santoroski
Executive Vice President and Chief Risk Officer
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jeffrey Lipson
Director President and Chief Executive Officer
◇—◇—◇—◇◇
Marc Pangburn
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Nathaniel Rose
Executive Vice President and Chief Investment Officer
◇—◇—◇—◇◇
Susan Nickey
Executive Vice President and Chief Client Officer
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jeffrey Lipson
Director, Chief Executive Officer and President
◇—◇—◇—◇◇
Steven Chuslo
Executive Vice President and Chief Legal Officer
◇—◇—◇—◇◇
Charles Melko
Senior Managing Director and Chief Financial Officer
◇—◇—◇—◇◇
Nitya Gopalakrishnan
Senior Managing Director and Chief Operating Officer
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Charles W. MelkoRSU◇——◇——◇
Charles W. MelkoPSU◇◇◇—◇—◇
Jeffrey A. LipsonRSU◇——◇——◇
Jeffrey A. LipsonPSU◇◇◇—◇—◇
Marc T. PangburnRSU◇——◇——◇
Marc T. PangburnPSU◇◇◇—◇—◇
Nitya GopalakrishnanRSU◇——◇——◇
Steven L. ChusloRSU◇——◇——◇
Steven L. ChusloPSU◇◇◇—◇—◇
Susan D. NickeyRSU◇——◇——◇
Susan D. NickeyPSU◇◇◇—◇—◇
Fiscal 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Jeffrey LipsonPSU◇◇——
RSU◇◇——
Marc PangburnPSU◇◇——
RSU◇◇——
Susan NickeyPSU◇◇——
RSU◇◇——
Steven ChusloRSU◇◇——
PSU◇◇——
Nitya GopalakrishnanRSU◇◇——
Charles MelkoRSU◇◇——
PSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jeffrey W. Eckel
Board chair
◇◇————◇
Teresa M. Brenner
Lead independent director
◇◇————◇
Richard J. Osborne
◇◇————◇
Charles M. O Neil
◇◇————◇
Steven G. Osgood
—◇————◇
Kimberly A. Reed
◇◇————◇
Lizabeth A. Ardisana
◇◇————◇
Nancy C. Floyd
◇◇————◇
Clarence D. Armbrister
◇◇————◇
Laura A. Schulte
◇◇————◇
Barry E. Welch
◇◇————◇
Jeffrey A. Lipson served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Lead independent director premium◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇
Equity is delivered as LTIP Units.
Stock ownership guideline: As of April 9, 2020, each of our NEOs, other than Mr. Lipson, and each of our directors, other than Mr. Eckhart and Ms. Lagomarsino, were in compliance with the stock ownership guidelines.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Affiliated Managers Group, Inc. AMG
  • Ameresco, Inc. AMRC
  • Array Technologies, Inc. ARRY
  • Artisan Partners Asset Management Inc. APAM
  • Clearway Energy, Inc. CWEN
  • Enphase Energy, Inc. ENPH
  • First Solar, Inc. FSLR
  • Hercules Capital, Inc. HTGC
  • Main Street Capital Corporation MAIN
  • Nextracker, Inc. symbol not shown
  • Plug Power Inc. PLUG
  • Shoals Technologies Group, Inc. SHLS
  • Sunrun Inc. RUN
  • Victory Capital Holdings, Inc. VCTR
  • Walker & Dunlop, Inc. WD

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025June 3, 2026=◇◇◇
2024June 4, 2025=◇◇◇
2023June 6, 2024=◇◇◇
2022June 7, 2023=◇◇◇
2021June 2, 2022=◇◇◇
2020June 3, 2021=◇◇◇
2019June 4, 2020=◇◇◇
2018June 6, 2019=◇◇◇
2017May 31, 2018=◇◇◇
2016June 1, 2017=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

Velarion Pro: every company page, peer tools and exports, one seat

One seat, one person. It opens the whole platform: the peer tools, the written analysis and the exports, on every company we cover. Join the list and you will hear from us when it opens.
Your address is used for this and nothing else, and you can unsubscribe in one click. See the privacy policy.

Ask our research desk — $99, 24h, every figure cited to its filing.

Sample answer — “What is the CEO’s total compensation?”
- Jeffrey Lipson (Director, Chief Executive Officer and President), FY2025 total compensation $9,566,821 (base salary $807,308) [exec_comp, SEC accession 0001561894-26-000061, filed 2026-04-13]

Answered within 24 hours, every figure cited to its SEC filing. If our database cannot answer your question, you are refunded automatically.

Tell me when HA Sustainable Infrastructure Capital files
You get a note when this company’s compensation data changes.
Your address is used for this and nothing else. Unsubscribe in one click.

What this page does not include

Everything above is a fact HA Sustainable Infrastructure Capital disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where HA Sustainable Infrastructure Capital sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $499
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
Inquire about access
Multiple companies at once
Cross-company views, cohort screens, and data export across the industries we cover. This page is one company; the platform is all of them.
Velarion Intelligence
Join the list for Peer Group Review
Whether HA Sustainable Infrastructure Capital's disclosed peer group is defensible, who names HA Sustainable Infrastructure Capital back in their own benchmarking group, and how pay tracks performance across it. This is the analysis a compensation consultant delivers on the group above. We will email you when it opens.
Your address is used for this and nothing else. Unsubscribe in one click.

Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
243 figures on this page: 233 cited to the filing that reported them, 10 calculated from figures it prints.
233 cited to the filing
10 calculated from the filing

Documents cited

  1. 0001561894-26-000119
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001561894-26-000061
    2025 Summary Compensation Table · Director Compensation · Director Compensation Table for 202 · Director Compensation Table for 2025 · and 3 more sections
  3. 0001561894-25-000070
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001561894-25-000049
    2024 Summary Compensation Table
  5. 0001561894-24-000076
  6. 0001561894-24-000042
    Summary Compensation Table
  7. 0001561894-23-000086
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001561894-22-000056
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0001561894-21-000104
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001561894-20-000113
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0001561894-19-000078
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0001561894-18-000074
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0001193125-17-193276
    Item 5.07 Submission of Matters to a Vote of Security Holders
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “HA Sustainable Infrastructure Capital executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/HASI (accessed 2026).
Short form: data: Velarion

The paid brief for HA Sustainable Infrastructure Capital

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
$1,500 for the Executive Compensation Report. Both reports for $2,400.
Get the executive briefGet the board briefNo account needed.
13 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
Embed this data
A small, cited view of this data for your own page or newsletter. Every embed carries a visible link back here, so the attribution travels with it.
The headline figures, each with its citation.
Connect an AI assistant
Ask your own assistant about HA Sustainable Infrastructure Capital and roughly 3,000 other US public companies, and get back the same figures on this page with the same citations. Free read access, no account. Add this to your assistant's connector settings.
Setup guide and the full list of questions it answers

Peers HA Sustainable Infrastructure Capital discloses

The companies named in HASI's own disclosed peer group.

Affiliated Managers Group, Inc.Ameresco, Inc.Array Technologies, Inc.Artisan Partners Asset Management Inc.Clearway Energy, Inc.Enphase Energy, Inc.First Solar, Inc.Hercules Capital, Inc.Main Street Capital CorporationPlug Power Inc.Shoals Technologies Group, Inc.Sunrun Inc.Victory Capital Holdings, Inc.Walker & Dunlop, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
For informational purposes only. Not investment, legal, or compensation advice.  All companies · The Pay Desk · Methodology · Terms · Privacy