Hannon Armstrong Sustainable Infrastructure Capital, Inc. (NYSE:HASI) shares closed more than 10% higher on Friday following the company’s reported Q4 results, with EPS of $0.47 coming in better than the Street estimate of $0.41. Investment activity was strong with $1.7 billion in transactions for 2021 compared to $1.9 billion a year ago.

Analysts at Berenberg Bank provided their views on the company following the report, describing the quarterly results and guidance as strong with the company now projecting distributable earnings to grow at a CAGR of 10-13% through 2024. According to the analysts, the stronger than the previous outlook is a direct result of a growing pipeline (now over $4 billion vs. $3 billion previously).

The analysts believe the key takeaway from the quarter is that demand for energy transition funding is stronger than it has ever been. Remarks on pricing trends were also positive with the company noting that as funding costs rise, PPA prices have risen to compensate.