Exhibit No. 99.3

HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.

UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS

The unaudited pro forma consolidated balance sheet as of September 30, 2020, is presented to reflect the adjustments to our historical consolidated balance sheet as of September 30, 2020, as if the acquisitions of the preferred equity interests described in this Form 8-K/A were completed on September 30, 2020. The unaudited pro forma combined consolidated statements of operations for the nine months ended September 30, 2020 and the year ended December 31, 2019, are presented to reflect adjustments to our historical statements of operations, as if the acquisitions of the preferred equity interests were completed on January 1, 2019. Further explanation and details concerning the pro forma adjustments are included in the notes accompanying the unaudited pro forma consolidated financial statements.

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Exhibit No. 99.3

HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.

PRO FORMA CONSOLIDATED BALANCE SHEET

AS OF SEPTEMBER 30, 2020

(AMOUNTS IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

(UNAUDITED)

									Pro forma Preferred Equity Portfolio Acquisitions												Adjustment for Utility Scale Equity Acquired before September 30, 2020						Pro forma
			September 30, 2020						Utility Scale						Distributed Generation												September 30, 2020						Notes
Assets			(unaudited)																								(unaudited)
Cash and cash equivalents			$	881,487					$	(540,000)					$	(93,000)					$	152,369					$	400,856					A
Equity method investments			718,793						540,000						93,000						(152,369)						1,199,424						B
Government receivables			250,914																								250,914
Commercial receivables, net of allowance of $31 million			848,520																								848,520
Real estate			359,948																								359,948
Investments			51,638																								51,638
Securitization assets			146,549																								146,549
Other assets			86,649																								86,649
Total Assets			$	3,344,498					$	—					$	—					$	—					$	3,344,498
Liabilities and Stockholders’ Equity
Liabilities:
Accounts payable, accrued expenses and other			$	56,843																							$	56,843
Credit facilities			22,565																								22,565
Non-recourse debt (secured by assets of $724 million)			599,958																								599,958
Senior unsecured notes			1,278,844																								1,278,844
Convertible notes			288,551																								288,551
Total Liabilities			2,246,761						—						—						—						2,246,761
Stockholders’ Equity:
Preferred stock, par value $0.01 per share, 50,000,000 shares authorized, no shares issued and outstanding			—																								—
Common stock, par value $0.01 per share, 450,000,000 shares authorized, 74,252,973 shares issued and outstanding			743																								743
Additional paid in capital			1,282,744																								1,282,744
Accumulated deficit			(202,914)																								(202,914)
Accumulated other comprehensive income (loss)			11,474																								11,474
Non-controlling interest			5,690																								5,690
Total Stockholders’ Equity			1,097,737						—						—						—						1,097,737
Total Liabilities and Stockholders’ Equity			$	3,344,498					$	—					$	—					$	—					$	3,344,498

See accompanying notes.

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Exhibit No. 99.3

HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.

PRO FORMA STATEMENT OF OPERATIONS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020

(AMOUNTS IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

(UNAUDITED)

			For the nine months ended September 30, 2020						Pro forma Preferred Equity Portfolio Acquisitions												Adjustment for Utility Scale Equity Acquired before September 30, 2020						Pro forma
									Utility Scale						Distributed Generation												For the nine months ended September 30, 2020						Notes
Revenue			(unaudited)																								(unaudited)
Interest income			$	71,046																							$	71,046
Rental income			19,408																								19,408
Gain on sale of receivables and investments			34,449																								34,449
Fee income			13,115																								13,115
Total revenue			138,018						—						—						—						138,018
Expenses
Interest expense			65,884						17,874																		83,758						C
Provision for loss on receivables			5,629																								5,629
Compensation and benefits			27,223																								27,223
General and administrative			11,181																								11,181
Total expenses			109,917						17,874						—						—						127,791
Income before equity method investments			28,101						(17,874)						—						—						10,227
Income (loss) from equity method investments			32,505						(24,879)												—						7,626						D
Income (loss) before income taxes			60,606						(42,753)						—						—						17,853
Income tax benefit (expense)			(2,860)						8,978												—						6,118						E
Net income (loss)			57,746						(33,775)						—						—						23,971
Net income (loss) attributable to non-controlling interest holders			255						(149)												—						106						F
Net income (loss) attributable to controlling stockholders			$	57,491					$	(33,626)					$	—					$	—					$	23,865
Basic earnings (loss) per common share			$	0.80					$	(0.47)					$	—					$	—					$	0.33					G
Diluted earnings (loss) per common share			$	0.78					$	(0.46)					$	—					$	—					$	0.32					G
Weighted average common shares outstanding—basic			71,376,004																								71,376,004
Weighted average common shares outstanding—diluted			72,644,626																								72,644,626

See accompanying notes.

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Exhibit No. 99.3

HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.

PRO FORMA STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2019

(AMOUNTS IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

(UNAUDITED)

			For the year ended December 31, 2019						Pro forma Preferred Equity Portfolio Acquisitions																								Pro forma
									Utility Scale						Distributed Generation												Financing of Acquisitions						For the year ended December 31, 2019						Notes
Revenue																																	(unaudited)
Interest income			$	76,200																													$	76,200
Rental income			25,884																														25,884
Gain on sale of receivables and investments			24,423																														24,423
Fee income			15,074																														15,074
Total revenue			141,581						—						—												—						141,581
Expenses
Interest expense			64,241																								39,930						104,171						H
Provision for loss on receivables			8,027																														8,027
Compensation and benefits			28,777																														28,777
General and administrative			14,693																														14,693
Total expenses			115,738						—						—												39,930						155,668
Income before equity method investments			25,843						—						—												(39,930)						(14,087)
Income (loss) from equity method investments			64,174						20,685																								84,859						D
Income (loss) before income taxes			90,017						20,685						—												(39,930)						70,772
Income tax benefit (expense)			(8,097)						(4,344)																		8,385						(4,056)						E
Net income (loss)			81,920						16,341						—												(31,545)						66,716
Net income (loss) attributable to non-controlling interest holders			356						71																		(137)						290						I
Net income (loss) attributable to controlling stockholders			$	81,564					$	16,270					$	—											$	(31,408)					$	66,426
Basic earnings (loss) per common share			$	1.25					$	0.25					$	—											$	(0.49)					$	1.01					G
Diluted earnings (loss) per common share			$	1.24					$	0.25					$	—											$	(0.48)					$	1.01					G
Weighted average common shares outstanding—basic			63,916,440																														63,916,440
Weighted average common shares outstanding—diluted			64,771,491																														64,771,491

See accompanying notes.

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Exhibit No. 99.3

HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.

NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

A.Utilized funds available from operations and prior Senior unsecured notes issued to finance these acquisitions and other investments. Adjusted for $152 million of preferred equity acquisitions made prior to September 30, 2020.

B.Pro forma total acquisitions of preferred equity interest in the Utility Scale and Distributed Generation Portfolios. Adjusted for $152 million of preferred equity acquisitions made prior to September 30, 2020.

C.The financing of the Utility Scale and Distributed Generation preferred equity investments were financed in part through the issuance of the Senior unsecured notes. These notes were also used to partially finance other investments made by the Company. Pro forma interest expense was computed for the nine months ended September 30, 2020, as if the Senior unsecured notes were outstanding for the entire nine months ended September 30, 2020.

						Principal						Effective rates						Pro forma Interest
						($ in thousands)												($ in thousands)
2025 Notes						$	400,000					6.28		%				$	18,840
2030 Notes						375,000						3.95		%				11,107
Total Borrowings						$	775,000					5.15		%				29,947
						Less actual interest expense for these notes during 2020												(12,073)
						Incremental pro forma interest expense adjustment												$	17,874

D.The Company's pro forma share of preferred equity earnings. The loss from the investments in 2020 and income in 2019 were due primarily to net unrealized losses and gains, respectively, from the mark-to-market of the project company customer power purchase agreements.

E.Income tax (expense) benefit accrual at federal statutory rate of 21%.

F.Non-controlling interest is approximately 0.44% of the Company’s earnings during the applicable period.

G.Represents the pro forma net income (loss) for controlling stockholders divided by the applicable basic or diluted weighted average common shares outstanding for the period.

H.Pro forma interest expense for the full year 2019 as if the Senior unsecured notes issuances used to partially finance these acquisitions among others occurred on January 1, 2019.

						Principal						Effective rates						Pro forma Interest
						($ in thousands)												($ in thousands)
2025 Senior Unsecured Notes						$	400,000					6.28		%				$	25,120
2030 Senior Unsecured Notes						375,000						3.95		%				14,810
Total Borrowings						$	775,000					5.15		%				$	39,930

I.Non-controlling interest is approximately 0.43% of the Company’s earnings during the applicable period.