Muddy Waters Research published an update on Hannon Armstrong Sustainable Infrastructure Capital (NYSE: HASI — $3.52 billion), a renewable energy investment company. In the update, Muddy Waters looked at three of the company’s energy deals and found “highly questionable investments on behalf of its investors.” As evidence, Muddy Waters published excerpts of conversations from a former HASI executive and concluded that “HASI is dumb money, making investments that yield far more narrative than financial return.”

Muddy Waters previously said the company’s “accounting is so complex and misleading that its financial statements are effectively meaningless.” In addition, in July Jehoshaphat Research criticized the company’s heavy reliance on gain-on-sale accounting of very long-duration loans.