Tax Equity

Amid the brouhaha of the Inflation Reduction Act (IRA), developers and investors have been impatiently waiting for guidance from the US government for greater clarity on some fine print — most notably, the concept of transferability.

Eolian, a subsidiary of Global Infrastructure Partners (GIP), has successfully closed a tax equity investment in two standalone battery storage projects in Mission, Texas.

Lightsource bp has closed on a $267 million tax equity investment from Wells Fargo.

K&L Gates has hired Martha Groves Pugh as a partner in its Washington DC office.

Pine Gate Renewables has secured a tax equity investor for a 50 MW solar project in North Carolina that is due online at the end of this year.

Excelsior Energy Capital has bought out Santander's tax equity interests in a 25 MW (DC) solar project in California, while divvying up partial cash equity stakes in the asset to a pair of Japanese sponsors.

US Senate Finance Committee chairman Ron Wyden (D-Ore) has proposed a slate of tax reforms that could freeze the use of the partnership flip structure in the tax equity market.

New York-based developer Daroga Power and California-based fuel cell maker Bloom Energy have raised a roughly $225 million infrastructure fund that will support the deployment of distributed fuel cell projects across the US.

FuelCell Energy has secured a tax equity investment from a regional bank for a 7.4 MW fuel cell project located in Connecticut.

Capital Dynamics’ Clean Energy Infrastructure (CEI) business has secured a pair of tax equity investors for a battery storage project in California.