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Plus Power has closed a $82 million tax equity investment with JP Morgan for its 90MW/360MWh Superstition Energy Storage project in Arizona.
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Battery storage developer Spearmint Energy has hired four senior executives to its project finance, capital markets, regulatory affairs, and commercial operations teams.
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InfraRed Capital Partners has closed its purchase of shares in 2 utility-scale onshore renewables projects from Shell's US subsidiaries, Shell Windenergy and Savion, for $166 million.
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Longroad Energy has closed a debt facility with a consortium of banks led by CIBC and a tax equity loan from Athene Annuity and Life Insurance Company for its 444MW/855MWh Serrano solar project in Arizona. PFR understands the value of the financing to be $650 million.
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Law firm Sheppard, Mullin, Richter, & Hampton has hired tax attorney Julie Marion to the energy, infrastructure, and project finance team as partner in Chicago.
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EnCap Energy Transition Fund (ETF) has launched Bildmore, a platform company that invests in minority tax equity stakes in solar, battery storage, and energy transmission projects.
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Engie North America has signed 3 tax equity financing agreements totalling $1 billion with JP Morgan, Goldman Sachs, and BNP Paribas. The financing covers 6 renewable energy projects, including 950MW of solar and 353MW of wind.
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Lightsource BP has secured $348 million in project financing for 2 Texas solar projects from a consortium of banks.
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Arevon Energy has secured more than $1 billion in financing commitments for its Eland 2 solar-plus-storage project in Kern County, California.
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Schneider Electric has committed to invest around $80 million in a portfolio of 4 Texas-based clean energy projects through a tax credit transfer agreement with Engie North America.
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Plus Power has closed $98 million in tax equity investment from Greenprint Capital Management for its 200MW/400MWh Ebony Energy Storage facility in Comal County, Texas.
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Foss & Company has penned a $118.5 million tax equity investment in the Longbow BESS project, a battery energy storage system (BESS) located in Brazoria County, TX.
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Towards the end of 2023 SoftBank and Ares Management-backed SB Energy Global stole a march on renewable developers across the US when it secured $2.4 billion in financing for solar projects that became the first to qualify for the federal domestic content tax credit bonus.
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The tax equity marketplace was forever changed in 2023 due to the emergence of transferability tax credit deals.
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Independent power producer and asset manager Greenbacker has continued to add to its leadership team with appointment of Christopher Smith as chief financial officer and Carl Weatherley-White as head of capital markets.
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Tax equity investor Foss & Company has completed its second tranche of its tax equity partnership with community solar developer Nautilus Solar, adding a $72 million investment to a portfolio of solar projects.
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Renewables company Origis Energy has closed a $317 million tax equity project financing with JP Morgan for 2 utility-scale solar-plus-storage projects.
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The US Treasury Department has released additional guidance on tax credits for electric vehicles (EVs) and associated charging technology, including alternative refueling stations.
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Spearmint Energy has reached completion and commercial operation of its West Texas 150MW battery energy storage system (BESS) Revolution.
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Bank of America and clean energy real estate company Radial Power have signed an $80 million tax equity financing agreement for a 96MW portfolio of distributed generation, commercial & industrial, and community solar projects.
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Deloitte's former ESG Tax Leader has joined RBC Capital Markets as a managing director.
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SoftBank and Ares Management-backed SB Energy Global has secured $2.4 billion in financing for solar projects that are the first to qualify for the federal tax credit domestic content bonus.
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Linklaters has hired Michael Rodgers – formerly of White & Case – as partner in its energy & infrastructure and tax practices in Washington, DC.
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Among the many hurdles the offshore wind sector is facing, the lack of guidelines for tax credits guidelines remains one of the most convoluted.
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Leeward Renewable Energy (LRE) has closed on $580 million of tax equity commitments and debt facilities for its White Wing Ranch Solar and GSG Wind projects located in Yuma County, Arizona, and LaSalle County, Illinois, respectively.
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Spearmint Energy has reached financial close on a $92 million tax equity investment for its 150MW battery energy storage system (BESS), Revolution, from climate-focused investment firm Greenprint Capital Management.
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Opdenergy has secured $252 million in financing for two under-construction solar projects, totaling 260MW, in West Virginia and Louisianna.
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Evergrow has completed the funding of a clean energy tax credit transfer on its platform as new players emerge in the tax equity space.
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Despite current difficulties in the offshore wind market, TotalEnergies, a French wind energy developer, and Corio Generation, owned by Macquarie, have proposed a 1.34GW project off the coast of New Jersey. The wind developers' joint venture (JV) Attentive Energy also owns the 1.4GW Attentive Energy One project, located off the New York coast.
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Greenprint Capital Management and AB CarVal have finalized their joint venture (JV) to grow Greenprint's tax equity pipeline and renewable energy tax credit warehouse using funds managed by AB CarVal.
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Global independent power producer (IPP) Ashtrom Renewable Energy has received $270 million in financing from five banks for its 400MW Tierra Bonita Solar Project in Pecos County, Texas.
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Iberdrola-owned Avangrid has reached a transfer tax credit agreement for over $100 million of 2023 production tax credits (PTCs) with oil and power multinational Vitol, one of the first transferable credit agreements created by the Inflation Reduction Act.
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The circa $20 billion annual tax equity stranglehold a small number of banks had on the market is over now that the Inflation Reduction Act (IRA) has introduced transferability, according to one financial advisor at REFF Wall Street 2023.
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Foss & Company has launched a standalone battery storage investment division, which highlights the company's increasing focus on battery energy storage systems (BESS) projects.
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Foss & Company, an institutional investment fund sponsor, and Aspen Power executed a $60 million tax equity deployment for 27 solar projects across New York, New Jersey, Maine, and Georgia.
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Clean energy platform Peregrine Energy Solutions has signed an agreement with environment-focused investment firm Greenprint Capital to sell multi-year production tax credits (PTC) from the Old Gold Energy Center.
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Greenbacker Capital Management (GCM) has completed, through an affiliated investment vehicle, a $148 million tax equity financing commitment with RBC Community Investments.
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SUSI Partners, through its SUSI Energy Transition Fund with its joint venture partner SMT Energy, has signed a tax equity financing agreement with Greenprint Capital for a co-owned 100MW battery energy storage portfolio sited in Texas.
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To download the full report as a PDF, click here.
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The broad benefits of the Inflation Reduction Act of 2022 (IRA) has meant tax equity has never played a more crucial role in driving investment in renewable energy projects in the US. Yet, while many project finance practitioners have been busy readying themselves to take advantage of this new and improved tax equity regime, the devil – as always – remains in the details. To shine some much-needed light on the evolving space PFR has brought together a panel of experts on tax equity to review the latest developments and innovations in this fascinating area of renewable energy finance, as well as the outlook for the coming years.
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Innergex Renewable Energy has secured a $534 million construction loan and term financing and $49 million letter of credit facility for its 329.8MW Boswell Springs wind project in Wyoming.
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Law firm Akin has hired Sam Guthrie as a tax partner in its Washington DC office to focus on projects and energy transition.
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While many column inches have been filled extolling the broad benefits of the Inflation Reduction Act of 2022 (IRA), the power sector has been impatiently waiting for guidance from the US Treasury for greater clarity on some tax equity fine print — most notably, the concept of transferability.
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Strata Clean Energy has closed on tax equity investments to fund two standalone battery energy storage systems.
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Community solar specialist Nexamp has secured more than $400 million in tax equity and debt commitments led by US Bancorp Impact Finance and MUFG.
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North American renewables and storage developer Nexus Renewables announced the closing of multiple financings totaling $40 million.
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Big businesses have begun to move on carbon capture while the US government spurs advancements in the emerging sector through its Bipartisan Infrastructure Law’s (BIL) tax credits, loans and grants.
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The move towards a greener US power industry through investments in new clean energy technologies is being aided by government policy and dollars, but risks remain for all participants with a number of exogenous factors impacting ‘green’ financing.
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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.
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Eolian, a subsidiary of Global Infrastructure Partners (GIP), has successfully closed a tax equity investment in two standalone battery storage projects in Mission, Texas.
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Lightsource bp has closed on a $267 million tax equity investment from Wells Fargo.
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K&L Gates has hired Martha Groves Pugh as a partner in its Washington DC office.
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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.
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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.
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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.
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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.
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FuelCell Energy has secured a tax equity investment from a regional bank for a 7.4 MW fuel cell project located in Connecticut.
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Capital Dynamics’ Clean Energy Infrastructure (CEI) business has secured a pair of tax equity investors for a battery storage project in California.
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Cubico Sustainable Investments has revealed the tax equity investor for a repowered wind project in California that it bought toward the end of last year.
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Leeward Renewable Energy has secured debt and tax equity financing for a pair of wind projects in New Mexico.
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