Tax transferability
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Schneider Electric has purchased 45X Advanced Manufacturing Production tax credits from solar module manufacturer Silfab Solar through tax credit transfer platform Crux.
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Tax credit transfer fintech company Crux Climate has facilitated the sale of $3.5 million in investment tax credits (ITCs) with enXchange to an undisclosed third party in Oklahoma.
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The US Treasury Department has released the final rules for the transferable tax credits of the Inflation Reduction Act (IRA).
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The Department of Energy (DOE), Treasury Department, and IRS have jointly awarded an $18.3 million transferable tax credit to electrolyser producer Electric Hydrogen (EH2) for its manufacturing plant in Devens, Massachusetts.
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Schneider Electric plans to invest $140 million into 2 Tennessee-based power distribution technologies manufacturing plants.
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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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The former co-founder and chief financial officer of OKRA Finance has been appointed as the head of transactions and finance at renewable energy tax credit marketplace Reunion.
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Battery developer GridStor has closed a tax credit transfer sale with JP Morgan for its 60MW/160MWh Goleta Project, which consists of 44 battery energy storage systems in Santa Barbara, California.
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Canadian power company TransAlta has signed 10-year tax credit transfer agreements for 2 Oklahoma-based wind projects totalling 500MW.
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TPG-backed Matrix Renewables has inked $283 million in project financing and production tax credit (PTC) transfers for its 200MW solar project in Idaho.
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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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When the tax equity market was transformed in 2023 with transferability, it was not only the tax equity market and energy players that were excited about the new credit capabilities. The guidelines released in June 2023 opened the market to any other investors with tax appetites, and tax transfer platforms hope to streamline the process for new investors.
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Arevon Energy, the renewable energy developer, owner, and operator, has reached financial close for the 200MW/800MWh Condor Energy Storage Project.
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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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Vesper Energy has closed $590 million in financing for its 600MW Hornet Solar project.
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Clean energy tax credit transfer platform Crux has closed a $18.2 million series A funding led by venture capital firm Andreessen Horowitz.
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Battery storage developer Key Capture Energy and impact investment firm Enhanced Capital have closed an investment tax credits (ITC) transfer agreement with a third party.
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Battery storage IPP On.Energy has inked $40 million in construction and debt facilities with Live Oak Bank for its 80MW ERCOT portfolio.
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