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Tax credit transferability has dramatically altered the tax equity market since it was introduced in 2023 under the Inflation Reduction Act. From bringing in more would-be investors and facilitating the creation of online platforms to sell credits, transferability immediately expanded the traditional $20 billion (or so) tax equity market. In 2023 it added around $9 billion of new deals and is expected to double the market by the end of 2024. [ABSTRACT FROM AUTHOR]

Tax credit transferability has dramatically altered the tax equity market since it was introduced in 2023 under the Inflation Reduction Act. From bringing in more would-be investors and facilitating the creation of online platforms to sell credits, transferability immediately expanded the traditional $20 billion (or so) tax equity market. In 2023 it added around $9 billion of new deals and is expected to double the market by the end of 2024. [ABSTRACT FROM AUTHOR]

Tax advisory firm Foss & Co has hired Kevin Haley, the former head of tax credit capital at Reunion, as its national sales manager. [ABSTRACT FROM AUTHOR]

Former Winston & Strawn partner Mark Christy has joined Orrick as a renewables tax equity and credit specialist in the Chicago office. [ABSTRACT FROM AUTHOR]

Copia Power has closed a $135 million tax equity financing from Santander for its 150MW Harquahala Sun 1 project in Arizona. [ABSTRACT FROM AUTHOR]

Updated to include: [ABSTRACT FROM AUTHOR]

Sumitomo Corporation of Americas has completed a tax equity investment in a portfolio of solar and battery storage projects owned by Pacifico Power. [ABSTRACT FROM AUTHOR]

Energy storage and RNG developer Captona has closed a preferred equity investment in a community solar and microgrid portfolio owned by Scale Microgrids. [ABSTRACT FROM AUTHOR]

Ørsted has received a $680 million tax equity financing from JP Morgan for 550MW in solar and solar-plus-storage projects in Texas and Arizona. [ABSTRACT FROM AUTHOR]

Plus Power has closed a $82 million tax equity investment with JP Morgan for its 90MW/360MWh Superstition Energy Storage project in Arizona. [ABSTRACT FROM AUTHOR]

Clearway Energy Group has closed a $174 million project financing and finalised a power purchase agreement (PPA) for its Dan's Mountain wind farm in Western Maryland. [ABSTRACT FROM AUTHOR]

Commercial solar and clean energy development platform Sunrock Distributed Generation (DG) has entered a tax equity partnership with US student and consumer loan financier Nelnet. [ABSTRACT FROM AUTHOR]

Walmart has made a tax equity investment in a Pivot Energy community solar project portfolio, reaching its goal of supporting 1GW of renewable capacity across the US. [ABSTRACT FROM AUTHOR]

King & Spalding has hired an energy-focused tax partner for its New York-based corporate practice group. [ABSTRACT FROM AUTHOR]

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. [ABSTRACT FROM AUTHOR]

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. [ABSTRACT FROM AUTHOR]

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. [ABSTRACT FROM AUTHOR]

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. [ABSTRACT FROM AUTHOR]

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. [ABSTRACT FROM AUTHOR]

The tax equity marketplace was forever changed in 2023 due to the emergence of transferability tax credit deals. [ABSTRACT FROM AUTHOR]

The tax equity marketplace was forever changed in 2023 due to the emergence of transferability tax credit deals. [ABSTRACT FROM AUTHOR]

Canadian Solar subsidiary and global solar and storage developer, Recurrent Energy, has secured a $500 million preferred equity investment from a fund managed by BlackRock's climate infrastructure business. [ABSTRACT FROM AUTHOR]

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. [ABSTRACT FROM AUTHOR]

Potengi Holdings, a joint venture between AES Brasil and food processing company BRF, is planning to issue bonds for wind projects in Brazil. [ABSTRACT FROM AUTHOR]

Renewables company Origis Energy has closed a $317 million tax equity project financing with JP Morgan for 2 utility-scale solar-plus-storage projects. [ABSTRACT FROM AUTHOR]

Plenitude's US subsidiary Eni New Energy US has agreed to purchase an 80% equity stake in an operational three-project solar portfolio from global energy business EDP Renováveis (EDPR). [ABSTRACT FROM AUTHOR]

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. [ABSTRACT FROM AUTHOR]

Advantage Capital and Sabanci Renewables, a subsidiary of Sabanci Holding, have closed a $185 million tax equity financing to fund the developer's 272MW Cutlass Solar II Project outside of Houston, Texas. [ABSTRACT FROM AUTHOR]

Deloitte's former ESG Tax Leader has joined RBC Capital Markets as a managing director. [ABSTRACT FROM AUTHOR]

Among the many hurdles the offshore wind sector is facing, the lack of guidelines for tax credits guidelines remains one of the most convoluted. [ABSTRACT FROM AUTHOR]

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. [ABSTRACT FROM AUTHOR]

Renewables company and Iberdrola Group member Avangrid and green energy investment firm Copenhagen Infrastructure Partners (CIP) have closed a $1.2bn first-of-its-kind tax equity package for their jointly owned Vineyard Wind 1 offshore wind project. [ABSTRACT FROM AUTHOR]

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. [ABSTRACT FROM AUTHOR]

Evergrow has completed the funding of a clean energy tax credit transfer on its platform as new players emerge in the tax equity space. [ABSTRACT FROM AUTHOR]

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. [ABSTRACT FROM AUTHOR]

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. [ABSTRACT FROM AUTHOR]

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. [ABSTRACT FROM AUTHOR]

Greenbacker Capital Management (GCM) has completed, through an affiliated investment vehicle, a $148 million tax equity financing commitment with RBC Community Investments. [ABSTRACT FROM AUTHOR]

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. [ABSTRACT FROM AUTHOR]

To download the full report as a PDF, click here. [ABSTRACT FROM AUTHOR]

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. [ABSTRACT FROM AUTHOR]

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. [ABSTRACT FROM AUTHOR]

Heelstone Energy has closed a tax-equity investment from Advantage Capital, a New Orleans-based investment firm, for its four solar projects in Georgia, totaling 320MW. [ABSTRACT FROM AUTHOR]

Law firm Akin has hired Sam Guthrie as a tax partner in its Washington DC office to focus on projects and energy transition. [ABSTRACT FROM AUTHOR]

Energix Renewables has received $520 million in financing and tax equity from Santander CIB and Morgan Stanley for six solar projects in Virginia and Pennsylvania. The projects will total 416MWdc of solar energy. [ABSTRACT FROM AUTHOR]

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. [ABSTRACT FROM AUTHOR]

Strata Clean Energy has closed on tax equity investments to fund two standalone battery energy storage systems. [ABSTRACT FROM AUTHOR]

Community solar specialist Nexamp has secured more than $400 million in tax equity and debt commitments led by US Bancorp Impact Finance and MUFG. [ABSTRACT FROM AUTHOR]

Brookfield Renewable has agreed with Duke Energy to acquire its unregulated utility scale commercial renewables business at an enterprise value of approximately $2.8 billion, including non-controlling tax equity interests and the assumption of debt. [ABSTRACT FROM AUTHOR]

Canadian-based power producer Codelio Power has secured construction loan financing and tax equity for its 171MW Moraine Sands wind project in Mason County, Illinois. [ABSTRACT FROM AUTHOR]