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Deriva Energy has secured the domestic content bonus credit and the energy community tax credit bonus for the North Allegheny Wind, Pennsylvania.
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American food manufacturing giant Nestlé is to purchase the renewable energy attributes from Enel North America’s Stampede solar-plus-storage project, as well as fund the project as the sole tax equity investor.
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Swift Current Energy has closed on a tax equity investment from Google for its 800MW Double Black Diamond Solar project in southern Illinois.
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Energix Renewables has signed a long-term agreement with Google that will see the technology giant offtake power and renewable energy credits (REC) from solar projects.
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Origis Energy has inked a $71 million tax equity financing from US Bancorp Impact Finance for its Rice Creek Solar project in Florida.
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Aypa Power has closed a $323 million financing led by ING Capital for its 150MW/600MWh Kuna energy storage project outside of Boise, Idaho.
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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.
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Tax advisory firm Foss & Co has hired Kevin Haley, the former head of tax credit capital at Reunion, as its national sales manager.
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Enlight Renewable Energy’s subsidiary Clenera Holdings has closed a $400 million financing facility for the energy storage portion of its New Mexico-based Atrisco Complex, a 364MW solar and 1.2GWh storage project.
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Summit Ridge Energy has closed a tax equity financing from Foss & Co for its Project Vesta Part 1 & 2 in Illinois.
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Former Winston & Strawn partner Mark Christy has joined Orrick as a renewables tax equity and credit specialist in the Chicago office.
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Copia Power has closed a $135 million tax equity financing from Santander for its 150MW Harquahala Sun 1 project in Arizona.
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M&A and tax advisory firm Leo Berwick has launched its infrastructure, renewables and energy transition financial advisory group, led by former Deloitte partner Colin Schmidt.
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Canadian Solar subsidiary Recurrent Energy has inked a $103 million tax credit agreement with Bank of America for its 160MW North Fork Solar Project in Oklahoma.
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Tax advisory firm Leo Berwick has hired Colin Schmidt as of the firm's infrastructure, renewables, and energy transition financial group.
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Goldman Sachs has hired a vice president for its energy tax investing group in New York City.
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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.
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Plus Power has closed a $82 million tax equity investment with Morgan Stanley 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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