A tax credit transaction worth US$60 million using new transferability mechanisms from the Inflation Reduction Act has closed, for a BESS project deployed by Energy Vault for W Power and Wellhead Electric.
Renewable energy developer and operator Arevon has completed the financing for a 600MWh solar and storage project in California, US, including US$191 million of investment tax credits (ITC) provided using new transferability provisions.
Developer Plus Power’s recent financing for BESS projects in Arizona and Texas shows it “driving energy storage into the mainstream of capital markets”, executive chairman Brandon Keefe told Energy-Storage.news.
Battery storage developer and operator Spearmint Energy has closed a US$92 million tax equity investment into a battery storage project in the ERCOT, Texas market.
BESS developer and operator Plus Power has completed a US$1.8 billion financing for five projects in Arizona and Texas, including over US$400 million in tax equity and US$700 million for a single standalone project, the largest to-date.
The transferability provisions under the Inflation Reduction Act (IRA) in the US “will unlock billions” in capital for clean energy, said financing firm Evergrow as it claimed the first tax credit transfer transaction.
A dedicated energy storage investment division has been launched by Foss & Company, an investment and investment services firm which specialises in tax credit transactions, with US$3 billion targeted by 2028.
