Transferability and the Inflation Reduction Act (IRA) have opened up tax equity financing to the wider corporate world, but significant risks remain with so many new entrants, tax credits specialist Foss & Company told Energy-Storage.news.
US-based utility Chugach Electric Association has successfully commissioned a new 40MW/80MWh 2-hour duration battery energy storage system (BESS) in Anchorage, Alaska.
The CFO of Goldman Sachs-backed US battery storage developer-operator GridStor discussed its recent investment tax credit (ITC) transfer deal for a California BESS project, highlighting some downsides as well as positives from the new mechanism.
There is a four-fold difference between how much energy storage the US Department of Energy (DOE) forecasted would be deployed by 2040 before the Inflation Reduction Act (IRA), and how much it now forecasts.
Energy storage investment tax credits (ITC) were priced more highly than any other clean energy type in transferability transactions last year, according to a report from tax credit ecosystem Crux which its CEO discussed with Energy-Storage.news.
Blackstone and Foss & Company have completed transferability investment tax credit (ITC) deals for BESS projects in California and Texas, a market which has grown “faster than anyone expected” according to tax credit ecosystem Crux.
Blackstone Credit & Insurance, the newest business division of global asset manager Blackstone, has closed financing for a large-scale battery storage project in California, US, with developer Arevon.
