A resolution aimed at rescinding access to the 45X manufacturing tax credit for companies with links to ‘adversarial foreign governments’, primarily China, has been submitted in the US House of Representatives.
We hear from two platforms facilitating domestic content investment tax credit (ITC) deals in the US, tax credit deal ecosystem Crux and procurement platform Anza, on how far the incentive has penetrated the energy storage market.
The US Treasury and Internal Revenue Service (IRS) have finalised the rules and process for the 45X advanced manufacturing tax credit, which effectively provides a subsidy to domestic clean energy technology manufacturing, including batteries.
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.
Battery energy storage system (BESS) developer-operator Plus Power has received a US$82 million tax equity investment from bank Morgan Stanley for an Arizona project.
The New York City Industrial Development Agency (NYCIDA) has approved five BESS projects while governor Kathy Hochul has announced groundbreaking on a sixth, all in all totalling around 42.5MW of capacity.
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.
The US government has announced US$4 billion in tax credits for over 100 projects under the Qualifying Advanced Energy Project Tax Credit (48C) scheme.
