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.
The US industry’s prolific recent run of developers raising significant financing continues with announcements from Aypa Power and Hunt Energy Network.
US solar PV and energy storage project developer Intersect Power has closed two financing deals worth US$837 million for three battery energy storage system (BESS) projects.
Denmark-headquartered independent power producer (IPP) Ørsted and investment bank JP Morgan have closed a tax equity financing of US$680 million for solar and storage projects in the US.
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.
Renewables developer and operator Arevon Energy has secured US$1.1 billion in debt and tax equity financing for a solar-plus-storage project in California which features a 150MW/600MWh BESS.
