The Inflation Reduction Act brought a sense of confidence and certainty to the business of clean energy. Lawyers Adam Schurle and Morten Lund at Foley Lardner take a closer look at what that means for tax equity financing of energy storage, while exploring some of the questions still to be answered.
Europe-based organic flow battery company CMBlu has won its second US project, a 5MW, 10-hour duration pilot system with Arizona utility Salt River Project (SRP).
Developer Peregrine Energy Solutions has raised US$700 million in credit, equity and debt to go towards its US pipeline of energy storage, solar and wind projects.
Israel-based renewable energy firm Enlight’s US subsidiary Clēnera has signed a 20-year power purchase (PPA) with utility Arizona Public Service (APS) for a solar-plus-storage project.
California-based FranklinWH Energy Storage has secured a US$25 million Series B to scale up its residential battery and energy management software offering in the US and Puerto Rico.
Iron-air battery firm Form Energy has received a US$12 million grant from the state of New York for a 1GWh long-duration energy storage project, whilst Ecolectro Inc, PolyJoule Inc and Urban Electric Power received smaller amounts.
By the end of 2022, US co-located renewable and energy storage projects totalled 41GW of generating power and 5.4GW/15.2GWh of energy storage, according to Lawrence Berkeley National Laboratory (LBNL) analysis.
Developer Recurrent Energy, an arm of solar PV and ESS manufacturer Canadian Solar, has secured a 20-year agreement with a local utility for a 1,200MWh battery storage project in Arizona.
Since the Inflation Reduction Act, US$270 billion of US clean energy investment has been announced while downstream projects in development have hit 185GW – 80% and 92% higher than four months ago.
