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Foss & Company is comprised of a group of experienced professionals, representing a great depth of knowledge within their respective fields. In this blog series, we highlight different Foss & Company team members to shine a light on the diverse and dedicated people that help make us who we are. With 16 years of experience in financial services, Adam Rutherford specializes in directing investment capital towards impactful projects like renewable energy, carbon capture, and real estate, in collaboration with institutional investors and corporations. His previous roles include serving as a Financial Education Consultant and Investment Analyst at J.P. Morgan. At Empower, he demonstrated excellence in institutional sales for Fortune 500 companies and skillfully managed corporate and nonprofit relationships while overseeing Advisory Services solutions. Adam holds a B.A. in Business Administration with a focus on Finance and Real Estate from the University of Missouri – Columbia, and he obtained an MBA from Columbia University in New York. Learn more about Adam in our latest Spotlight Series: How did you get started in the tax credit investing industry? I was in the financial services industry at the same firm (through a merger) for 16 years before I got a call about an opportunity with Foss & Company, I loved what I was doing and the people I worked with. Only something as interesting and impactful as what we do at Foss & Company could have prompted a change. I was hooked on the value proposition and the clear positive impact of the investments we take part in. When did you join Foss & Company and what interested you about the company? I joined in 2022 to support clients in the Northwest (AK, WA, OR, ID, MT, WY and the Northern half of CA). The dynamic at Foss & Company is very…
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Battery energy storage systems (BESS) have received significant advancement in the United States due to the implementation of the Inflation Reduction Act (IRA), opening new opportunities for their development. This groundbreaking legislation introduces unprecedented economic benefits for standalone storage systems by making them eligible for a 30% investment tax credit (ITC), with the potential to increase to 70% through additional incentives. Historically, federal tax credits were only available for storage systems that were paired with renewable energy generation, such as solar power. However, the IRA has extended the eligibility of tax credits to standalone storage systems, which is anticipated to unleash a remarkable surge in storage investments. This landmark development holds immense potential, opening new avenues for investment and accelerating the transition towards a sustainable and reliable energy grid. Enhanced Investment Opportunities The IRA provides the investing environment with much needed certainty by extending the duration of ITCs. The increases and expansions of ITCs given through the IRA are now guaranteed through 2032 rather than being subject to temporary renewals. This more extensive timetable gives investors and developers the chance to strategically plan and maximize their returns. Additionally, the definition of project costs eligible for the tax credit has been expanded to include interconnection, microgrid controllers, and a broader range of components commonly used in clean energy systems. This can increase tax credit eligibility and accelerate project development. Leveraging Incentives Energy storage projects must adhere to labor standards in order to fully benefit from the tax incentives provided under the IRA. These criteria make sure that registered apprenticeship standards are followed and that prevailing salaries are paid. If a project satisfies these requirements, it may be further enhanced by three additional incentives: domestic content, energy communities, and low-medium income (LMI) initiatives. The domestic content incentive incentivizes the utilization of…
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As Foss & Company reaches its 40th year in business, the company celebrates not only its longevity, but its commitment to excellence, a driving force behind its success. From its inception to the present day, Foss & Company has overcome challenges and pioneered solutions to become a leading organization in the tax credit space. This success can be attributed to its resilience, adaptability to the marketplace and commitment to providing exceptional services to its institutional investor and developer clients. The company’s adaptability has been key to its survival and growth in tax credit space. Starting out, Foss & Company acted primarily as a broker, connecting institutional investors to developers. However, now the company manages almost 95% of its investments through its investment funds, adding tremendous value to investors. This is made possible by our dedicated acquisitions and underwriting teams and asset managers who carefully evaluate projects using market research, capital structure, performance history, budgets, and more. Projects brought into our funds undergo rigorous due diligence through our in-house experts, external consultants, and third-party certifications. Our asset management team oversees projects once added to a fund and provides extensive reporting services, monitoring each project through deal exit. This evolution in investment strategy reflects Foss & Company’s ability to pivot and adapt to market changes while staying true to its mission of creating value for institutional investors and developers alike. The company’s agility and dynamic approach combined with tremendous institutional knowledge are what truly make Foss & Company stand out. Encouraging an entrepreneurial and solution-oriented workplace, Foss & Company has more flexibility to identify gaps in the marketplace, coming up with creative solutions and product offerings that lead to more opportunities for engagement. Some examples of this have included creating State Tax Credit Funds for our investors that have a more drilled…
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Foss & Company is comprised of a group of experienced professionals, representing the best in class within their respective fields. In this blog series, we highlight different Foss & Company team members to shine a light on the diverse and dedicated people that help make us who we are. Paddy O’Brien joined Foss & Company as an Investment Operations Intern in March 2020. As Vice President of Investments, Paddy plays a crucial role in all aspects of investment sourcing, client relations, and research processes. Prior to joining Foss & Company Paddy was researching the impact of regulation on the growth of emerging financial technology markets at the University of Otago. He was the youngest graduate with both a Bachelors of Science in Economics and Masters of Finance degree in his Alma Matter’s history. Outside of work, Paddy spends his time volunteering and finding ways to support small-scale regenerative agriculture with technology. Get to know Paddy in the latest Spotlight Series blog: How did you get started in the tax credit investing industry? I started as an intern working at Foss & Company in the research division, I saw this as an opportunity to leverage my analytical and sustainable finance-oriented background. When did you join Foss & Company and what interested you about the company? I joined Foss & Company in the first half of 2020, just as the COVID-19 pandemic began. I was looking for a company that aligned with my personal goals and had the opportunity to make an outsized impact with my efforts. At Foss & Company, this is possible because we are able to introduce very large institutional investors to attractive sustainable technology and vital infrastructure investments. The impact that these projects deliver is far greater than any single person could accomplish in the fight against…
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This blog is the third and final in a January 2023 series that will explore the opportunities in the transferability of renewable tax credits for investing in renewable energy and reducing tax liability. Consider reading the first and second blogs on this topic. The Inflation Reduction Act, signed into law on August 16, 2022, has created new opportunities to invest in a sustainable future. There are many options, but one of the more promising is new transfer provisions which allow for the transfer of renewable energy tax credits between taxpayers. With these new transfer provisions, a taxpayer can purchase a tax credit generated from an eligible project, for example, at $0.90 per $1 of tax credit and then apply the credit to reduce required tax payments to the Internal Revenue Service (IRS) by the full $1. In this blog, we’ll cover some of the considerations both investors and developers should keep in mind as they explore participating in the transferred tax credit market. The specific considerations we will explore are those associated with tax credit “step ups” on transferred ITCs, monetizing depreciation on transferred tax credit deals, recapture and eligible basis risk for transferred tax credits. Eligible basis risk and tax credit “step ups” Investment tax credits – whether a transferable or a traditional tax credit investment – are 30% (or more, if adders apply) of the eligible (cost) basis of the development of renewable energy development. What is allowed to be included in the eligible basis of a renewable energy development (e.g., solar system, battery storage facility, etc.) is subject to the rules of the IRS. In traditional tax equity transactions, it’s common for the project assets to be contributed into a holding company at a fair market value, thus establishing an eligible basis that is higher than the hard costs of the project. This fair market value is typically…
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Foss & Company is comprised of a group of experienced professionals, representing the best in class within their respective fields. In this blog series, we highlight different Foss & Company team members to shine a light on the diverse and dedicated people that help make us who we are. Kip Kimble joined Foss & Company in February 2020. As Vice President of Capital Markets, Kip works with insurance companies, financial institutions and other companies to redirect funds earmarked for state and federal taxes into investments that generate tax benefits, cash flow and other benefits including improved ESG ratings. Additionally, Kip runs Foss & Company’s debt platform that sources and places project level debt for Foss developer clients to go alongside Foss tax equity investments. Kip brings more than 30 years of commercial real estate and debt experience to the company. Kip graduated from the University of Michigan in 1985 with a Bachelor of Arts degree with a major in Economics within the school of Literature, Science and the Arts. Get to know Kip in the latest Spotlight Series Blog: How did you get started in the tax credit investing industry? After a long career in commercial real estate banking and debt placement, the learning curve had flattened out and I was looking for my next chapter. The idea of sourcing debt and tax equity to help capitalize impact projects was very attractive to me. When I started at Foss & Company, I focused on finding third-party construction/mini perm loans to go alongside Foss’s tax equity investments. Foss & Company had become more of a one-stop shop and brought an increased percentage of the capital stack for these tax credit projects. That role grew into sourcing capital for tax equity bridge loans as well as working with large companies to…
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Due to the risks posed by unsustainable practices, Environmental, Social, and Governance (ESG) analysis has gained increasing importance in the corporate world. This approach considers key stakeholders outside of shareholders during investment analysis, which helps investors protect against risks, capitalize on green opportunities, and attract ESG-conscious investors. By doing so, ESG analysis promotes stakeholder capitalism. In recent years, ESG-aligned investments have accelerated and outperformed the market. Environmental and social factors are among the top risks identified by the World Economic Forum, and double materiality makes ESG-aligned corporations best positioned for a low-carbon future. Governments can incentivize private investment in green industries through taxes and tax credits, which are an increasingly popular option as part of ESG strategies. Tax credit investments provide a market and revenue stream for renewable energy producing organizations, enabling them to align themselves with a sustainable, low-carbon economy and reduce their transition and liability risks and cost of capital while enhancing their ESG-credentials. Currently, ESG measurement and reporting space lacks a universal framework and consistency in terminology, data, and practices. The Taskforce on Climate-related Financial Disclosures (TCFD) framework and the EU Action Plan on Sustainable Finance aim to provide clarity and guidance on ESG and its incorporation into investment decisions, while the US Securities and Exchange Commission’s proposed disclosure rule will mandate public companies to report on their ESG impacts and seek assurance on that data from a third party. Companies that report and progress on ESG impacts and progress towards ESG goals are viewed as remaining competitive, while financial markets predict long-term benefits for returns. ESG-related disclosures are important as they provide stakeholders with the necessary data to analyze the material impacts of an organization. This enables companies to make smarter tax credit investment decisions and report the investments afterwards, meeting stakeholder expectations and enhancing their…
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Foss & Company is comprised of a group of experienced professionals, representing the best in class within their respective fields. In this blog series, we highlight different Foss & Company team members to shine a light on the diverse and dedicated people that help make us who we are. Jennifer Pruett joined Foss & Company in October 2021 and sources institutional investor capital for placement into Foss sponsored state and federal tax credit funds. Prior to joining Foss, Jennifer spent 20+ years in asset management representing traditional and alternative investment strategies including managed futures, fund-of-hedge funds, CLOs and structured products. In these roles she was responsible for developing strategic growth initiatives, delivering investor education and for expanding firm visibility across institutional and wealth management channels. She graduated from Williams College and has a BA in History. Get to know Jennifer in the latest Spotlight Series Blog: How did you get started in the tax credit investing industry? Completely by accident! After years of working within the asset management industry and specializing in alternative investments, I was approached by Foss & Company for a position on the investor relations team. Despite prior experience working with less traditional, illiquid alternatives I wasn’t particularly familiar with real estate or tax credits. Interestingly, there were some strong parallels between my past roles and the responsibilities at Foss. So much of what we do requires enormous amounts of time and patience; we are often educating clients on the complexities of tax credit investing, including the diverse array of federal and state tax credit programs that are available. There are many intricacies related to the Internal Revenue Code, the impact of pending regulations, and fund structure. Investors tend to see us as a valuable resource as they become more strategic with their tax dollars. When…
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Foss & Company 2022 project, Radical Hotel Many companies have long overlooked tax equity investing as part of their tax strategy for different reasons. But this past year has presented new, unique opportunities in the tax equity market for both developers and investors. The Inflation Reduction Act (IRA) has provided more incentives than ever in US history for tax credit investments and facing the current challenge of inflation and increasing interest rates, tax equity may be essential to push projects forward. 2022 proved to be a big year for Foss & Company as well. In June, Foss announced that in addition to the over $8 billion in tax equity the company has deployed since its inception, we have over $1 billion in tax credits currently under management. Among other milestones, the Foss & Company team has continued to grow. We welcomed 14 new team members who have helped grow our capital markets, renewable energy, marketing and real estate teams. We are also pleased to share that in August of 2022, Foss & Company featured North Carolina project, Capitola Mill, won the Gertrude S. Carraway Award for demonstrating a commitment to extraordinary leadership, research, philanthropy, promotion, and/ or significance in preservation. We could not be more thrilled with our successes in 2022, and we could not have done it without our dedicated team, developer partners and investor clients. Vision 2045: A Look Towards the Future In 2022, Foss & Company had the unique opportunity to be featured in the Vision 2045 campaign. This campaign supported the United Nations and its objectives for the institution’s 100- year anniversary in 2045 and aimed to inspire businesses and people to take collective action to ensure a better future for all. As part of this multi-faceted campaign, Foss & Company produced a short, documentary-style video that highlighted…
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Generally Accepted Accounting Principles (GAAP) are a set of guidelines and rules that companies use to prepare their financial statements. These principles are established by the Financial Accounting Standards Board (FASB) and provide a consistent framework for companies to report their financial information to investors, analysts, and regulators. Renewable Energy Tax Credits (RETCs) require specific accounting principles to which companies must adhere to accurately reflect the economic benefits of these credits in their financial statements. One of the key principles is the deferral method, which allows companies to recognize the tax credits over a period of time rather than all at once. The deferral method is used to reflect the economic benefits of the tax credits in a more accurate and realistic manner. When tax credits are recognized all at once, it can lead to overstating the value of the credits and can result in a mismatch between the tax benefits and the associated costs. By spreading the recognition of the tax credits over a period of time, companies can align the tax benefits with the associated costs, providing a more accurate representation of the economic benefits of the credits. To use the deferral method, companies must determine the period over which the tax credits will be recognized. This is typically the same period as the project’s useful life, which is the period over which the project is expected to generate economic benefits. Companies must also determine the amount of tax credits that will be recognized in each period. This is typically done by using an estimate of the expected tax credits for the period and adjusting it as necessary based on actual results. In addition to the deferral method, companies must also follow other GAAP principles when accounting for RETCs. These include properly classifying the credits as either a…
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By Bryen Alperin, Managing Director This blog is the first in a series that will explore the opportunities in the transferability of renewable tax credits for investing in renewable energy and reducing tax liability. The Inflation Reduction Act, signed into law on August 16, 2022, has created new opportunities to invest in a sustainable future. There are many options, but one of the more promising is new transfer provisions which allow for the transfer of renewable energy tax credits between taxpayers. With these new transfer provisions, a taxpayer can purchase a tax credit generated from an eligible project, for example, at $0.90 per $1 of tax credit and then apply the credit to reduce required tax payments to the IRS by the full $1. Transferable credits allow taxpayers to access credits free of ongoing ownership interests and related accounting effort. Tax credit investing isn’t new, but some investors prefer not to account for a longer-term investment to access them. The purchase of transferred tax credits may be the solution. These tax credits can also offer benefits to the renewable energy projects themselves. By allowing credits to be transferred, it opens the pool of potential investors and can increase the amount of funding available for these types of projects. This can help to accelerate the transition to renewable energy and contribute to the goal of reducing carbon emissions. The ability to transfer renewable energy tax credits provides flexibility. For example, a company that has a high tax liability in a particular year may not have the ability to fully utilize all the credits that it generates. By being able to transfer those credits to another taxpayer, the company can still receive some value for the credits and the other taxpayer can use them to offset their own tax liability. The eligibility…
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Foss & Company is comprised of a group of experienced professionals, representing the best in class within their respective fields. In this blog series, we highlight different Foss & Company team members to shine a light on the diverse and dedicated people that help make us who we are. Drew Goldman, Vice President of Investments for Foss & Company, spent 18 years in financial services and held roles including equity syndication, strategic M&A, global investment banking, corporate lending, and commercial real estate before joining Foss & Company in 2019. Drew has an MBA from Emory University’s Goizueta Business School and earned his BBA from The University of Texas at Austin. Get to know Drew in the latest Spotlight Series blog: How did you get started in the tax credit investing industry? After working in the corporate finance and investment banking industries, I moved “back home” to Atlanta in 2005 and found myself in charge of business development for an apartment management company; a large portion of the third-party units were in the Low-Income Housing sector, so I learned a lot about tax credits by absorption. With 2008 – and the “Great Recession” an opportunity to raise capital for a large LIHTC syndicator presented itself. I then transitioned into tax equity. Since then, I have migrated from Housing into Renewable Energy and Historic Preservation. When did you join Foss & Company and what interested you about the company? I joined Foss in January 2019 with a growing interest in financing Renewable Energy and other Sustainability-focused initiatives. Foss has a highly entrepreneurial culture, and a flexible approach to our evolving marketplace. What do you find important or interesting about tax credits? I have been in financial services since the 1990s – tax credit equity is well-proven for mobilizing private sector capital into…
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In November, Foss & Company Managing Director Bryen Alperin and Associate Vice President of Renewable Energy Investment Operations Annie Amrhein travelled to Sharm-El-Sheikh, Egypt to join business leaders from around the world in sharing best-practices that promote the United Nation’s Sustainable Development Goals (SDGs) within their organizations. We have included their reflections from the conference below: Climate change is a global problem. What insights did you gain through the lens of a global assembly of leaders and experts that differ from US-focused events? One major reflection I took away from this type of global assembly is how climate change, associated impacts, and overall management of these impacts, has no bounds. There were so many different industry players present from product manufacturing to electric vehicles to real estate management to professional sports to public officials. This varied representation was significant and showcased quite clearly how climate change issues are not contained nor confined to one sector. I think where there is variation is how companies and industry players are choosing to enact sustainable solutions. Although the underlying goal may be the same, due to the nature of a company’s core mission, revenue stream, position within the market, etc., these differing factors influence how decision-makers not only develop but ultimately implement within their given business structures. Throughout discussions, what were some general consensuses between global leaders and experts concerning sustainability? What were some of the biggest differences in perspectives? The conference showed evidence that the “sustainability and environmental initiatives are bad for business” argument no longer holds merit. In fact, I think the opposite is now the case of if a business representative is unable to speak to what the company is taking to decarbonize infrastructure, minimize waste, promote sustainable measures throughout its employee base, then it may result in negative business…
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Incentives for renewable energy have been a hot topic in the U.S. lately, especially with new provisions geared towards implementing recently developed technologies that aim to fight climate change. The Inflation Reduction Act (IRA), signed into law in August of this year, contained significant adjustments to several climate and sustainability solution incentives. Widely regarded as landmark legislation, it was one of the most extensive environmental policies in decades. It laid the groundwork for incremental change through increases in tax credit incentives for projects like Carbon Capture, Utilization and Sequestration (CCUS), battery storage, and solar Investment Tax Credits (ITCs). Under the IRA, institutional investors may now see higher tax credit returns on their investment and new opportunities through ITC adders. The U.N.’s Sustainable Development Goals (SDGs) offer a blueprint to achieve a better and more sustainable future for all. They address the global challenges we face, including poverty, inequality, climate, environmental degradation, prosperity, and peace and justice. No one action can address all 17 goals at once but using the SDGs as guidelines can help inform corporations of processes that can help tackle some of the most pressing issues of our time. The adjustments made to policies under the IRA align in many ways with the SDGs including those made to solar ITCs. ITCs are calculated as a percentage of the cost that solar developers spend on solar power production equipment while constructing a project. Before the IRA, ITCs were set to reach 10% by 2024, but under the IRA, they now have a base rate of 30% locked in for the next ten years. The law also includes certain adders that can increase the total amount to 60%. The increased incentives can help move solar projects forward despite the recent high interest and inflation rates. These adders include, but are not limited to: 10% for projects located…
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Carbon Capture, Utilization and Sequestration (CCUS) is the process of capturing carbon oxide (can be either carbon monoxide or carbon dioxide, but most commonly we speak of carbon dioxide or CO2) from emission sources for the purpose of preventing it from reaching the atmosphere, which would amplify greenhouse heating. Typically, the CO2 is permanently stored deep underground, but it can also be utilized in other ways, so long as the CO2 never reaches the atmosphere. CCUS and the related 45Q tax credit provides a unique opportunity for tax equity investors to invest in an Environmental, Societal, and Governance (ESG) friendly tax credit. The process of CCUS typically involves the following steps: Locate a predictable and constant source of carbon dioxide emissions: Most combustion processes create CO2, a few examples are coal/natural gas plants, power plants, and ethanol production. Capture the CO2: The process involved in capturing the CO2 depends on the concentration or purity levels of the source emissions. High purity emissions of CO2 (>95% by volume), such as the CO2 emitted from the biorefining of ethanol requires minimal, off-the-shelf-technology to separate out the CO2. Low purity emissions (<95% by volume), such as the CO2 emitted from a coal power plant require advanced technology and various chemical processes to separate out the CO2. Find storage site: A suitable storage site is required to permanently sequester the CO2. Currently, the most suitable sites may be a saline aquifer or in a depleted oil reservoir as is the case in enhanced oil recovery (EOR). Other means of permanent storage are being pursued, for example permanent sequestration in concrete during the manufacturing process. Transfer the CO2 to the sequestration site: In some instances, producers (emitters) of CO2 may be conveniently located on or near a suitable storage site. In all other instances, pipelines are used to transport the CO2 from the emitters to the…
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Foss & Company is comprised of a group of experienced professionals, representing the best in class within their respective fields. In this blog series, we highlight different Foss & Company team members to shine a light on the diverse and dedicated people that help make us who we are. Tony was born and raised in the San Francisco Bay Area, earning his bachelor’s degree from UC Berkeley and his law and business degrees from Santa Clara University. After spending years as an attorney, he joined Foss & Company in 2017. As Director of Real Estate Investments & Portfolio Management, Tony oversees the underwriting and asset management of Foss Historic Tax Credit (HTC) investments, working closely with real estate developers, institutional investors, and industry partners. Get to know Tony in the latest Spotlight Series blog: What originally interested you about the historic rehabilitation industry? I have always been interested in real estate development, especially projects that have a meaningful impact on the community. I also like old buildings and historic architecture. I would much rather see a building repurposed than demolished. The rehabilitation of a building is an interesting process, and more challenging than new construction. In the end, a valuable resource is being conserved and enhanced, and that’s a great benefit for all. When did you join Foss & Company and what interested you about the company? I joined Foss in January 2017. I was looking for new opportunities and when I learned about Foss, I did a lot of research on the company and the tax credit industry. The more I learned, the more excited I was about joining the company. I wanted to be a part of financing historic rehabs by monetizing tax credits. It’s a great business, and it’s rewarding to be a part of the rehabilitation…
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Federal investment tax credits (ITCs) are government-endorsed, social-engineering tools designed to create a “partnership” between the government and the private sector, providing financial incentives to encourage corporations to deploy capital investments in areas that are considered important or strategic for the country. These areas include affordable housing, new market development, historic rehabilitation and renewable energy among many others. The government is simply not in the business of, or does not have the capacity to, properly assess the risk and evaluate these types of projects, so it turns to the private sector to lead the charge and recognize the opportunity presented the financial, social and environmental benefits of investment tax credits. All companies that are U.S. federal taxpayers should consider tax credit investing. Banks and insurance companies are the most common players to-date, and while corporations have become more active in recent years, tax investing overall remains underutilized. It is estimated that only a short list (less than 10%) of the qualified tax paying companies actively participate in the ~$20 billion annual tax credit market. This low participation rate has resulted in billions of “less than efficient” income tax payments to the U.S. government that could have otherwise generated value for companies, shareholders, and communities. Given the large number of mature, cash-flowing companies in the US seeking earnings enhancements, cash or tax management improvements and lower expense ratios, these are eye-opening statistics. So why are tax credits not more widely used by corporate America? While there may not be a clear-cut answer to this inquiry (or perhaps it is a combination of factors), here are some possible, common explanations: Too Good to be True – When companies first learn about tax credits, they think they are “too good to be true,” and that they must be some kind of scheme or…
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It is rare to find a multi-functional, multi-faceted “Tool” that creates a “win-win-win” outcome in the world of corporate finance. Fortunately, there is a Tool that creates value across multiple corporate areas simultaneously, but it is little known, often overlooked, and certainly underused. This Tool is the Investment Tax Credit (ITC). Approved by the U.S. Congress, enshrined in the Internal Revenue Code, and encouraged by the federal government, ITCs allow those with a US tax liability to redirect their federal income tax obligation towards specific economic sectors or qualified projects. In other words, with the blessing of Uncle Sam, a company can repurpose its tax liability and invest in ESG (Environmental, Social and Governance) initiatives and reap a financial reward. Unfortunately, ITCs continue to be underutilized despite the benefits afforded to corporations seeking to deploy impactful strategies to manage tax rates and create shareholder value. Let’s be honest, the tax strategy of a corporation may often be disregarded and undervalued. Tax departments tend to be isolated from the executive floors and often excluded from strategic decisions. Perhaps it is time for the C-Suite to pay more attention to their tax teams. Similarly, it’s also time for the market (i.e., equity research analysts and portfolio managers) to pay closer attention to what companies are doing below the standard EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) line with regards to tax strategies and give them credit when these strategies lead to secondary, yet impactful, noble causes. Admittedly, it is not an easy (or exhilarating) task. For one, understanding the Tax Code is daunting. In addition, companies tend not to disclose much about their tax strategies. Other than the effective tax rate or “ETR” (actual income tax paid/EBT), and the occasional disclosure of the impact of “extraordinary” or “discrete” items, not much…
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Foss & Company is comprised of a group of experienced professionals, representing the best in class within their respective fields. In this blog series, we highlight different Foss & Company team members to shine a light on the diverse and dedicated people that help make us who we are. Bryen Alperin joined Foss & Company in November of 2017. As Managing Director, Bryen leads all aspects of the investment, origination, and asset management process for renewable energy and sustainability funds. Prior to joining Foss & Company, he worked in commercial banking and led debt financing for a broad range of middle market businesses and commercial projects. Bryen earned his BA in Economics and graduated magna cum laude from the University of California, Davis. He has an Executive Certification in Sustainable Capitalism & ESG from the University of California, Berkeley. He is based out of our Denver office. Get to know Bryen in the latest Spotlight Series Blog: How did you get started in renewable energy and sustainability tax credit industry? Prior to joining Foss & Co., I was a commercial underwriter at a community development bank. During that time, I was often tasked with underwriting our largest and most complex loans. I became the subject matter expert on loans to renewable energy projects, as well as low-income-housing projects and various other impact oriented products. While I enjoyed commercial banking, I was excited to join Foss & Co. so that I could spend more of my time focused on impact projects. I initially joined Foss & Co. as an investment manager for our real estate division, then transitioned to renewable energy to help expand our renewable energy and sustainable technologies division in Denver. What interested you about tax credits? The government tends to offer tax credits to incentivize projects that have a…
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