Tax Investments

Spotlight Blog: Spencer Tweed

Foss & Company is comprised of a group of experienced tax credit professionals, representing a 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. Spencer Tweed joined Foss & Company in December of 2022. As Vice President of Project Finance, Spencer manages the closing and diligence process for renewable energy and sustainability funds. Prior to joining Foss & Company, Spencer worked in project finance for a utility-scale solar developer with a focus on coordinating tax equity and debt. Spencer earned his BA in Real Estate from the University of Wisconsin and earned his MS in Finance from the University of Denver. To learn more about Spencer, read our latest Spotlight blog series installment: How did you get started in the tax credit investing industry? I joined the renewable energy industry in 2016 as an investment banker specializing in project-level M&A and corporate advisory. It was an exciting introduction to a fast-paced industry experiencing rapid growth. My favorite part of the job was working with sponsors to better understand how they were structuring their teams and executing complex strategies to scale and decarbonize the grid. In 2018, I transitioned to the sponsor side, working in project finance. While working for developers, I gained hands-on experience with utility-scale wind, solar and battery energy storage systems (BESS), coordinating the capital stack with lenders and tax equity investors. This foundation provided me with a comprehensive understanding of the financial structures that drive renewable energy projects. When did you join Foss & Company, and what interested you about the company? I met Bryen Alperin in 2022 and was impressed by Foss & Company’s entrepreneurial culture and its ability…

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Wrapping Up 2024: Foss & Company’s Year in Reflection

Wrapping Up 2024: Foss & Company’s Year in Reflection As we reflect on 2024, it’s the perfect time to celebrate the journey we’ve shared—a year of growth, challenges, and achievements.  From launching new initiatives to celebrating team successes, we’ve accomplished so much together. Let’s take a moment to look back at the highlights that made 2024 truly remarkable.   Celebrating Success: Key Milestones of 2024  Last year, our commitment to excellence drove us to explore new opportunities, deepen our expertise and build stronger partnerships. We’ve made strides in pioneering innovative solutions in transferable tax credits, advancing clean energy initiatives, and fostering community revitalization through historic preservation. By delivering forward-thinking strategies, we’ve empowered developers and investors to unlock the full potential of tax credits and create lasting value. Among our notable achievements: Project Viper (Queens, NY): Our first Distributed Generation (DG) battery project, featuring a 4.32 MW / 17.28 MWh standalone storage facility. Project Michigan (Middleton, MI): Marking our entry into the renewable natural gas (RNG) sector, this biogas facility at a dairy farm includes a cutting-edge anaerobic digester. Judson Mill (Greenville, SC): A historic preservation project that was completed in multiple phases, with Phases 1 through 3 being finished between 2019 and 2024. Now, Phase 4—the final phase—will add 180 market-rate apartments, building upon the success of the apartments developed in Phase 1. Anemoi Energy Storage (Edinburg, TX) Not only is our third investment in a utility scale battery energy storage system project, but our first investment utilizing a t-flip structure. This closing features a standalone 200 MW / 400 MWh battery energy storage system. We also expanded our thought leadership efforts with the release of five key resources: Whitepaper: Beyond Solar: Uncovering Post-IRA Tax Equity Opportunities in Clean Energy Technologies – Explores a broader range of eligible technologies under…

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Spotlight Blog: Olivia Park

Foss & Company is comprised of a group of experienced tax credit professionals, representing a 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.  Olivia Park joined Foss & Company as Vice President of Investments, focusing on the placement of institutional investor capital into Foss & Company-sponsored state and federal tax credit funds. She brings 18 years of experience in financial services including capital raising, business development and investor relations within alternative asset management firms. Oliva began her career in investment banking, working at Evercore Partners in New York and Michel Dyens & Co in Paris, France, and transitioned to the buy-side working at firms including Hudson Sustainable Investments, RainMakers Private Equity, and Hurley Capital in New York. She holds a B.A. in Economics from New York University. To learn more about Olivia, read our latest Spotlight blog series installment: How did you get started in renewable energy and sustainability tax credit investing industry? Prior to Foss & Company, I worked as an Investor Relations professional at a renewable energy private equity firm for almost 7 years. I saw the positive impact sustainable investments brought to the community and grew very keen on the industry. Educating investors on this asset class was my favorite part of my job, and with the attractive tax credits it made the investments more attractive when pitching to prospective investors. When did you join Foss & Company and what interested you about the company?   I joined Foss & Company in September 2024. Prior to that, I spent close to 15 years working in the alternative asset management industry. Given these types of investments were a relatively new asset class to the…

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Beyond Solar: Uncovering Post-IRA Tax Equity Opportunities in Clean Energy Technologies 

Beyond Solar: Uncovering Post-IRA Tax Equity Opportunities in Clean Energy Technologies  The Inflation Reduction Act (IRA) has made a significant impact on tax equity opportunities in the clean energy landscape. While solar and wind have historically benefited from tax incentives, the IRA broadens the scope to include technologies like energy storage and other clean energy solutions. This expansion paves the way for accelerated growth across the renewable energy sector, providing both developers and investors with fresh avenues for financial collaboration.  Tax equity plays a critical role in funding large-scale, capital-intensive projects by allowing clean energy developers to partner with investors who can utilize tax credits. These partnerships provide the upfront capital necessary to launch ambitious projects, from solar farms to emerging technologies that are essential for decarbonizing the power grid.  To learn more about the evolving landscape of tax equity opportunities and discover how the IRA impacts clean energy investments, download our comprehensive white paper. Dive deeper into the specific incentives and insights on leveraging tax equity to drive clean energy innovation by downloading our whitepaper today!  

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Post-Election Update: Navigating Renewable Energy Tax Credits in 2024 and Beyond

With the 2024 elections resulting in a Republican sweep of the White House and both chambers of Congress, the renewable energy tax credit landscape faces potential shifts that demand proactive strategies from investors. Building upon our August 2024 analysis, this update highlights the key policy trends shaping the investment environment and offers actionable recommendations for tax equity investors and buyers of transferable tax credits. While uncertainty is a hallmark of post-election transitions, it also presents opportunities. By anticipating policy developments and adapting investment strategies accordingly, stakeholders can secure value in the evolving renewable energy market.   Key Post-Election Policy Predictions Accelerated ITC/PTC Phase-Down Republican leaders have signaled a focus on reducing federal spending, which could accelerate the phase-down of the Investment Tax Credit (ITC) and Production Tax Credit (PTC). Current discussions suggest the phase-down may begin as early as 2025 or 2026, creating urgency for developers and tax equity investors to close deals while credits remain fully available. Domestic Content Requirements Strengthening domestic manufacturing is a core Republican objective, likely leading to more stringent domestic content requirements for ITC/PTC eligibility. Projects dependent on imported components may face compliance hurdles, emphasizing the importance of aligning with U.S.-based supply chains. Preservation of Certain Credits Credits that support domestic production, such as the 45X advanced manufacturing credit, are expected to retain bipartisan support. However, new limitations related to foreign entities of concern (FEOC) could restrict their applicability, necessitating careful assessment of qualifying projects. Transferability and Direct Pay While transferable tax credits introduced by the Inflation Reduction Act (IRA) are anticipated to remain, eligibility criteria, particularly for domestic content, may be tightened. This underscores the need for meticulous due diligence in credit transactions. Rollback of Electric Vehicle (EV) Tax Credits The Trump transition team has expressed intentions to eliminate the $7,500 tax credit for…

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Advanced Manufacturing Production Credit

Advanced Manufacturing Production Credit Published on November 5, 2024 – On October 24, 2024 the U.S. Treasury Department and Internal Revenue Service released final regulations (T.D. 10010) regarding the advanced manufacturing production credit under section 45X established by Pub. L. No. 117-169 (commonly called the “Inflation Reduction Act of 2022” (IRA)) to incentivize the production of eligible components within the United States. As explained in the related IRS release—IR-2024-281 (October 24, 2024)—section 45X provides a tax credit for the production and sale to unrelated persons after December 31, 2022, of “eligible components,” which include solar and wind energy components, inverters, qualifying battery components, and 50 applicable critical minerals.  Only eligible components that are produced and sold in a trade or business of the taxpayer are taken into account for purposes of the section 45X credit. The final regulations define qualifying production activities, provide rules for the sale of eligible components to unrelated persons as well as special rules that apply to sales between related persons, and provide rules to address contract manufacturing scenarios. The final regulations also provide definitions of eligible components, rules related to calculating the credit, including eligible production costs and specific recordkeeping and reporting requirements. What is the new 45X tax credit program and when was it introduced?   The Inflation Reduction Act of 2022 introduced the Section 45X Manufacturing Production Tax Credit (PTC) to strengthen the domestic supply chain for critical components in advanced energy production. This program allows manufacturers to claim tax credits for a variety of qualifying products, and those with vertical integration can potentially claim credits for multiple products within their operations. What are some of the implications of the 45X tax credit program? Economic Growth: The credit is expected to stimulate growth in the renewable energy manufacturing sector, leading to job creation…

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How the 2024 Election Could Reshape U.S. Tax Policy and the Future of the IRA

 How the 2024 Election Could Reshape U.S. Tax Policy and the Future of the IRA  Published October 9, 2024 – As the 2024 election approaches, a new president and Congress are set to take office in January, which means legislative action could reinvent the U.S. tax landscape. The presidential election races are underway; however, for the House and Senate, the race is increasingly important as it determines the direction of tax legislation.   What is the Inflation Reduction Act and How will the Election Affect This Law?  In 2022, President Biden signed the Inflation Reduction Act (IRA) into law. One year after the IRA was passed, the clean energy and climate provisions created more than 170,000 renewable energy jobs, companies announced over $110 billion in renewable energy manufacturing investments, and we are hitting our goals to reduce greenhouse gas emissions by 1 billion tons in 2030. This is beneficial for developers as it encourages them to focus on sustainability and clean energy projects in a cost-effective way. Now, for tax equity investors, this industry growth and the bonus’ from the IRA is a great increase in tax equity investment opportunities for them across the country.   How will the new election affect the IRA? The United States will go to the polls in November to decide who will become the next president, and this election year can significantly impact the IRA in a few ways:  Funding and Implementation: Depending on the election’s outcomes, the next president’s administration may seek to modify, expand or even scale back certain aspects of the IRA. Decisions can be made to fully implement and expand the IRA or repeal and alter provisions.   Implementation and Expansion of the IRA: Depending on the winning party, this can lead to two different outcomes:  The first outcome can be full implementation, which…

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Spotlight Blog: Sophie Brkovic

Foss & Company is comprised of a group of experienced tax credit professionals, representing a 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.  Sophie Brkovic joined Foss & Company as an Associate Vice President of Renewable Energy Project Finance on the Renewable Energy & Sustainable Technologies team. She works to manage all aspects of the transaction lifecycle for renewable energy fund investments. Prior to joining Foss & Company, Sophie served as a Research Analyst for an Energy Infrastructure investment fund where she led financial modeling, equity research and portfolio analysis. She earned her BS in Geological Engineering and MEng in Sustainable Systems Engineering from the University of Wisconsin-Madison. To learn more about Sophie, read our latest Spotlight blog series installment: How did you get started in the tax credit investing industry?    I was first introduced to renewable energy tax credits while working as a wholesale energy market consultant and discussing lifetime project economics with developer clients. During my tenure as a research analyst, I discussed clean energy project economics with numerous developers globally and it became clear to me that tax equity was an important and growing portion of the capital stack. Following the passage of the Inflation Reduction Act (IRA), it was rare to complete a conversation about clean energy development in the United States without the mention of tax credits. As I sought out my next position, I knew that I wanted to be involved in the tax credit market and help distribute tax equity to developers in order to aid in the clean energy transition. Thankfully, I found that position at Foss & Company! When did you join Foss…

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SPOTLIGHT SERIES: KEVIN HALEY

Foss & Company is comprised of a group of experienced tax credit professionals, representing a 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. Kevin Haley has rejoined Foss & Company as Senior Vice President of Investments, after serving as a founding member of a transferable tax credit marketplace startup company. He brings substantial expertise on both tax equity and transferable tax credit transactions and supports the capital raising team to raise new tax equity funds and broker transferability deals. Prior to his work on tax credit transactions, he was a strategic advisor at the Clean Energy Buyers Association (CEBA), working with Fortune 500 companies pursuing renewable energy power purchase agreements. He holds a bachelor’s degree from Hope College in Holland, MI, and an MBA from the University of Colorado, Boulder, CO.   To learn more about Kevin, read our latest Spotlight blog series installment: How did you get started in the tax credit investing industry?    I began my career working on tax credit policy in Washington, D.C. My work mainly involved researching and analyzing the tax equity market, collaborating with project developers, and educating Congress and regulatory bodies on the benefits of tax credit investing for the U.S. economy. This was a great introduction to the market and after several years, I moved over to a transactional role working directly with large, corporate investors. More recently, my work raising capital for tax credit investments has included matching investors with historic real estate opportunities, traditional tax equity for renewable energy projects, and sourcing tailored transferable tax credit deals. Tax credit investing is growing rapidly compared to my early days in this space when the big…

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Transferable Tax Credit Due Diligence Checklist Summary

Transferable Tax Credit Due Diligence Checklist Summary Published May 28, 2024 – The Inflation Reduction Act (IRA) has brought significant changes to the landscape of renewable energy, including the introduction of transferable tax credits. Transferable tax credits have become a popular financial tool that allows businesses to reduce tax liabilities by investing in the growing market of renewable energy. As the transferable market continues to grow, it is imperative to stay informed and execute careful planning and due diligence. To prepare for a transferable tax credit transaction, a due diligence checklist needs to be put into place. Establishing a checklist not only provides a list of standard deliverables, but it allows stakeholders to focus on strategy, structure and deal execution. Foss & Company’s Partner & Managing Director, Bryen Alperin, was able to collaborate with Norton Rose Fulbright’s Partner, David Burton, Aon’s Global Co-Ceo of M&A and Transaction Solutions, Gary Blitz, and Winthrop & Weinstine Associate, Amber Peterson to publish a due diligence checklist sample stemming around the transfer of tax credits. This expert team developed a due diligence checklist that will show how the scope can vary depending on the complexity and type of credit transfer. To explore the potential of transferable tax credits, investors and developers need a trusted and innovative partner. Partnering with Foss & Company will offer innovative solutions that empower developers and investors to maximize the value of tax credits while driving positive impact in communities across the nation. Reach out to our team today to learn how our commitment ensures your projects not only succeed financially but leave a lasting legacy. To dive into the transferable tax credit due diligence checklist, download our white paper today!

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Utilizing the Quick Refund to Optimize Transferable Tax Credit Yields

Utilizing the Quick Refund to Optimize Transferable Tax Credit Yields By: Bryen Alperin, Partner and Managing Director of Renewable Energy & Sustainable Technologies, Foss & Company | Published May 8, 2024 Corporations seeking to purchase 2023 transferable tax credits in 2024 may be concerned that their realization of the benefits will be delayed until they file their extended tax returns and receive a refund from the IRS. If they are forced to pay up front for those tax credits, then wait months to realize the benefits, it could dilute their financial return. In these cases, investors may be able to utilize the “quick refund” mechanism provided by the Internal Revenue Service (IRS) through Form 4466 to accelerate the receipt of benefits, thus improving their financial returns. This form allows corporations to apply for a quick refund of overpayment of estimated tax. The process is designed to expedite the refund of overpayments to corporations, ensuring they can realize the benefits of their tax credits or overpayments in a timely manner. Eligibility and Conditions To be eligible for a quick refund using Form 4466, a corporation must meet the following conditions: – The overpayment must be at least 10% of the expected tax liability for the year. – The overpayment must be at least $500. – The corporation applies for the quick refund after the end of its tax year but before it files its income tax return for that year. Process and Timeline The process for filing Form 4466 involves the corporation estimating its tax liability for the year and determining the amount of overpayment. The form must be filed after the end of the corporation’s tax year and before the corporation files its income tax return. The IRS is required to act on the application within 45 days from the…

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SPOTLIGHT SERIES: JENNIFER HUA

Foss & Company is comprised of a group of experienced tax credit professionals, representing a 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. As Associate Vice President of Investments for Renewable Energy and Sustainable Technologies, Ms. Hua manages the closing and diligence process for renewable energy and sustainability funds and participates in the screening of potential new investments. Prior to joining Foss & Company, Ms. Hua worked in Business Development and led utility-scale solar and battery originations. Her experience includes corporate development and risk management roles at The Williams Companies. Ms. Hua holds an MBA from The University of Tulsa and a BBA from The University of Oklahoma. She is based out of our Denver office.  To learn more about Jennifer, read our latest Spotlight blog series installment: How did you get started in the tax credit investing industry?     I was first introduced to tax credit investing during my tenure at The Williams Companies, where I held various roles over seven years. During my time in Corporate Development, I built dynamic models for capital projects covering solar, battery and natural gas. Williams was not a corporate taxpayer at the time, requiring us to explore alternative routes to monetize Investment Tax Credits. This experience provided me with key knowledge in tax credit structures. The knowledge and expertise I gained from this exercise has been invaluable in my contributions at Foss & Company.  When did you join Foss & Company and what interested you about the company?    I joined Foss & Company in August of 2023 and was drawn to the organization’s rapid-paced environment and talented professionals. The tax credit industry is ever evolving,…

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Strategic Moves: Navigating Transferability-Flips for Institutional Investors

Strategic Moves: Navigating Transferability-Flips for Institutional Investors In the ever-evolving realm of institutional investment, savvy investors are turning their attention to innovative strategies to enhance portfolio returns. As the transferability market gains momentum, institutional investors are strategically leveraging Transferability Flip Transactions, or “t-flips,” to unlock latent value in their tax equity investments. In this landscape, partnering with a seasoned fund sponsor, such as Foss & Company, becomes not just a choice but a strategic imperative.  The Institutional Advantage in the Transferability Market:  Institutional investors are well-positioned to capitalize on the increasing activity in the transferability market. As regulatory landscapes shift and market dynamics evolve, institutions can leverage their scale and expertise to navigate the complexities of t-flips for optimal portfolio performance. Investors interested in making equity investments may enhance their after-tax returns by utilizing the t-flip structure to invest in renewable energy and sustainable technology projects. Investors interested in buying tax credits on a transferable basis can may find that a t-flip structure offers risk mitigation benefits when compared to a “direct purchase” of tax credits.  Understanding T-Flips:  A Transferability Flip Transaction is similar to the Partnership Flip structure that the industry has used for billions of dollars of transactions, but instead of having the tax credits allocated based on ownership in the project, the tax credits are transferred to a third-party buyer. There is still a tax equity partnership at the project level which can monetize the depreciation benefits of the project and establish a “step up” in the tax credit eligible cost basis to a fair market value.   Working with Experts:  Institutional investors and tax credit buyers seeking to capitalize on the transferability market’s potential are wise to align with a reputable fund sponsor like Foss & Company. Foss & Company, with its proven track record, not only…

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Colors of Hydrogen

By: Dawn Lima, Vice President of Renewable Energy & Sustainable Technologies, Foss & Company    Shades of Gray, Blue, Green – Why do we need a color wheel to describe hydrogen and what do the colors mean? If you have been following the headlines and reading recent articles about the future of energy, you’ve likely read about hydrogen and the many colors used to describe it. Green, blue, gray, yellow, pink, etc. Why does a naturally colorless gas have so many colors? Hydrogen is a very promising energy source in a decarbonized future as it does not emit carbon dioxide (CO2) when burned. Hydrogen energy could have many uses, particularly to decarbonize heavy vehicle transportation and construction. What these Colors Mean So, why are there so many colors to describe hydrogen? The different colors of hydrogen refer to how the hydrogen is made: mainly the source of the hydrogen molecule and the source of the power used to generate the hydrogen. The most common colors include gray, blue and green. Gray Hydrogen: About 80% of hydrogen produced is currently gray.  To make gray hydrogen, natural gas is burnt in a process called steam methane reform (SMR) and carbon dioxide is released into the atmosphere, not captured and sequestered.  The power to generate the hydrogen is typically the local grid (not necessarily renewable energy) so the source mix will depend on the location of the plant and now decarbonized the grid in the region is. Blue Hydrogen: Around 1% of hydrogen produced.  Blue hydrogen is slightly less environmentally harmful than gray.  Blue is produced in the same way as gray, but the carbon dioxide is captured and sequestered, not released into the atmosphere.  The power to generate the hydrogen is typically the local grid (not necessarily renewable energy). Green Hydrogen:  Green…

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SPOTLIGHT SERIES: ANDREW MURO

Foss & Company is comprised of a group of experienced tax credit professionals, representing a 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. As the Vice President of Renewable Energy Portfolio Management, Andrew is in charge of all aspects of investment performance, working with sponsors on project compliance and tax credit investors on fund management. Prior to joining Foss & Company, he created a solar investment vehicle and managed its day-to-day operations. For 12 years prior to that he worked with top-tier solar or renewable energy companies, either financing assets or developing premier asset and portfolio management talent and processes globally. He has overseen some of the largest solar and wind farms in North America, as well as solar sites in Chile, Italy, Spain, England, and Canada. His education credentials include an MBA from ESADE in Barcelona, and a BA from UC Santa Barbara. To learn more about Andrew, read our latest Spotlight blog series installment: How did you get started in the tax credit investing industry?    In 2006, while working on Wall Street doing CleanTech sell side equity research, I came across an opportunity to develop a financing platform for a residential solar company in San Luis Obispo (SLO), CA. I packed up my Prius and drove from Manhattan to SLO, excited for the new opportunity to help a growing company focused on solar. We had some success developing and implementing home equity loans for solar and the team sold the first SunRun PPA deal, which was effectively a tax equity investment. From there I joined a structured finance desk with a solar developer raising tax equity in 2008. I haven’t…

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Treasury/IRS Propose New Rules for Implementing Section 48 Energy Tax Credits

By: Bryen Alperin, Partner and Managing Director of Renewable Energy & Sustainable Technologies, Foss & Company   The U.S. Treasury Department and IRS have recently announced the release of proposed regulations (REG-132569-23) for publication in the Federal Register. These regulations are set to amend the existing rules under section 48, incorporating modifications from the Inflation Reduction Act of 2022 (IRA), previous legislative changes, and various administrative guidelines. The Notice of Proposed Rulemaking (NPRM) extends over 127 pages and aims to provide both clarifications and updates concerning the energy tax credit. Initial Foss Takeaways: Key Points for Investors Uncertainty for Biogas Equipment: In a surprising outcome, the proposed rules indicate that “gas upgrading equipment necessary to concentrate the gas into the appropriate mixture for injection into a pipeline through removal of other gases such as carbon dioxide, nitrogen, or oxygen is not included in qualified biogas property”. However, it emphasizes the eligibility of costs associated with essential components of biogas projects, such as equipment for cleaning and conditioning the gas. This has caused confusion and uncertainty in the RNG industry, as many projects feature equipment that both cleans and concentrates the gas. The implication of the proposed rules is that investors will need to do a detailed review of the process flow diagrams and determine which costs are associated with equipment which cleans or conditions gas versus equipment that concentrates gas. Depending on the determination, large portions of existing RNG projects may not qualify for the ITCs they thought they would. The industry will be lobbying to have this definition changed, or further clarified. New “Placed in Service” Criteria: The NPRM proposes a new definition of “placed in service” for Section 48, replacing long-relied-on Section 46 regulations. The definition is as expected and states that projects generating tax credits are considered…

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SPOTLIGHT SERIES: MICHAEL YAGER

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.     Michael joined Foss & Company in April 2023. As Vice President of Investments, he works with institutional investors and large corporations to direct capital that is set aside for federal and state taxes into high-impact, tax credit-generating projects with a focus on renewable energy and carbon capture. Prior to joining Foss & Company, Michael spent 10 years developing an all-electric, zero emission freight transportation system. During this time, he expanded the company into three new markets, sourced over a billion dollars of debt and equity capital, and garnered offtake agreements with Fortune 500 companies throughout the United States. Michael graduated from Texas A&M University with a B.S. in Aerospace Engineering and M.Eng. in Industrial and Systems Engineering. Get to know Michael in the latest Spotlight Series Blog:  How did you get started in the tax credit investing industry? Originally, I came from an entrepreneurial background in supply chain and logistics. As an engineer, I spent years developing a new freight transportation system and I then started working to commercialize the technology, so I saw firsthand how much effort went into getting large infrastructure projects financed. Since then, I wanted to move more directly into finance. I was excited at the opportunity to join Foss & Company in a role that allows me to help bring meaningful projects to completion while adding value to the corporations investing in them. When did you join Foss & Company and what interested you about the company? I joined Foss & Company in April 2023 in…

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