IN THE NEWS

The big winners, and some losers, are starting to emerge as the Biden administration sets rules for its climate-focused tax-break bonanza. With each decision by the Treasury Department, the future of U.S. clean energy takes shape. The Inflation Reduction Act seeks to cut emissions while creating jobs and building industries. To that end, certain credits are tied to the use of domestically produced equipment.

 

Pivot Energy announced the completion of a financing facility worth $203 million to support a portfolio of solar projects across several states.

Pivot Energy has announced the closing of a ~$203 million financing facility to support a multi-state portfolio of distributed generation solar projects. Silicon Valley Bank (SVB), a division of First Citizens Bank, will lead the debt facilities and Foss & Company will make the initial tax equity investment. The 100-MW_DC portfolio comprises 35 community solar and C&I projects planned to reach commercial operation (COD) between Q2 2023 and Q2 2024.

Once the crown jewel of Jacob Riis Park in the Rockaways, the bathhouse there has seen better days. But a project is underway to restore the building from 1932 to its former glory as the centerpiece of a popular beachfront destination for New Yorkers.

The Inflation Reduction Act of 2022 enabled the sale of energy credits, providing owners of renewable energy projects with a new means of raising capital. Large corporations with significant tax liabilities are the primary buyers of these credits, which are also purchased by banks and 'corporates', who are looking for a simple transaction without having to learn about tax credit project aspects. Tax credit insurance is available to underwrite these transactions, although it is not a one-size-fits-all solution, and buyers must still conduct some diligence and ensure they are transacting with trustworthy sellers.

Tax policy plays a vital role in a company's ESG strategy, and it will become increasingly important as companies try to mitigate their environmental impact through the use of tax credits and incentives.

CBSK Developers, Brooklyn Bazaar and Aulder Capital closed on $47.5 million in financing for the rehabilitation of the historic bathhouse at Jacob Riis Park in Queens. The large-scale preservation project will restore the 1932 building to its former glory after sitting underutilized for nearly half a century and transform the waterfront into an active hub with new restaurants, a bar, pool, event spaces and 28 hotel rooms. The project is being financed through a $32.5-million construction loan from Procida and a $15-million historic tax credit equity investment from Foss & Company.

On Tuesday, March 28, CBSK Developers, Brooklyn Bazaar, and Aulder Capital closed on $47.5 million in financing for the rehabilitation of one of Queens’ most beloved architectural gems – the historic bathhouse at Jacob Riis Park. After sitting underutilized for nearly half a century, the large-scale preservation project will restore the 1932 building to its former glory and transform the waterfront into an active hub with new restaurants, a bar, a pool, event spaces, and 28 hotel rooms. The project is financed through a $32.5 million construction loan from Procida and a $15 million historic tax credit equity investment from Foss & Company.

Summit Ridge Energy (SRE) has secured a $67 million tax equity commitment from investment firm Foss & Company. The partnership will fund more than 50 MWdc of community solar projects in Maine and Illinois.

Foss & Company is providing a $15 million historic tax credit equity investment for the rehabilitation project of the Jacob Riis Park bathhouse in Queens, which will be funded by Procida Funding and Advisors with a $32.5 million construction loan to transform the historic bathhouse into an active hub with new restaurants, a bar, a pool, event spaces, and 28 hotel rooms, while preserving the building's landmarked façade, windows, and turrets.

A top-down renovation of the historic Jacob Riis Park Bathhouse in Rockaway Beach, Queens will soon begin now that developers have secured more than $47.5 million in construction financing.

The historic Jacob Riis Park bathhouse, on the western end of the Rockaway Peninsula in Queens, received funding to make a $50 million reboot possible.

The $67 million investment utilizes the Inflation Reduction Act’s (IRA) Qualified Advanced Energy Project Credit program. Once guidance for low- and moderate-income community incentives and domestic content requirements program is finalized, the developer expects to expand its partnership with the tax investor to fund additional projects in underserved and traditional energy communities.

Summit Ridge Energy (SRE), a commercial solar company, says it has secured a $67 million tax equity commitment from Foss & Company, an institutional investment fund sponsor.

Foss & Company has partnered with Birch Creek for a $130mn tax equity investment in the Beech solar project.

Foss & Company, a leading institutional investment fund sponsor, announced today that it has entered into a tax equity partnership with Birch Creek Energy for an investment of approximately $130 million.

Foss & Company, an institutional investment fund sponsor, says it has closed on a tax equity partnership with Birch Creek Energy for approximately $130 million of investment.

Foss & Company's team was represented at the National Ethanol Conference's panel of experts who discussed how the IRA's energy tax incentives, infrastructure grants, and other provisions will be implemented in the years ahead.

In April 2022, Pivot Energy announced a $190 million financing package to support its projects. The financing round was led by Silicon Valley Bank and Foss & Co., an equity investor.

Investment fund sponsor Foss & Company has closed on the first tranche of tax equity partnership with Nautilus Solar Energy totalling $42 million.

Foss & Company closed the first tranche of a tax equity partnership with Nautilus Solar Energy, LLC on behalf of Nautilus US Power Holdco, LLC, representing an investment of around $42 million for over 44 MWdc of projects across three states.

Foss & Company, a prominent institutional investment fund sponsor, has closed the first tranche of tax equity partnership worth approximately $42 million on behalf of its affiliate, Nautilus US Power Holdco, LLC, with Nautilus Solar Energy, LLC, a community solar company, for over 44 MWdc of projects across three states.

The renewable energy industry is excited about the enactment of the Inflation Reduction Act of 2022 (IRA)–and rightfully so. The IRA, signed into law Aug. 16, has substantial implications for the tax credit community, especially renewable energy.

2022 marks the 30-year milestone since the UNFCCC was adopted. Against a backdrop of rising urgencies, COP27 which will be held in Egypt in November, will bring out businesses that bear the United Nations’ Sustainable Development Goals in their hearts and grab the world’s attention.

Running parallel to the United Nations COP27, the three-day summit, Vision 2045, will take place in Sharm El Sheikh, Egypt from November 7-9, 2022 at the Jaz Mirabel Park Hotel, with the goal of positively impacting the future of our planet through a series of groundbreaking panel discussions in the political, economic and social arenas.

The dual financial motive behind ethanol’s move into CCS helps explain how and why producers intend to monetize their vital new role in the carbon sequestration movement.

The expanding awareness and interest in ESG–environmental, social and governance–investing could lead to a seismic increase in investor demand for community development tax incentives, but we are not there yet.

Foss & Company, a leading institutional investment fund sponsor, announced today that it closed on a tax equity partnership with Korea Electric Power Corporation (KEPCO).

The power plant will be located in Mangilao, Guam, and aims to provide ongoing, positive economic benefits to the island.

Tax Credit Incentives for Carbon Sequestration: Potentially the Most Impactful U.S. Policy to Battle Climate Change

2021 was a record year for environmental, social and governance investments, and the trend shows no sign of slowing down this year. ESG-related concerns are also growing for banks and credit unions.

US solar provider Pivot Energy has closed $190 million of debt and tax equity financing to help build a 90 MW portfolio of distributed generation solar projects in the United States.

US-based Pivot Energy has secured a $190m financing facility to support the development of its multi-state portfolio of distributed generation solar projects. SVB Financial Group subsidiary Silicon Valley Bank will lead the debt facilities while Foss & Company (Foss) has agreed to make the tax equity investment. Pivot Energy’s 90MW portfolio includes 40 solar projects, of which the majority (80%) are community solar projects. The remaining 20% includes commercial and industrial (C&I) power purchase agreements (PPAs).

Pivot Energy has closed a $190 million financing facility to support a multi-state portfolio of distributed generation solar projects. Silicon Valley Bank (SVB) will lead the debt facilities, and Foss & Co. will make the tax equity investment.

Summit Ridge Energy said it secured a $55 million tax equity commitment from investment manager Foss & Company. The partnership will fund a roughly 73 MW portfolio of residential and commercial community solar projects across Illinois, Maryland, and Maine.

Foss & Company helps fund project in the city of Thomasville, North Carolina, as the tax credit purchasers. The mill has been restored and renovated into one- and two-bedroom apartment homes with 27 different layouts, conforming to that of the mill itself.

In partnership with Foss & Company, Summit Ridge Energy announces the completion of the first project in their 200 MW Maine community solar portfolio, a 6.3 MWdc array in Hermon, ME that will serve 850 households and small businesses across the state.

This article showcases our top picks for the best San Francisco based Management Consulting companies. These startups and companies are taking a variety of approaches to innovating the Management Consulting industry, but are all exceptional companies well worth a follow.

Knowing about the large area and optimal conditions, investors in the field of renewable energy greatly appreciate California…in this article three investors in renewable energy projects based in California will be introduced.

The $217 million redevelopment of City Foundry STL is one of the largest historic redevelopments in the city’s history. The complex will feature a 700-person event space, a theater, grocery store, office space, retail space, restaurants and bars and a new multistory parking garage. In July of 2021, City Foundry STL won the Novogradac HTC Award for Non-Residential Development that Best Exemplifies Major Community Impact.

On this episode of the Impact Real Estate Podcast, we chat with George Barry, a pioneer of the tax credit market and President at Foss & Company. George takes us back to the 1980s and gives us a necessary lesson of how and why the Tax Reform Act came to be. As a veteran of the space, George also looks into the future and tells us the changes and trends he sees in the tax credit world. It’s the kind of episode we absolutely love here at the Impact Real Estate Podcast.

Taking a stroll through Judson Mill, the massive, 35-acre site off Easley Bridge Road that is now under redevelopment, is like touring through Greenville’s past and future at the same time. Foss & Company served as the federal HTC investor, state investor and bridge lender throughout this project.

When the Bipartisan Budget Act of 2018 was passed into law, it expanded the §45Q2 tax credit, an important federal incentive encouraging private investment in the development and use of carbon capture technologies and facilities. Tax credits for the capture and long-term, permanent storage of carbon oxides are intended to generate a competitive financial return and have a positive environmental impact.

Bank of America Corp. sparked a stir in January—and a little envy—with just a few lines of disclosure in its fourth-quarter earnings report. The lender revealed it had slashed its 2020 corporate tax rate to 5.8% from what would have been 21%, thanks to finance work involving environmental, social and governance projects. That didn’t go unnoticed by Bank of America’s competitors. Executives at one large regional bank saw it, and talked to Bryen Alperin, director of renewable energy for tax specialist Foss & Company.

US community solar projects specialist Summit Ridge Energy LLC said it has formed a partnership with investment manager Foss & Company Inc to fund residential and commercial solar projects totalling some 73 MW in direct current.

Summit Ridge Energy announced that it has secured a $55 million tax equity commitment from investment manager Foss & Company. The partnership will fund approximately 73 MWdc portfolio of residential and commercial community solar projects across Illinois, Maryland and Maine.

Construction is underway to convert a 12-story office building in downtown Richmond into 188 apartments. The $42 million project will entail completely renovating the interior of the building at 629 E. Main St. The project is getting federal historic tax credit equity from PNC Bank and state historic tax credit equity and a bridge loan from Foss & Company.

The Babcock Building, a Foss South Carolina Fund project, will be rebuilt following a recent fire. The historic building will be renovated into 208 one-, two- and three-bedroom apartments on the Columbia skyline.

A former textile mill in Greenville, S.C., is being transformed into an 800,000-square-foot multiuse campus in a multiphase development financed with new markets tax credit (NMTC) and historic tax credit (HTC) equity.

Optimist Hall, a transformative mixed-use development just outside Uptown in the Optimist Park neighborhood, will officially open on Thursday, August 1.

Rehabbed Grey Mill Apartments draw high praise at open house in Hendersonville.

Foss & Co acted as the investor for the project’s $20 million of Federal Historic Tax Credits, $24 million of MO State Historic Tax Credits, and provided a $29 million bridge loan.

City Foundry STL is the adaptive reuse of the former 15-acre Century Electric Foundry complex in St. Louis. The iconic and historically significant foundry building will be transformed into a dynamic hub of innovation complete with St. Louis’ first true food hall, a curated retail & entertainment experience, and creative offices infused with historic industrial architecture.

The opening of the Bailey Power Plant, a 111,479 square foot historic building redeveloped into innovation, office, entertainment, retail, and congregation space, located in downtown Winston-Salem, was announced today.

The 10 percent non-historic tax credit is history under the recently passed tax reform act, but perhaps more significant to those in the historic preservation world, the 20 percent historic tax credit (HTC) was retained and altered.

Revolution Mill has been reimagined for a new Greensboro. Come discover restaurants, office space, apartments, and events.

U.S. Rep. Bob Gibbs, R-Lakeville, spent two hours walking through the Historic Onesto Hotel and Event Center, the adjoining Bliss Lofts, and the former Hercules Engine Company site. Developer Steve Coon gave the congressman a tour of his downtown apartment.

The Foss Ohio 2018 Fund is acting as the state credit investor in Cleveland’s Halle Building Renovation. Foss Bridge Credit will also be providing bridge financing.

Kayne Fisher has coined a signature description for Natty Greene’s Kitchen + Market, which he hopes to open in the third week of July at Revolution Mill in Greensboro.

Neil Amin is making his mark on the downtown Richmond hotel scene this week. His Shamin Hotels, the region’s largest hotel operator, is opening two hotels in a 19-story former office tower at 700 E. Main St. that will soon include a rooftop bar/restaurant and fitness center.

The Foss N.C. Mill Credit Fund is acting as the mill credit investor and bridge lender on the redevelopment of the Chatham Mill. The project entails the conversion of a 250,000 square foot former mill into 166 units of workforce housing.

The Foss Ohio 2015 Fund is acting as the state credit investor in Akron’s East End Development Project. This project plans to rejuvenate the former Goodyear Headquarters and Goodyear Hall on East Market Street. The development will create a livable neighborhood complete with restaurants, shopping, a 1,500 seat theater and luxury apartments.

Energized by a rejuvenated oil and gas industry, along with a one-cent sales tax increase in 2003 and a downtown property assessment a few years later, investors have injected about $930 million into the central business district over nearly 10 years, according to the Tulsa Regional Chamber.

WINSTON-SALEM, N.C. – WINDOWS TO A NEW WORLD. It’s one of the fastest-growing research parks in the country and the focal point of Winston-Salem’s future. Come along to see why Wake Forest Innovation Quarter is abuzz with ideas, inventions, and hope.

The site of a bloody and controversial 1929 labor strike in Gaston County is set to start a second life, as developers revitalize an abandoned mill in west Gastonia.

In all the talk about urban redevelopment in the Piedmont Triad, nothing stands out quite like what’s happening in downtown Winston-Salem. It goes back about 15 years ago when the Wake Forest Baptist Medical Center began developing an area of east downtown which it called the “Piedmont Triad Research Park.”

Everyone involved with Wake Forest Biotech Place hopes that one day projects in Winston-Salem, N.C.’s Piedmont Triad Research Park (PTRP) will no longer qualify for new markets tax credit (NMTC) financing. The goal is that Wake Forest Baptist Medical Center’s new biotechnology research and innovation center will stimulate more investment in science and technology enterprises and supporting businesses, and that with enough investment, the area will no longer qualify as economically distressed.

A downtown economic-development project that has been planned for three years — and hoped for over the course of more than 16 years — is finally moving forward. Officials with the Piedmont Triad Research Park said they have reached an agreement with Wexford Science and Technology LLC of Baltimore on an $87 million project for the North District. A formal announcement, which will involve Gov. Bev Perdue, is set for 11 a.m. today.