IN THE NEWS
Sol Systems adds to project portfolio with Texas acquisition
Bright spot: The project’s added battery storage is exactly the kind of renewable energy Puerto Rico’s energy grid needs right now, officials say. Bryen Alperin, partner and managing director at Foss & Co., says the dispatchable energy storage ready to go at a moment’s notice will greatly help islandic territories like Puerto Rico and Guam withstand grid outage events.
“Infinigen understands the island’s energy challenges better than most, and these projects are a direct response to them,” he continues. “Between Puerto Rico, Guam and Hawaii, we’ve built deep expertise financing island energy infrastructure. This is the kind of deal that reflects what Foss & Company looks for: strong sponsors, real community impact, and continued momentum in a relationship we value.”
Vacant New York Factory to Become Housing
Foss & Co., an established tax credit syndicator, is making an $8 million federal historic tax credit and a $4.95 million New York state historic tax credit investment in the development.
"The Oval Wood Dish Factory is exactly the kind of project that demonstrates the transformative power of historic tax credits," said John Sorel, an acquisitions executive at Foss & Co. "By preserving a piece of Tupper Lake's industrial history while creating affordable housing and new commercial opportunities, this development will have a lasting impact on the Adirondack community for generations to come."
Read more Tupper Lake Oval Wood Dish Factory gets a second life
In a place where hundreds of Tupper Lakers found solid employment in the early decades of the last century and which sat idle and in decay for the last 65 years, there is new life and new promise for a deteriorating factory.
The long-stalled Oval Wood Dish Factory apartment complex project was celebrated here Monday, Aug. 24 with a ground-breaking ceremony attended by a hundred local residents and several dozen of the people making it happen.
Reps of major project lending agencies among Oval Wood Dish ceremony speakers
He then introduced John Sorel, acquisitions agent for Foss and Company, which takes part in renovations of old buildings all over the Northeast.
“Foss and Company is a national syndicator, fund manager, involved in monetizing federal and state historic tax credits. About seven years ago, I was asked to join the company with a focus on New York State, New England, Pennsylvania and New Jersey. And I have worn out a couple of cars on the New York State freeway in those seven years. We've been pleased to collaborate with HCR and NBT. I think this is our sixth or seventh deal with Charlie and Joe, and our first with Housing Visions," he said.
“We're seeing a lot of each other these days at closing tables, on Zoom calls and at events like these. I'm gonna make this quick. Foss has done about $400 million in the last seven years in New York State in terms of monetizing these credits. They're hard, hard, hard deals. You heard somebody earlier talk about how it took years from the beginning to where we are today, having this conversation.
“So congratulations, everybody. Thank you for helping to get this done. Thank you for allowing us to continue to play in your sandbox, and I'm looking forward to doing more of these. Thank you,” Sorel said
Foss & Company closes $150 million Section 48E tax equity deal for Illinois distributed energy portfolio
Tax equity fund sponsor Foss & Company has closed an investment in a distributed energy portfolio owned by a joint venture between Summit Ridge Energy and Apollo Global Management, marking one of the solar industry’s first announced deals executed under the new tech-neutral Section 48E framework and its Foreign Entity of Concern (FEOC) compliance rules.
Apollo Global Management (APO) Joins Early Section 48E Tax Equity Deal
Apollo Global Management (NYSE: APO) is involved in one of the industry's first Section 48E tax equity transactions to fund distributed clean energy projects in Illinois, alongside Summit Ridge Energy and Foss & Company.
Foss & Company Closes $150 Million Section 48E Tax Equity Investment with Summit Ridge Energy & Apollo
US solar developer Summit Ridge Energy and Apollo Global Management have secured about USD 150 million (EUR 128.7m) in tax equity from Foss & Company for a portfolio of distributed community solar projects in Illinois, Foss said on Wednesday.
Foss & Company Closes $150 Million Section 48E Tax Equity Investment with Summit Ridge Energy & Apollo
The financing supports community solar projects across Illinois and marks the industry's first transaction under the new Section 48E framework
DENVER, Aug. 19, 2026 /PRNewswire/ -- Foss & Company, a leading tax equity syndicator, today announced the closing of ~$150 million tax equity investment in Section 48E Clean Electricity Investment Tax Credits (ITCs), generated by a portfolio of distributed energy projects located throughout Illinois and owned through a joint venture between Summit Ridge Energy and Apollo Global Management.Foss & Company Closes $150 Million Section 48E Tax Equity Investment with Summit Ridge Energy & Apollo
DENVER, Aug. 19, 2026 /PRNewswire/ -- Foss & Company, a leading tax equity syndicator, today announced the closing of ~$150 million tax equity investment in Section 48E Clean Electricity Investment Tax Credits (ITCs), generated by a portfolio of distributed energy projects located throughout Illinois and owned through a joint venture between Summit Ridge Energy and Apollo Global Management.
Read more Monetizing Investment Tax Credits: The $30M Financing Play Behind Montgomery County’s Latest Microgrid
Foss & Company (Foss), a national tax equity investment firm, has made a roughly $30 million Section 48 tax equity investment in a solar, energy storage and EV charging microgrid in Montgomery County, Maryland.
Located at the David F. Bone Equipment Maintenance & Transit Operation Center (EMTOC) in Derwood, the 6.8-MW microgrid manages a 4.8-MW solar array, a 2 MW / 6.9-MWh battery energy storage system and 2.6 MW of EV and electric bus charging capacity. It also includes two diesel backup generators.
Read more Veolia to operate 350MW microgrid for AI data centre in central Ohio
Energy-Storage.news Premium recently spoke with Bryen Alperin and Sophie Brkovic of tax equity investor Foss & Company about financing microgrids.
Alperin noted, “The big banks—the top four or five in the country—may still prefer to do utility-scale projects because they can get more scale with fewer projects. But for groups like Foss that are syndicators able to navigate the complexities of these distributed generation (DG) projects more efficiently, there is growing interest in microgrids.”
‘Growing interest’ in US microgrids attracts tax equity investor Foss & Company to US$30 million Maryland deal
Foss & Company, a tax equity investor that has deployed over US$11 billion since 1983, recently closed financing for a microgrid project combining solar and energy storage—one of the first such deals to secure institutional tax equity backing.
Energy-Storage.news Premium speaks with Bryen Alperin and Sophie Brkovic of tax equity investor Foss & Company about the company’s entrance into microgrids.
Read more Analysts expect rising PPA prices as clean energy tax credits phase out
Bryen Alperin, managing director at Foss & Co, also said he anticipates solar and wind credits possibly being “extended sometime in the next few years.”
“There are plenty of safe harbored projects,” Alperin said in an email. “As we get to 2029 to 2030, we may have a shortage of solar and wind projects, but by then we expect to have ramped up volume in other technologies.”
Read more Historic Rehabilitation Award Winners Illustrate Range of Impacts, Challenges
Non-Residential Development that Best Exemplifies Major Community Impact: Northern Ohio Blanket Mill
The largest vacant building in a densely populated neighborhood of Cleveland is now home to four community-based tenants on the lower floors to serve residents in affordable apartments in the upper floors, thanks to more than $4 million in
HTC equity.
The Northern Ohio Blanket Mill Building was built between 1889 and 1895 as the company’s main manufacturing center, primarily producing horse blankets and other heavy blanket types. After decades of vacancy, the Levin Group, Inc., and Metro West Community Development Organization combined on a $16 million development of the lower floors below a previously completed 60-unit affordable housing development on the second and third floors of the property.
The tenants of the updated lower floor area include Neighborhood Family Practice, a federally qualified health care provider; the Spanish American Committee’s Little Footsteps Child Enrichment Center; the City of Cleveland Health Department’s McCafferty Center health clinic; and offices for Metro West Community Development Organization. Without the federal and state HTCs, the sponsors would be unable to deliver space at rent levels that enable the sustainable operation of the community service providers.
The development received $2.2 million in federal HTC equity from U.S. Bancorp Impact Finance and $1.9 million in state HTC equity from Foss & Company. The capital stack also included state and federal NMTC equity.
Read more Avangrid’s Tower Solar achieves interconnection in Oregon | Projects Weekly
Tax equity syndicator Foss & Company has announced the financial closure of Project London II, the internal name for its investments supporting Altus Power’s distributed solar and storage portfolio across New York, Maryland, and California.
Read more Altus Power bags tax equity investment for US solar, storage portfolio
US clean power firm Altus Power has secured a tax equity investment from investor Foss & Company for a distributed solar-plus-storage portfolio spanning California, Maryland and New York, the companies said on Tuesday.
Altus Power bags tax equity investment for US solar, storage portfolio
US clean power firm Altus Power has secured a tax equity investment from investor Foss & Company for a distributed solar-plus-storage portfolio spanning California, Maryland and New York, the companies said on Tuesday.
Altus Power bags tax equity investment for US solar, storage portfolio
US clean power firm Altus Power has secured a tax equity investment from investor Foss & Company for a distributed solar-plus-storage portfolio spanning California, Maryland and New York, the companies said on Tuesday.
Read more Altus Power bags tax equity investment for US solar, storage portfolio
US clean power firm Altus Power has secured a tax equity investment from investor Foss & Company for a distributed solar-plus-storage portfolio spanning California, Maryland and New York, the companies said on Tuesday.
Read more Elective pay explained as key IRS deadline approaches | Q&A with tax credit specialist Bryen Alperin
Friday, May 15, marks a meaningful deadline for energy projects using the U.S. Internal Revenue Service’s (IRS’s) elective pay provision. It’s the last day to file Form 990-T for calendar-year tax-exempt entities, which is the return on which they would claim elective pay for projects placed in service in 2025.
Elective pay, or direct pay, is used by entities like municipalities and schools to monetize clean energy tax credits with cash from the IRA rather than using the credits to offset tax liability. Many are navigating tax credit structures for the first time, creating both opportunity and friction as timelines tighten.
Bryen Alperin, managing director at the tax credit specialist firm Foss & Company, connected with Factor This to offer ground-level view of how deals are being structured under time pressure, where projects are hitting roadblocks, and what this surge suggests about longer-term adoption of direct pay.
Read more From decarbonization to affordable housing: New development planned for Fredonia
"This project is a great example of how historic rehabilitation can align with sustainable development," said John Sorel, an acquisitions executive at Foss. "We're proud to continue our partnership with the Good Carbon Co. and to support their commitment to preserving Buffalo's architectural heritage while advancing clean energy solutions."
Former horse blanket factory transformed into affordable housing in Clark-Fulton neighborhood
The $41 million project was made possible through a layered financing package that combined Low-Income Housing Tax Credits, state and federal historic tax credits and New Markets Tax Credits, along with support from a range of public and private partners. Those partners include the city of Cleveland, Cuyahoga County, Cleveland Development Advisors, Village Capital Corporation, the Cleveland Foundation, U.S. Bank, Citizens Bank, Foss & Company and PNC Bank.
Global Energy Crisis and USA Economic Impact
Economic shocks in the short run, such as supply chain disruptions and compliance issues, interrupt energy domestic supply and demand. With rising loads as a continued interest, financeable and scalable ways to add domestic energy generation are critical. Offering perspective on the subject, Bryen Alperin, Managing Director at Foss & Company, quoted, “EIA said in January that U.S. electricity demand is now expected to post its strongest four-year growth since 2000, driven largely by data centers, and that utility-scale solar will be the fastest-growing source of U.S. generation through 2027. Battery storage is also scaling rapidly, with Reuters reporting U.S. installations reached 58 GWh in 2025, and another 60 GWh are expected in 2026.”
Read more Empty Department Stores Are Housing Cleveland’s Booming Population
In downtown Cleveland, renters are moving back to the future as architectural icons from the city’s early-1900s golden age are reborn as modern apartments. While office-to-residential conversions gained national attention post-pandemic, Cleveland has spent about 50 years refining the practice. The city is considered a national leader in the space, according to real-estate services firm Newmark. Driven by state and federal tax incentives, approximately 30 historic buildings have been reimagined as apartments, hotels and more since 2013 alone.
Read more 10 Best Hotels in San Antonio for Your Next Trip to Texas
The Gunter Hotel is a downtown San Antonio landmark where history, music, and modern luxury collide. From record-themed rooms and a hidden speakeasy to standout dining and unbeatable Majestic Theatre access, it’s a stylish, culture-rich stay for couples, musicians, and business travelers. Built in 1909 and once a favorite haunt of music legends, this historic hotel is anything but outdated thanks to a $57 million renovation. Guests will be especially impressed by the property’s food and beverage offerings. From a stellar meal at Jots (the lobby-level restaurant), to pastries and coffee at Paris Baguette (also in the lobby), followed by a well-earned after-dinner cocktail at Bar 414 (the hotel’s cleverly hidden speakeasy), the Gunter makes it easy to savor both comfort and culture without ever venturing far—or even leaving the property.
The Gunter Hotel San Antonio Riverwalk
Built in 1909 and listed on the National Register of Historic Places, the Gunter Hotel has always been more than just a place to stay—it’s a downtown San Antonio landmark steeped in stories. For example, in Room 414, the “King of the Delta Blues” Robert Johnson recorded his first tracks, inspiring the name of the hotel’s hidden speakeasy, Bar 414. Today, that legacy echoes in the drinking venue and in the historic suite, where subtle homages let guests step into a piece of music history.
Read more Treasury, IRS release interim guidance on ‘prohibited foreign entity’ restrictions for solar tax credits
Bryen Alperin, partner and managing director at investment management firm Foss & Company, said he was surprised by the stipulation that items not listed in the safe harbor tables can be disregarded, calling the provision “a huge practical simplifier” for developers.
Read more Inside the New Foreign-Entity Limits on US Clean-Energy Incentives
The One Big Beautiful Bill Act (OBBBA), which passed last summer, introduced tighter restrictions designed to limit the involvement of “foreign entities of concern” (FEOCs) in US clean energy and advanced manufacturing projects. While the industry awaits final guidance, the statutory framework is already being interpreted and acted upon. These restrictions apply to the major technology-neutral tax credits, including the Section 45Y Production Tax Credit and Section 48E Investment Tax Credit (ITC) as well as the Section 45X Advanced Manufacturing Credit. The goal is to reduce reliance on entities linked to "covered nations" — China, Russia, Iran and North Korea. Although the FEOC rules introduce a higher threshold for diligence, they remain workable only with careful analysis and disciplined structuring. This article outlines the technical baseline specialists apply when underwriting projects in the OBBBA environment.
Read more 2026 Outlook for Solar, Wind & Carbon Incentives Post-OBBB: BI Replay
The One Big Beautiful Bill Act has come and gone and clean energy tax credits have survived…for now. Join Bryen Alperin and Kevin Haley of Foss & Company and Bloomberg Intelligence's Rob Barnett (Global Solar, Wind and Carbon research) and Andrew Silverman (US Tax Policy) in discussing where the One Big Beautiful Bill Act has left clean energy credits in 2026 and where the industry goes from here.
State-Level Renewable Energy Tax Credit Programs Provide Valuable Subsidy to Renewable Energy Development
Because of the benefits they provide, Bryen Alperin, a partner and managing director of Foss & Company, questioned why they are not more widely used.
“For whatever reason, state-level renewable energy tax credits have not been part of the playbook,” said Alperin. “Some states have given out grants. But to me, grant programs are the simplest way [to administer funds], but they don’t provide the same impact as public/private partnerships through tax credit programs. The federal and state governments are not always efficient at allocating money to the best projects. With tax credits, you get public/private partnerships where the private sector does the due diligence and helps allocate capital to the most deserving projects.”
Read more History meets contemporary in Riedman’s The Neisner at East End
They needed to put together a financing package. San Francisco-based Foss & Company helped secure historic tax credits. Community Bank and regional president Chris Humphrey provided lending.
“This is exactly what we need, partnerships and developers willing to invest in Rochester,” Evans said.
Read more Innergex Secures $54.4M ITC Financing from Foss & Company for Hawaii Solar-Plus-Storage Project
Innergex Renewable Energy has closed a $54.4 million investment tax credit (ITC) financing with Foss & Company to support the commissioning and operation of the Hale Kuawehi solar-plus-storage project in Hawaii. The transaction underscores Foss & Company’s role as a leading provider of tax equity solutions for renewable infrastructure, marking its third clean energy financing in Hawaii.
Read more The Future of US Carbon Capture Under the Big Beautiful Bill
When the US Inflation Reduction Act (IRA) became law on Aug. 16, 2022, it gave carbon capture a powerful boost. The act raised the federal tax credit for projects that capture and store carbon dioxide from $50 to $85 per ton, and to $60 for CO2 used in enhanced oil recovery or industrial processes. That shift under Section 45Q of the tax code suddenly made carbon capture and storage (CCS) a much stronger business proposition.
Read more Clean energy developers hope for clarity in upcoming FEOC guidance
Bryen Alperin, a partner and managing director at Foss & Company, also called some of the new FEOC restrictions “onenous” and said being able to meet these new requirements “is going to be one of the greatest challenges for the industry ... it might add a lot of costs in terms of legal compliance, et cetera.”
Alperin said that investors are already starting to opt for 45Y production tax credits over 48E investment tax credits, as the latter are subject under the FEOC rules to potential recapture.
Read more Higher prices, fewer deals: What’s in store for clean energy buyers
Interest in emerging clean energy options such as small nuclear and geothermal is growing as the pricing dynamics change and because the OBBBA still favors them with incentives, said Bryen Alperin, managing director at tax incentive specialist Foss & Co. In addition, buyers are more likely to consider installing energy storage alongside solar projects, because they are treated more favorably.
“We may eventually have to assign some value to these technologies,” he said. “Maybe we see more focusing not just on reductions, but on resilience and the stability of the grid.”
Read more Foss & Company Closes 23-Unit Affordable Housing Development Goodson Hills in Bristol Virginia
Foss & Company, a leading tax equity syndicator announced the successful closing of Goodson Hills, a newly constructed, townhouse-style apartment community in Bristol, VA. This 23-unit development will serve low-income families and marks Foss & Company’s first investment under the Virginia Housing Opportunity Tax Credit (HOTC) program.
Read more Clean Energy Tax Credit Market Participants Remain Bullish
“There is a race to get as many wind and solar projects done and generate as many tax credits as fast as you can,” said Bryen Alperin, a managing director at investment firm Foss & Co.
Big Beautiful Bill doesn’t mean the immediate end of energy credits
The host of clean energy tax credits ushered in by the Inflation Reduction Act have not disappeared entirely, as some had feared. In the wake of the One Big Beautiful Bill Act, there are still some possible investments to be found, experts say.
Read more Renewable Energy Tax Credits News Briefs – July 2025
Foss & Company and clean technology and service provider Palmetto agreed in April to a $250 million energy tax credit transaction. The transaction calls for rooftop solar systems to pair with battery energy storage. It marks Foss & Company’s largest residential solar investment to date.
Read more What do the changes in the One Big Beautiful Bill Act mean for residential solar companies?
“If the homeowner pays for the installation in 2025, they could lock in the credit, even if the system is placed in service later,” said Bryen Alperin, Partner & Managing Director at Foss & Company.
Read more Former Hotel, Tobacco Plant, Office Building, Department Store Earn Novogradac Annual Awards for Historic Preservation
Properties that were once a hotel, a tobacco manufacturing plant, an office building and a department store/dance hall have all transformed into new facilities and are winners of the 2025 Novogradac Journal of Tax Credits Historic Rehabilitation Awards.
Read more Ascend Analytics AI drives Tokyo Gas’ 174MW Texas BESS
In February 2024, tax equity specialist investor Foss & Company announced a US$118.5 million investment tax credit (ITC) transferability deal for the Longbow BESS.
Read more Federal HTC Debt and Equity Market is Strong, Stable
“Pricing for HTCs has been pretty stable. It hasn’t shot up, but it hasn’t gone down either,” said Eric Brubaker, partner, managing director at Foss & Company, a federal and state HTC syndicator active across the country. “It’s been stable for quite some time.”
Read more Arevon secures US$98 million in tax equity financing for 265MW Indiana portfolio
Arevon noted that this tax credit transfer deal was enabled by the Inflation Reduction Act (IRA), which has helped created an industry that could be worth billions of dollars annually, according to Bryen Alperin, managing director at Foss & Company.
Read more Who’s afraid of the Big Beautiful Bill? I am.
“We were kind of prepared to see potentially a full repeal of the IRA come out of the House Ways and Means Committee,” confessed Bryen Alperin, managing director at firm Foss & Company, which helps businesses utilize the tax credits enabled by the IRA.
Read more Foss & Company Announces Historic Rehabilitation of State National Bank Building
Foss & Company, a leading tax equity syndicator, is excited to announce its involvement in providing essential tax equity financing for the historic preservation of the 5-story State National Bank building.
Read more Foss & Company Announces Historic Rehabilitation of State National Bank Building
Foss & Company, a leading tax equity syndicator, is excited to announce its involvement in providing essential tax equity financing for the historic preservation of the 5-story State National Bank building.
Read more Foss & Company Announces Historic Rehabilitation of State National Bank Building
Foss & Company, a leading tax equity syndicator, is excited to announce its involvement in providing essential tax equity financing for the historic preservation of the 5-story State National Bank building.
Read more POLICY: ‘One Big Beautiful Bill’; industry experts and stakeholders weigh in as bill moves forward
US House clears ‘One Big Beautiful Bill’ which makes massive cuts to funding and programs for renewable energy projects. Developers will need to start construction on pipeline of projects within 60 days of enactment. Tax transferability survives, but with the credits expiring in 2028, trading market will last three years.
Read more What’s the biggest mistake clean energy developers make when chasing tax equity?
Tax equity plays a significant role in clean energy finance, but are developers using it effectively, or are they stumbling over complexities and recent changes?
Sylvia Leyva Martinez is joined by Bryen Alperin, Partner and Managing Director at Foss and Company, a leading firm in renewable energy investment, to debate it.
Read more Solar and energy storage experts debate the current market
Wood Mackenzie’s 18th Solar and Energy Storage summit is back, in Denver this week. If you can’t make it, don’t worry – we have all the debate and key insight you need to know here on the podcast.
Recorded live on day 1 of the summit, host Sylvia Leyva Martinez talks to four industry leaders in solar and storage
Read more Scale Microgrids Shifting Gears into 9.6-MW CHP Gas-to-H2 Fuel Cell Project for Bridgeport, Conn.
Scale Microgrids is diving into a new technology front by acquiring a future combined heat and power (CHP) fuel cell power project planned for Connecticut’s biggest city.
The microgrid developer is buying a 9.6-MW CHP and fuel cell project which will provide heat and power in Bridgeport’s South End region.
Read more Scale Microgrids Secures Financing To Deliver Reliable Electricity And Clean Heat From HyAxiom Fuel Cells
RIDGEWOOD, N.J.-- Scale Microgrids, a vertically-integrated distributed energy company, has acquired a 9.6-megawatt combined heat and power (CHP) fuel cell project in Bridgeport, Connecticut. The project, which is paired with a thermal loop, was acquired pre-construction from NuPower, an Easton, CT-based developer and investor in sustainable energy projects. Investec and MUFG will provide debt financing and Foss & Co will provide tax equity for the project, which Scale will finance as well as build, own, and operate over its lifetime.
Scale Microgrids Secures Financing To Deliver Reliable Electricity And Clean Heat From HyAxiom Fuel Cells
Scale Microgrids, a vertically-integrated distributed energy company, has acquired a 9.6-megawatt combined heat and power (CHP) fuel cell project in Bridgeport, Connecticut. The project, which is paired with a thermal loop, was acquired pre-construction from NuPower, an Easton, CT-based developer and investor in sustainable energy projects. Investec and MUFG will provide debt financing and Foss & Co will provide tax equity for the project, which Scale will finance as well as build, own, and operate over its lifetime.
Read more Scale Microgrids Secures Financing To Deliver Reliable Electricity And Clean Heat From HyAxiom Fuel Cells
Scale Microgrids Secures Financing To Deliver Reliable Electricity And Clean Heat From HyAxiom Fuel Cells
RIDGEWOOD, N.J.–(BUSINESS WIRE)–Scale Microgrids, a vertically-integrated distributed energy company, has acquired a 9.6-megawatt combined heat and power (CHP) fuel cell project in Bridgeport, Connecticut. The project, which is paired with a thermal loop, was acquired pre-construction from NuPower, an Easton, CT-based developer and investor in sustainable energy projects. Investec and MUFG will provide debt financing and Foss & Co will provide tax equity for the project, which Scale will finance as well as build, own, and operate over its lifetime.
Read more Scale Microgrids Secures Financing To Deliver Reliable Electricity And Clean Heat From HyAxiom Fuel Cells
Scale Microgrids, a vertically-integrated distributed energy company, has acquired a 9.6-megawatt combined heat and power (CHP) fuel cell project in Bridgeport, Connecticut. The project, which is paired with a thermal loop, was acquired pre-construction from NuPower, an Easton, CT-based developer and investor in sustainable energy projects. Investec and MUFG will provide debt financing and Foss & Co will provide tax equity for the project, which Scale will finance as well as build, own, and operate over its lifetime.
EQT-backed Scale Microgrids acquires Connecticut fuel cell Project
Scale Micorgrids, which is backed by EQT, has acquired a 9.6-megawatt combined heat and power fuel cell project in Bridgeport, Ct.
Read more Scale Microgrids Secures Financing To Deliver Reliable Electricity And Clean Heat From HyAxiom Fuel Cells
RIDGEWOOD, N.J.--(BUSINESS WIRE)--Scale Microgrids, a vertically-integrated distributed energy company, has acquired a 9.6-megawatt combined heat and power (CHP) fuel cell project in Bridgeport, Connecticut. The project, which is paired with a thermal loop, was acquired pre-construction from NuPower, an Easton, CT-based developer and investor in sustainable energy projects. Investec and MUFG will provide debt financing and Foss & Co will provide tax equity for the project, which Scale will finance as well as build, own, and operate over its lifetime.
Read more Former Ecolab tower in St. Paul undergoes $68M conversion
The Stella will bring 178 units and 2,800 square feet of retail to the Minnesota city that passed rent control in 2021.
Nautilus Solar Expands Maine Community Solar To 160 MW With 15 New Projects Now Operational
Nautilus Solar Energy®, one of the largest community solar providers in the U.S., announced a major milestone in Maine with 15 new community solar projects becoming operational in 2024. These projects added 78 MW of capacity, bringing Nautilus Solar’s total operational capacity in the state to 160 MW. With these additions, the company now runs 28 community solar projects across Maine, supplying clean energy to over 13,700 subscribers, including more than 285 businesses and industrial customers. By helping residents and businesses save on energy costs, Nautilus Solar is supporting a more sustainable future for local communities.
Read more Stella, Landmark Tower and Hamm Building conversions could bring 1,200 residents downtown
Developer Carl Kaeding is usually skeptical when marketers advertise new residential construction as “luxury,” but he might just make an exception for the eight penthouses he’s installing on the top floor of Stella, the former Ecolab tower, near Sixth and Wabasha streets in downtown St. Paul.
Stella, Landmark Tower and Hamm Building conversions could bring 1,200 residents downtown
Developer Carl Kaeding is usually skeptical when marketers advertise new residential construction as “luxury,” but he might just make an exception for the eight penthouses he’s installing on the top floor of Stella, the former Ecolab tower, near Sixth and Wabasha streets in downtown St. Paul.
Read more The “Stella” coming soon?
There is a lot of vacant office space in downtown St. Paul and at the same time, there is more housing than ever before. When I was growing up in St. Paul a million years ago, downtown St. Paul was where we went shopping. There were department stores. Dayton’s, Donaldson’s, Feilds, Grants, and more.
Read more Ecolab conversion in St. Paul gets funding boost
The capital stack continues to grow for “The Stella,” an ambitious project that will convert the 16-story former Ecolab headquarters in downtown St. Paul into an apartment tower.
Read more The project’s developers — Kaeding Development, Ron Clark, and Inland Real Estate — announced this week that they have landed a $15.8 million C-PACE loan from Minneapolis-based PACE Loan Group for the conversion, which began in July.
Downtown St. Paul office-to-apartment conversion project lands financing, tax credits
The conversion of the former Ecolab University Center tower in downtown St. Paul into 178 apartments began last summer.
Opinion: What To Know About US Carbon Capture In 2025
Recent estimates show that after two years of rapid growth, carbon capture, utilization, and storage (CCUS) is now slowing down, which could damage long-term sustainability goals. The Inflation Reduction Act (IRA) initially caused CCUS growth to explode, but numerous factors have since impeded the full potential of CCUS efforts.
Before 2022, CCUS was far less financially attractive than it is today. Tax credits for carbon capture were previously capped at $50 per ton of carbon dioxide stored.
The IRA increased the amount by 70 percent to $85 per ton for sequestration, i.e., the permanent storage of CO2. The amount for utilization, meaning reusing captured carbon instead of storing it, rose from $35 to $60 per ton. This increase has made many projects more economically feasible.
Read more Carbon Capture: Optimizing The Value Of 45Q To Improve Deal Structures And Project Economics
During Infocast's CCS/Decarbonization Project Development, Finance & Investment Summit held July 23-25, 2024 in Houston, Linklaters tax partner Michael Rodgers moderated a panel on Optimizing the Value of 45Q to Improve Deal Structures and Project Economics in carbon capture and storage projects.
Ormat and esVolta secure tax equity deals for California BESS projects
A double-header of tax equity news from the California BESS market, with Ormat Technologies and esVolta both completing deals for grid-scale projects in the state.
Independent power producer (IPP) esVolta has completed a US$110 million tax equity transaction with clean energy tax equity specialist investor Greenprint Capital Management to finance the construction of its 75MW/300MWh Hummingbird battery energy storage system (BESS) project in San Jose, California.
Read more Investor Insights Panel at HTC Conference Talks Pricing, Outlook for Credit
Pricing for the federal historic rehabilitation tax credit (HTC) generally ranges from high 70 cents to upper 80 cents per dollar of credit, according to panelists who spoke Oct. 10 at the Novogradac 2024 Historic Tax Credit Conference in Kansas City, Missouri.
John Sorel, acquisition agent for Foss & Co., and Amanda Bloomberg, senior acquisitions manager for the National Trust Community Investment Corporation (NTCIC), two of the five members of the conference’s “Investor Insights” panel, put HTC pricing in that range, pending many factors.
Pricing was one of several topics covered, along with factors that influence pricing, the impact of elimination of basis reduction, possible office space conversion and more.
First Citizens Bank enters renewables tax equity space
US bank First Citizens Bank has entered the renewable energy tax equity investment space, focusing on solar, wind and battery energy storage system (BESS) projects.
Yesterday, the bank launched a new tax equity investment “product” through its Energy Finance business. The bank said it is designed to “address a market shortage of expertise needed to structure and deliver tax equity investments.”
Read more Foss & Company and Plus Power close $100 million investment tax credit deal for Texas BESS
Premier institutional investment fund sponsor Foss & Company has announced the successful closing of an investment exceeding $100 million for a battery energy storage system (BESS) named Anemoi Energy Storage, the company’s third investment in a utility-scale BESS project.
Read more
The partnership between Foss & Company and Plus Power, a leading developer, owner, and operator of standalone battery storage, underscores a commitment to innovation and sustainability in the renewable energy space.
Entire Fortune 500’ looking at clean energy tax credits
The Anemoi project is a 200 MW/400 MWh battery energy storage system. Image: Anemoi Energy Storage.
The whole of the Fortune 500 is looking into clean energy tax credit transferability deals, according to tax credit investment banking firm Foss & Company. Advanced manufacturing tax credit incentives in the US clean energy space could also grow to be worth billions of dollars a year.‘Whole Fortune 500’ looking at tax credits now, but new entrants means risks like fraud – Foss & Company
Transferability and the Inflation Reduction Act (IRA) have opened up tax equity financing to the wider corporate world, but significant risks remain with so many new entrants, tax credits specialist Foss & Company told Energy-Storage.news.
The firm this week announced a US$100 million tax credit deal for developer-operator Plus Power’s 200MW/400MWh Anemoi battery energy storage system (BESS) in Texas, US. Foss & Company managing director Bryen Alperin discussed the firm’s ‘hybrid’ tax equity deal structure, and his views on the wider clean energy tax equity space.
Read more US finalises 45X advanced manufacturing tax credit for batteries, solar
The US Treasury and Internal Revenue Service (IRS) have finalised the rules and process for the 45X advanced manufacturing tax credit, which effectively provides a subsidy to domestic clean energy technology manufacturing, including batteries.
The final rules are largely in line with the additional guidance that the two Federal departments issued in December 2023, clarifying definitions and credit amounts for the eligible components within battery, solar, wind and inverter manufacturing.
Read more Foss & Company and Plus Power Close $100 Million Investment Tax Credit Deal for Battery Energy Storage System
EDINBURG, Texas, Oct. 22, 2024 /PRNewswire/ -- Foss & Company, a premier institutional investment fund sponsor, announced the successful closing of an investment exceeding $100 million for a battery energy storage system (BESS) named Anemoi Energy Storage. This landmark deal represents a significant milestone for Foss & Company, marking its third investment in a utility scale BESS project. The partnership between Foss & Company and Plus Power, a leading developer, owner, and operator of standalone battery storage, underscores a commitment to innovation and sustainability in the renewable energy space.
Read more Foss & Company closes t-flip tax equity investment in Anemoi BESS in Hidalgo County, TX
Foss & Company has closed a tax equity investment exceeding USD 100m for a battery energy storage system (BESS) named Anemoi Energy Storage, according to a press release.
This investment marks Foss & Company’s third investment in a utility scale BESS project.
“A fund managed by Foss & Company, in which Foss holds a minority interest, is the tax equity investor in the transferability-flip partnership with Plus Power, in the Anemoi BESS facility,” said Bryen Alperin, partner and managing director at Foss & Company in an interview with NPM.
Read more Effect of Looming Technology-Neutral ITC, PTC Varies, Depending on Perspective
When the clean energy investment tax credit (ITC) and production tax credit (PTC) switch to technology-neutral status in January 2025, it will either be a game-changer or more of the same, depending on your perspective.
For traditional wind (PTC) and solar (ITC) developers, there won’t be much change. But for other technologies?
Read more Effect of Looming Technology-Neutral ITC, PTC Varies, Depending on Perspective
When the clean energy investment tax credit (ITC) and production tax credit (PTC) switch to technology-neutral status in January 2025, it will either be a game-changer or more of the same, depending on your perspective.
For traditional wind (PTC) and solar (ITC) developers, there won’t be much change. But for other technologies?
Read more Navigating Renewable Energy Tax Credits Through Election 2024
As the 2024 U.S. presidential election looms, the stakes for the clean energy sector have never been higher, says Bryen Alperin of Foss & Company.
Whether our next presidential administration is Democratic or Republican, and how down-ballot candidates fare in the general election this November, will significantly determine the trajectory of renewable energy tax credits.
Renewable energy tax credits have been a vital tool for fostering sustainable solutions across the nation, spurring substantial investment in emergent technologies such as wind, solar, and bioenergy, driving down costs, and promoting energy independence. However, the continuation and potential expansion of these incentives under differing political regimes could dramatically alter the landscape. With the Inflation Reduction Act of 2022 (IRA) as a current backbone for such policies, its future is a hot-button issue tied closely to election outcomes.
Investors, developers, and policymakers are thus on high alert, parsing through campaign promises and legislative signals to forecast changes. The political rhetoric surrounding the Limit, Save, Grow Act, which passed the House but went no further, and the Build Back Better Act (BBB), some of which made it into the enacted IRA, provide insights into what might lie ahead. The former, associated with the House GOP’s 2023 agenda under Kevin McCarthy, hints at rollbacks, particularly targeting elements less aligned with Republican energy strategies. Conversely, Democratic expansions envisioned in the BBB proposals reflect a robust push for enhanced green initiatives, contingent on the party maintaining or growing its control in the Senate and regaining a majority in the House.
This article will explore how the 2024 election cycle could reshape the renewable energy landscape in the United States, emphasizing the need for stakeholders to stay informed and agile amidst political fluctuations. We will critically examine the interplay between policy, investment, and technology in the renewable sector to provide a comprehensive outlook on the future of these incentives.
Read more Renew Energy Partners Leverages Newly Approved Rules Under the Inflation Reduction Act with Sale of Energy Tax Credits
BOSTON, July 16, 2024 /PRNewswire/ -- Renew Energy Partners ("RENEW") announced today the sale of earned energy tax credits to a private buyer represented by Foss & Company. Utilizing the recently approved transfer provisions of the Inflation Reduction Act, RENEW continues to establish new financial models for clients in the building decarbonization space, with this sale building on the initial $10M+ investment in a decarbonization and resilience project at a 1,600-unit Manhattan housing co-op. The tax credits were generated by a 1.75 MW Combined Heat & Power (CHP) system project funded, designed, procured, built, and owned by RENEW.
Read more Birch Creek Energy Completes Financing and Launches Operation of Earp Solar Project in Illinois
Birch Creek Energy, LLC, a renewable energy company based in St. Louis, has announced the completion of financing and the commencement of full operations for Earp Solar, a 47MW utility-scale solar project located in Warren County, Illinois. Earp Solar is the first project to become fully financed and operational under Birch Creek’s independent power producer entity (IPP) and is the first of several projects slated to come online this year.
Read more Birch Creek Energy Completes Earp Solar Financing
Birch Creek Energy has completed financing and full operation of Earp Solar, a 47 MW utility-scale solar project located in Warren County, Ill.
The project, which connects to Ameren Illinois, is the first to become fully financed and operational in Birch Creek’s independent power producer (IPP) entity.
Read more Birch Creek Energy Completes Financing for 49MW Earp Solar
Birch Creek Energy, a renewable energy company based in St. Louis, has completed financing and operational launch of the 49MW Earp Solar project in Illinois. This marks the first fully financed and operational project in their independent power producer (IPP) division. Earp Solar, located on 229 acres in Warren County, connects to Ameren Illinois and generates enough electricity to power over 7,300 homes. Financing was supported by Foss & Company (tax equity), West Town Bank & Trust (permanent debt), and Pathward® (construction capital). This project is part of Birch Creek's broader strategy, announced in mid-2023, to develop six projects totaling 342MW in the MISO region.
Birch Creek Energy Completes Financing for 49MW Earp Solar
ST. LOUIS , June 24, 2024 /PRNewswire-PRWeb/ -- Birch Creek Energy, LLC ("Birch Creek"), a St. Louis based renewable energy company, announced the completion of financing and full operation of Earp Solar, a 47MW utility scale solar project based in Illinois. Earp Solar represents the first project to become fully financed and operational in Birch Creek's independent power producer entity (the "IPP") and is the first of several which are slated to come on line this year.
Read more Birch Creek finances, powers up 47-MW solar farm in Illinois
US solar developer Birch Creek Energy said on Monday that it has wrapped up financing for its newly-operational 47-MWac/49-MWdc Earp Solar project in the state of Illinois.Earp Solar is the first project in Birch Creek’s independent power producer (IPP) entity to achieve the twin milestones -- to be fully financed and operational, the firm said.
Birch Creek Energy Completes Financing for 49MW Earp Solar
ST. LOUIS, June 24, 2024 /PRNewswire-PRWeb/ -- Birch Creek Energy, LLC ("Birch Creek"), a St. Louis based renewable energy company, announced the completion of financing and full operation of Earp Solar, a 47MW utility scale solar project based in Illinois. Earp Solar represents the first project to become fully financed and operational in Birch Creek's independent power producer entity (the "IPP") and is the first of several which are slated to come on line this year.
Read more Clean Energy Credit Sellers Look Beyond Wall Street for Buyers
Green energy developers are looking to increase the market for energy tax credits by appealing to corporations in addition to their traditional investment bank customers.
The 2022 tax-and-climate law known as the Inflation Reduction Act allowed green energy developers to effectively sell credits for the first time. The move, plus the establishment of generous new and beefed-up tax credits, set off a wave of renewable energy development.
Read more Investing in Renewable Energy Tax Credits Without Recaptures
While the risk of recapture of tax credits in the renewable energy market is a major concern to many investors, it is highly manageable.
Trico Building apartment project is nearing completion
BUFFALO, N.Y. — The redevelopment of Buffalo's historic Trico building is getting closer to the finish line.
The old windshield wiper factory will open to tenants later this summer, and on Wednesday, 2 On Your Side was the first station to see what's happening behind those massive windows.
Anyone involved in the Trico Building apartment project will tell you that renovating a historic building is not easy.
Private Equity Warms Up to Clean-Energy Tax Credits
Manufacturing Facility Redevelopment Underway At 58 Parker Avenue And 164 Garden Street In Poughkeepsie
Institutional investment fund sponsor Foss & Company and environmental nonprofit Scenic Hudson have closed on a former manufacturing facility at 58 Parker Avenue and 164 Garden Street in Poughkeepsie. This historic tax credit project will see an extensive renovation and reinvention for five interconnected Standard Gage manufacturing buildings, which have been vacant since the company’s departure from the area in 2002.
Standard Gage was a precision manufacturing company based in Poughkeepsie that specialized in the manufacture of dials and gages in the 20th century. The majority of the company’s manufacturing operations eventually moved to Switzerland, and the spaces that they vacated in Poughkeepsie are unused today.
Scenic Hudson is well known for its expertise in land conservation, environmental advocacy, and restoring river access, and will be taking the lead on the conversion of the historic spaces into a modern community hub. Notably, the renovated buildings will be entirely solar-powered, with plans to install solar panels on building rooftops and parking lot canopies. A low-energy heating and cooling system will also be employed across the development, making the project one of the most energy-efficient HTC investments in Foss & Company’s portfolio.
Read more Foss & Company Partners with Scenic Hudson to Transform Abandoned Manufacturing Facilities into Environmentally SustaiFoss & Company Partners with Scenic Hudson to Transform Abandoned Manufacturing Facilities into Environmentally Sustainable Office Space and Community Hubnable Office Space and Community Hub
POUGHKEEPSIE, N.Y., April 17, 2024 /PRNewswire/ -- Foss & Company, a leading institutional investment fund sponsor, and Scenic Hudson, Inc, a prominent environmental nonprofit in the Hudson Valley, proudly announce the successful closing of the Standard Gage Manufacturing Project. This collaborative historic tax credit (HTC) investment marks a significant step towards the revitalization of Poughkeepsie, NY, as the renowned Standard Gage manufacturing buildings undergo a remarkable renovation.
Read more Foss & Company Partners with Scenic Hudson to Transform Abandoned Manufacturing Facilities into Environmentally Sustainable Office Space and Community Hub
POUGHKEEPSIE, N.Y., April 17, 2024 /PRNewswire/ -- Foss & Company, a leading institutional investment fund sponsor, and Scenic Hudson, Inc, a prominent environmental nonprofit in the Hudson Valley, proudly announce the successful closing of the Standard Gage Manufacturing Project. This collaborative historic tax credit (HTC) investment marks a significant step towards the revitalization of Poughkeepsie, NY, as the renowned Standard Gage manufacturing buildings undergo a remarkable renovation.
Read more Mill Power: Where Workers Once Made Bolts of Flannel, a Busy Mixed-Use Complex Hums Away
Architect Eddie Belk, 74 years old and dressed in a well-worn green T-shirt, khaki pants, and a red-and-white North Carolina State University ball cap, looks over what was once an enormous cotton-spinning room at Revolution Mill in Greensboro, North Carolina. It’s an impressive scene: two rows of 14-foot-tall heart-pine columns run down the middle of the expanse, longer than two football fields. Sunlight from the clerestory windows above creates patterns on the polished maple floors. White doors with transom windows on each side of this building and an adjacent one lead to 150 apartments with tall ceilings, recycled-glass countertops, and exposed brick walls. “No matter who I bring in here, they get that smile on their face trying to gather it all in,” he says, noticing my grin. “It’s a wonderful space. I’ll come in here just to spend a minute. Just to enjoy it.”
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Decades ago, this space was impressive for different reasons. This was the heart of Revolution Cotton Mills, at one time the largest cotton flannel mill in the world. The spinning room was where hundreds of looms the size of golf carts clattered away, 24 hours a day. Cotton lint filled the air as fans moving along a track, still present on the ceiling, blew debris off the machines. Giant “air washer” units did their best to suck the particles out of the room. Workers, dubbed “lintheads” by those outside the mill communities, would leave their shifts covered in dust. Some came down with brown lung disease caused by inhaling fibers or lost fingers to the rapidly moving looms. Millwork was a dangerous job.
Transferability ITC deals for 1GWh+ of US battery storage: ‘market has grown faster than anyone expected’
Blackstone and Foss & Company have completed transferability investment tax credit (ITC) deals for BESS projects in California and Texas, a market which has grown “faster than anyone expected” according to tax credit ecosystem Crux.
Read more Tokyo Gas secures tax equity funding for 174 MW of BESS in Texas
US institutional investment fund sponsor Foss & Company has clinched a deal to become the exclusive provider of tax equity for a 174-MW/384-MWh battery energy storage system (BESS) project in Texas owned by a US unit of Japan's Tokyo Gas Co Ltd (TYO:9531).
The financing deal supports Tokyo Gas America's Longbow project in Brazoria County, which is entitled to receive USD 118.5 million (EUR 110.1m) in Investment Tax Credits (ITCs). The scheme was developed by Clean Capital Partners (CCP), Foss & Company said on Monday without disclosing the value of its investment.
Read more Foss & Company Partners with Tokyo Gas America and Clean Capital Partners on Cutting-edge Battery Energy Storage System
LIVERPOOL, Texas, Feb. 12, 2024 /PRNewswire/ -- Foss & Company, a leading institutional fund sponsor, is proud to announce its role as the exclusive provider of tax equity for the Longbow BESS project, a battery energy storage system (BESS) located in Brazoria County, TX, near Houston. This landmark project represents a significant $118.5 million in Investment Tax Credits (ITCs) and marks Foss & Company's inaugural foray into the Transferability-flip (T-flip) transaction space.
Longbow BESS, a standalone BESS project developed by Clean Capital Partners (CCP) with a capacity of 174 MW and 384 MWh, is poised to be a game-changer in the energy storage landscape. As a strategic initiative, Longbow aims to benefit from high volatility and arbitrage potential in the ERCOT-Houston region, with construction commenced in Q1 2024 and a targeted Commercial Operation Date (COD) in the summer of 2024.
Read more Foss & Company Partners with Tokyo Gas America and Clean Capital Partners on Cutting-edge Battery Energy Storage System
Foss & Company Partners with Tokyo Gas America and Clean Capital Partners on Cutting-edge Battery Energy Storage System.
Foss & Company, a leading institutional fund sponsor, is proud to announce its role as the exclusive provider of tax equity for the Longbow BESS project, a battery energy storage system (BESS) located in Brazoria County, TX, near Houston. This landmark project represents a significant $118.5 million in Investment Tax Credits (ITCs) and marks Foss & Company’s inaugural foray into the Transferability-flip (T-flip) transaction space.
Longbow BESS, a standalone BESS project developed by Clean Capital Partners (CCP) with a capacity of 174 MW and 384 MWh, is poised to be a game-changer in the energy storage landscape. As a strategic initiative, Longbow aims to benefit from high volatility and arbitrage potential in the ERCOT-Houston region, with construction commenced in Q1 2024 and a targeted Commercial Operation Date (COD) in the summer of 2024.
Read more Nautilus Solar Energy and Foss & Company Forge 72 Million Tax Equity Partnership for Community Solar Projects
Nautilus Solar Energy, representing its affiliate Nautilus US Power Holdco, LLC (NUPH), a prominent community solar company, has announced a significant $72 million tax equity partnership with Foss & Company, a leading institutional investment fund sponsor. The investment is allocated towards a 62 MW portfolio comprising 16 projects located across Maine, Minnesota, New York, and Maryland. Notably, this collaboration marks the second partnership between the two entities.
Read more Nautilus inks tax equity deal for 62-MW community solar portfolio
US-based Nautilus Solar Energy LLC has sealed a USD-72-million (EUR 66.1m) tax equity deal with institutional investment fund sponsor Foss & Company to finance the construction of 62 MW of community solar projects across several states.
The partnership will provide Nautilus with fresh funds to bankroll a portfolio of 16 projects photovoltaic (PV) projects, the developer said on Wednesday. The deal was made on behalf of the company’s affiliate affiliate Nautilus US Power Holdco LLC.
The projects that will benefit from the funding arrangement are located across the states of Maine, Minnesota, New York, and Maryland. All solar farms are expected to become fully operational during the current year and supply power to the Northeast and Midwest regions.
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