IN THE NEWS
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. The fuel cells will be paired with a thermal loop system and will convert natural gas into hydrogen through steam reforming of methane gas and then generate combustion-free electricity through the fuel cell’s electrochemical process.
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., March 18, 2025--(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.
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.
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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.
Read more Nautilus Solar Energy seals US$72 million tax equity deal for 62MW solar portfolio
US community solar company Nautilus Solar Energy has signed a US$72 million tax equity deal with institutional investment management firm Foss & Company for a 62MW solar portfolio.
The portfolio consists of 16 projects across the US states of Maine, Minnesota, New York, and Maryland, aiming to provide alternative energy to the Northeast and Midwest regions of the US and are expected to be fully operational in 2024.
Read more Nautilus Solar, Foss & Company Announce $72M Tax Equity Partnership
Nautilus Solar Energy and Foss & Company have announced a $72 million tax equity partnership, covering a 62 MW portfolio of 16 projects across Maine, Minnesota, New York and Maryland.
Read more Nautilus Solar Energy and Foss & Company Announce $72 Million Tax Equity Partnership
Nautilus Solar Energy, LLC (“Nautilus”) on behalf of its affiliate Nautilus US Power Holdco, LLC (”NUPH”), a leading community solar company, and Foss & Company, a leading institutional investment fund sponsor, announced a $72 million tax equity partnership. The investment covers a 62 MW portfolio of 16 projects spread across Maine, Minnesota, New York, and Maryland. This is the second partnership between the two companies.
Read more Nautilus Solar Energy® and Foss & Company Announce $72 Million Tax Equity Partnership
SUMMIT, NJ, January 24, 2024 — Nautilus Solar Energy®, LLC (“Nautilus”) on behalf of its affiliate Nautilus US Power Holdco, LLC (”NUPH”), a leading community solar company, and Foss & Company, a leading institutional investment fund sponsor, announced a $72 million tax equity partnership. The investment covers a 62 MW portfolio of 16 projects spread across Maine, Minnesota, New York, and Maryland. This is the second partnership between the two companies.
Read more Nautilus Solar Energy® and Foss & Company Announce $72 Million Tax Equity Partnership
SUMMIT, NJ, January 24, 2024 — Nautilus Solar Energy®, LLC ("Nautilus") on behalf of its affiliate Nautilus US Power Holdco, LLC ("NUPH"), a leading community solar company, and Foss & Company, a leading institutional investment fund sponsor, announced a $72 million tax equity partnership. The investment covers a 62 MW portfolio of 16 projects spread across Maine, Minnesota, New York, and Maryland. This is the second partnership between the two companies.
Read more Transferable Tax Credit Market Intelligence Report 2023
Access unprecedented research on the new clean energy transferable tax credit market, based on $3.5 billion in 2023 transactions.
The report includes in-depth market analysis, including average transaction sizes and pricing, trends by technology and credit types, and more. Buyers, sellers, and intermediaries share their motivations and challenges for participating, as well as their expectations for 2024.
After financing worries, full steam ahead for Wood & Brooks project in Tonawanda
The renovation of a former piano key factory in Tonawanda was well underway before the project secured financing, but now it's now fully funded and on schedule. Developer Michael Wopperer had a few nervous months as construction began at the former Wood & Brooks piano key factory. These worries are in the past. The project has secured financing from Northwest Bank, with Foss & Co. as the historic tax credit investor. Work is well underway, and the building is on schedule to open next year.
Plus Power raises $1.8 billion to advance construction of five energy storage facilities
Texas-based Plus Power announced financing commitments of $1.8 billion to advance five large-scale battery energy storage projects totaling 2.76 GWh. The company reports that the transactions will support construction and operations of the portfolio and include construction financing, term financing, letters of credit, and tax equity investments, in partnership with 11 leading industry lenders and investors.
The recent financing includes $707 million for the 250 MW Sierra Estrella Energy Storage facility in Avondale, Arizona, which is expected to be the largest standalone battery facility in Arizona once online. This financing is in addition to initial funding of $903 million.
Read more Woodlands-based Plus Power LLC lands nearly $2B in battery storage financing
The Woodlands-based Plus Power LLC has secured $1.8 billion in financing for battery storage projects under development in Texas and Arizona.
Read more Plus Power said Oct. 17 that the financing would support both construction and operation of five projects totaling 1,040 megawatts, or 2,760 megawatt-hours. Eleven industry lenders and investors contributed to the financing.
Major leap forward for standalone battery energy storage, as sector leader Plus Power raises additional $1.8 billion to help incorporate renewables and stabilize the power grid
Plus Power LLC announced completion of $1.8 billion in new financing for standalone battery storage, including the largest single such project financing to date, to help stabilize the U.S. electrical grid while incorporating more solar and wind energy.
The company, which leads the sector for developing, owning, and operating standalone energy storage wherever on the grid it is most needed, will use the capital to fund the construction and operations of five projects. Plus Power has a rapidly growing portfolio of large-scale lithium-ion battery systems in more than 25 states and Canada, and the company is executing on 10 gigawatts of interconnection capacity now in transmission interconnection queues.
Proportional Amortization Applicable to Renewable Energy Tax Credit Investments
Thanks in large part to the passage of the Inflation Reduction Act last year, renewable energy deployment is poised for a record year in 2023. Fueling this wave of renewable energy projects is the monetization of tax credits provided by tax equity investors through tax equity investments.
Read more New Project Media (NPM) Interconnections Podcast
Bryen Alperin, partner and managing director of tax credit specialist Foss & Co. joins the podcast this week to discuss the intersection of community solar and tax credits. Alperin reviews financing options for the asset class prior to the Inflation Reduction Act and discusses how conditions have evolved into today’s environment where transferability and other measures are expected to accelerate development.
Read more Foss & Company Launches Pioneering Battery Energy Storage Investment Platform
Foss & Company launches pioneering battery energy storage investment platform.
Foss & Company, a leading institutional investment fund sponsor, is proud to introduce its groundbreaking Standalone Battery Storage Investment Division, poised to reshape the energy landscape. This strategic move not only marks a significant milestone in the company’s journey but also reinforces its commitment to sustainable energy solutions and cutting-edge investments.
Read more Foss & Company launches Standalone Battery Storage Investment Division
Leading institutional investment fund sponsor, Foss & Company on Wednesday (September 13) unveiled its Standalone Battery Storage Investment division aimed at supporting investments in sustainable energy solutions.
Acknowledging the significance of battery energy storage system in integrating more renewable energy onto the grid and for stabilizing the grid, the company intends to fuel further investment in environmentally and socially beneficial projects.
Foss & Company has invested more than $200 million in a 300MW / 600MWh standalone battery energy storage project which marks the company's largest investment into a single asset to date.
Read more Tax credit specialist Foss & Company eyes $3 billion energy storage investments by 2028
A dedicated energy storage investment division has been launched by Foss & Company, an investment and investment services firm which specialises in tax credit transactions, with US$3 billion targeted by 2028.
The company announced the launch of its Standalone Battery Storage Investment Division yesterday (13 September). Although it didn’t specify, the company is based in the US and standalone energy storage in the country is now eligible for the investment tax credit (ITC), which before the Inflation Reduction Act only applied to power plants with generation.
Read more Foss & Company Launches Pioneering Battery Energy Storage Investment Platform
Foss & Company, a leading institutional investment fund sponsor, is proud to introduce its groundbreaking Standalone Battery Storage Investment Division, poised to reshape the energy landscape. This strategic move not only marks a significant milestone in the company's journey but also reinforces its commitment to sustainable energy solutions and cutting-edge investments.
Read more Foss & Co partners with Aspen on $60m tax credit
Foss & Company, a leading institutional investment fund sponsor, along with Aspen Power, a distributed generation platform with the mission of accelerating and democratizing decarbonization, announced a $60 milliontax equity deployment into 27 solar projects across four states.
Since their partnership began in 2021, Foss & Company and Aspen Power have successfully closed on tax equity funding to receive federal solar investment tax credits (ITCs) for commercial & industrial scale solar projects in New York, New Jersey, Maine, and Georgia.
Read more Aspen Power and Foss & Company Announce $60 Million Tax Equity Partnership
Foss & Company, a leading institutional investment fund sponsor, along with Aspen Power, a distributed generation platform with the mission of accelerating and democratizing decarbonization, announced a $60 million tax equity deployment into 27 solar projects across four states.
Since their partnership began in 2021, Foss & Company and Aspen Power have successfully closed on tax equity funding to receive federal solar investment tax credits (ITCs) for commercial & industrial scale solar projects in New York, New Jersey, Maine, and Georgia.
Read more Aspen Power and Foss & Company Announce $60 Million Tax Equity Partnership
Foss & Company, a leading institutional investment fund sponsor, along with Aspen Power, a distributed generation platform with the mission of accelerating and democratizing decarbonization, announced a $60 milliontax equity deployment into 27 solar projects across four states.
Read more 2023 Nonresidential Development that Best Exemplifies Major Community Impact
Nonprofit developer Self-Help Ventures Fund put the 145,000 square feet Mill House building—a key part of the 43-acre former Revolution Mill textile campus—back into use as mixed use facility featuring commercial offices for small businesses, retail and restaurant space, and 33 mixed-income apartments. HTC investor Foss & Company committed approximately $6.7 million in state HTC equity, thus expecting to create hundreds of jobs.
Read more New Analysis: Transfer Market Expected to Explode Despite Preference for Tax Equity
While the tax transfer market comes with its downsides and limitation, it is still expected to grow larger than the traditional taxequity market due to the level of expected demand, Andrew Vitelli, Chuck Stanley and Kyle Younker explain in Part II of a series ontransferability.
Read more Renovation of School, Tobacco Factory, County Jail, Trolley Car Rail Yard Earn Novogradac HTC Awards
Mill House, developed by Self-Help Ventures Fund, turned the 45-acre Revolution Mill textile facility into nearly 60,000 square feet of affordable commercial space for nonprofits and small businesses as well as 33 apartments. HTC investor Foss & Company provided $5.8 million in federal HTC equity. The property is expected to create 315 construction jobs and 323 new permanent jobs.
Webinar Recap: New Treasury Guidance on Transferability
Key takeaways from the recent webinar on the Treasury’s newly-released guidance on the transferable tax credits. Our expert panel consisted of tax, legal, and energy experts.
Read more Debunking the Myths About Transferable Tax Credits
As the renewable energy market continues to grow, the popularity of transferable tax credits as a way to fund projects and reduce corporate tax liabilities is on the rise.
Read more Renewable Energy Tax Credit Equity, Transferability Generate ‘Explosion of Growth’
The introduction of the transferability of federal renewable energy tax credits has been one of the hottest issues of 2023 in clean energy finance.
Read more Key Takeaways | State of The Tax Equity Market and Post-IRA Sources of Funding
During the McDermott Will & Emory webinar in the Navigating the New Energy Landscape series, McDermott Partners Carl Fleming and Heather Cooper were joined by guest Bryen Alperin, partner and managing director of Foss & Company. They had a lively discussion on the current state of the tax equity market and post-IRA sources of funding.
Read more Tax Credit Investments The Expert: Paddy O’Brien
Tax Executive’s senior editor, Michael Levin-Epstein, interviewed Foss & Company VP of Investments, Paddy O’Brien, on how tax credit investments play an important role in strategic planning for tax professionals.
Read more New Green Tax Breaks Are Gradually Becoming Clearer
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.
Read more Pivot Energy raises $203 million for solar projects
Pivot Energy announced the completion of a financing facility worth $203 million to support a portfolio of solar projects across several states.
Read more Pivot Energy secures $200 million for DG solar portfolio
US clean energy provider Pivot Energy has closed $203 million in financing from Silicon Valley Bank and Foss & Company to support a multi-state portfolio of distributed generation solar PV plants.
Silicon Valley Bank’s first loan post-collapse: 100 MW of community solar
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-MWDC portfolio comprises 35 community solar and C&I projects planned to reach commercial operation (COD) between Q2 2023 and Q2 2024.
Read more Historic Jacob Riis Bathhouse in the Rockaways getting a new life
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.
Read more Tax Credit Insurance Alone Isn’t Enough to Mitigate Risk in Tax Credit Transfer Transactions
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.
Read more Tax Credit Insurance Mitigates Risk for Tax Credit Transfers but Due Diligence is Still Necessary
The Inflation Reduction Act of 2022 (IRA) changed almost a century of federal tax law and allowed energy credits to now be sold. This change provides a new means of raising capital for owners of renewable energy projects that lack the tax appetite to use the federal tax credits their projects generate.
Read more How tax credits can be used to capitalize on the Green Transition
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.
Read more Restoration of Historic Jacob Riis Park Bathhouse Receives $48M Financing
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.
Read more CBSK Developers, Brooklyn Bazaar Close On Financing For $47.5 Million Rehabilitation Of Historic Jacob Riis Park Bathhouse
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.
Read more Summit Ridge Energy receives additional $67M tax equity commitment with 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.
Read more Historic Bathhouse at Jacob Riis Park to Be Restored to Its Former Glory as Large Scale Preservation Project Begins
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.
Read more Developers Close On $47.5M Loan To Renovate The Historic Jacob Riis Park Bathhouse In Rockaway Beach, Queens
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.
Read more Jacob Riis Park Bathhouse Gets $47.5M in Financing for Reboot
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.
Read more Summit Ridge raises tax equity for 50 MW Maine and Illinois solar portfolio
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.
Read more Summit Ridge Energy Nets Tax Equity for Community Solar Projects
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.
Read more Renewable Energy Finance: Enel, Birch Creek secure tax equity investments from Nestlé and Foss & Co for solar projects in West Texas
Foss & Company has partnered with Birch Creek for a $130mn tax equity investment in the Beech solar project.
Read more Foss & Company is partnering with Birch Creek Energy on approximately $130 million tax equity
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.
Read more Partners Close Tax Equity Investment for 258 MW Project
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.
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