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.
Under the new provisions of Section 6418 of the Inflation
Reduction Act, clean energy credits became transferable. This
allows eligible businesses to transfer certain credits to third
parties in exchange for immediate funds, helping businesses and
properties to benefit from tax incentives even if they lack the tax
liability to fully utilize the credits themselves. The sale of
credits generated from this project maximizes the value of new
clean energy technology projects for both customers and
investors.
"The sale of earned energy tax credits generated by the
Manhattan co-op decarbonization
and resilience project demonstrates the clear ongoing benefits
generated by the project investment. RENEW continues to show the
capability of our projects to generate recognizable value
throughout their lifecycle and remains adept at capitalizing on
this value for the benefit of our customers and investors," said
Charlie Lord, Principal and
Co-founder of RENEW.
"For more than 40 years, we've been unlocking the potential of
tax credits to help drive sustainable investments for our clients.
This sale from the RENEW project is just another example of the
ways we can both maximize returns for our buyers while
simultaneously shaping a sustainable future," said Bryen Alperin, Partner and Managing Director of
Foss & Company.
The credits for this project were generated by a 1.75 MW CHP
system designed to deliver over 7 million kWh/year of electricity
and 40,000 mmBtu/year of thermal energy to the housing co-op's
1,600 apartments and first-floor retail spaces. The system consists
of three separated distributed energy plants to supply power and
thermal energy to four buildings across the co-op's campus. These
plants are designed to meet the campus's domestic hot water heating
system's pre-heating and pool heating loads throughout the year.
They are also designed with black start capability to provide
islanding operation for extended periods of time in the event of a
power system outage. The estimated climate impact of the project is
a reduction of 189 Mtons of CO2 per year.
Renew Energy Partners, LLC ("RENEW")
RENEW is a
nationwide distributed generation, microgrid, and energy efficiency
company that provides turnkey solutions for decarbonization. RENEW
helps customers reduce carbon and greenhouse gas emissions with
financially compelling solutions that activate projects including
HVAC retrofits, lighting updates, building management system
upgrades, and onsite clean energy generation and battery storage.
Visit https://renewep.com/
Foss & Company ("Foss")
Foss provides expert,
informed tax credit investment services that transform communities,
preserve history, and create a sustainable future while delivering
capital to their clients. Foss manages more than $1.5B in tax credits and has deployed tax equity
in excess of $8B. Visit:
https://fossandco.com/
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SOURCE Renew Energy Partners LLC