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Reunion, a number one clear power finance firm, right now introduced that it has collaborated with Summit Ridge Vitality, the main business photo voltaic firm in the USA, to promote roughly $40 million of transferable tax credit from a portfolio of group photo voltaic initiatives in Virginia.
The purchaser of those tax credit is a privately held actual property firm.
These tax credit score gross sales have been made doable by the Inflation Discount Act of 2022 and can instantly allow Summit Ridge to develop its footprint of fresh power property in deprived communities throughout the USA. A number of of the initiatives in Summit Ridge’s portfolio are situated in areas that qualify for the IRA’s power group and low-income group bonus adders.
Adam Kuehne, Chief Funding Officer of Summit Ridge Vitality, stated, “The ability to transfer investment tax credits helps us accelerate our deployment of clean, sustainable energy in many communities across the country.”
Andy Moon, CEO of Reunion, stated, “Our team is proud to partner with Summit Ridge, a leader in supporting the shift to renewable energy. Given the company’s position in community solar, we were able to quickly identify and support a transaction with a taxpayer interested in purchasing tax credits from their clean energy projects.”
Primarily based in Arlington, Virginia, Summit Ridge is an skilled group photo voltaic developer, working over 100 property all through the Northeast, Mid-Atlantic, and Midwest. By the top of 2024, the corporate will function greater than 600 MW of photo voltaic and 60 MWh of battery storage capability, serving greater than 50,000 residential and business clients.
About Reunion Infrastructure:
Reunion facilitates the acquisition and sale of fresh power tax credit, and has labored with main firms to buy over $1.5 billion in tax credit from photo voltaic, wind, storage, superior manufacturing, and different clear power initiatives. Our curated market options billions of {dollars} in prime quality tax credit score alternatives, and our workforce of fresh power finance veterans helps patrons and sellers by means of every step of the transaction course of, with a concentrate on business negotiation, due diligence and threat mitigation. To be taught extra, go to www.reunioninfra.com and obtain our complete handbook on clear power tax credit score transfers.
Supply: Reunion Infrastructure
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