Historically, developers of advanced energy projects often haven’t had sufficient tax liability to realize the full value of the credits, such as the Investment Tax Credit (ITC) and Production Tax Credit (PTC), their projects produce. To realize that full value – and not “leave money on the table” – they had to enter the tax equity market and find a partner to purchase an equity stake. The pool of equity partners is limited, constraining investment and project development. Transferability unlocks investment and increases market liquidity by allowing project developers to trade credits for cash on the private market without requiring credit off-takers to have an equity stake in a project.
Silfab Solar Facility
- Status: Operational
- Location: Fort Mill, SC (York County)
- Congressional District: South Carolina 5th
- Technology: Solar
- Relevant Tax Provisions:
- Manufacturing Production Tax Credit (45X)
- Investment in this facility was enabled by Transferability
- Fast Facts:
- In 2023, Silfab Solar, a solar manufacturer, invested $150 million to establish its flagship facility in Fort Mill. Utilizing transferability, the company was able to secure additional financing to expand operations in 2024.
- When fully operational, the facility is projected to employ over 800 people in skilled jobs – a number likely to increase as operations expand.
- The facility will produce $17 million in property taxes for local schools and $4.7 million in tax revenue for York County.
Condor Energy Storage
- Status: Operational
- Location: San Bernadino County, CA
- Congressional District: California 39th
- Technologies: Solar and Storage
- Relevant Tax Provisions:
- Investment Tax Credit (ITC)
- Transferability
- Energy Communities Adder (EC)
- Fast Facts:
- Condor Energy Storage is a 200 MW / 800 MWh solar + storage project powering 150,000 homes in San Bernadino County.
- Over the course of the project’s lifetime, Condor will provide an estimated $25 million in property tax revenue.
- Condor will provide much-needed support to the grid during peak demand using state-of-the-art batteries employing skilled American workers.
Vandalia
- Status: Operational
- Location: Vandalia, IL (Fayette County)
- Congressional District: Illinois 15th
- Technology: Solar
- Relevant Tax Provision(s):
- Investment Tax Credit (ITC)
- Energy Communities Adder
- Transferability
- Fast Facts:
- This project is generating 2 megawatts of electricity, which will be used to help power operations at a nearby data center. By offsetting that load, this project will help reduce strain on the grid and any costs that utility customers might otherwise have to pay.
- Harnessing transferability, developers were able to unlock greater private capital financing, facilitating construction of this project.
- During peak construction, this project created eight new jobs in the community as well as added economic impacts through the purchase of local goods and services.
Junction Energy Storage
- Status: In Construction
- Location (County / City): Junction, TX (Kimble County)
- Congressional District: Texas 11th
- Technology(s): Energy Storage
- Relevant Tax Provision(s):
- Investment Tax Credit (ITC)
- Energy Communities Adder
- Transferability
- Fast Facts:
- When complete, the 9.9-megawatt Junction Battery Energy Storage project will help support grid stability and the timed delivery of power to match the demand of thousands of households, avoiding grid congestion and lowering energy costs.
- Harnessing transferability, developers were able to unlock greater private capital financing to facilitate construction of this project.
- In addition to utilizing local goods and services, during peak construction this project created approximately 40 good-paying local jobs.
Aurelius Solar
- Status: Operational
- Location (County / City): Aurelius, NY (Cayuga County)
- Congressional District: New York 24th
- Technology(s): Solar
- Relevant Tax Provision(s):
- Investment Tax Credit (ITC)
- Energy Communities Adder
- Transferability
- Fast Facts:
- Producing 29 megawatts of electricity, this solar farm is the combination of four small-scale adjacent projects. The project provides low-cost electricity to the regional grid and bill credits to thousands of homes and small businesses in the area, helping cut electric bills for subscribers.
- Harnessing transferability, developers were able to unlock greater private capital financing, enabling construction of this project.
- Aurelius Solar was built on remediated land previously contaminated by a power generating facility in the 1960’s. As a result, project developers were able to harness the Energy Communities Adder as a result to help support development.
Michigan DNR Solar
- Status: Operational
- Location: Holland State Park; PJ Hoffmaster State Park; Fort Custer; Allegan County
- Congressional District: Michigan 4th
- Technology: Rooftop Solar, Electric Vehicle Charging
- Relevant Tax Provision:
- Investment Tax Credit
- Transferability
- Energy Communities Bonus Credit
- Fast Facts:
- Michigan Department of Natural Resources has deployed rooftop solar and electric vehicle charging across several state parks using local labor for mechanical and directional boring installations.
- Infrastructure investments to the district totaled roughly $1.5 million in energy producing assets.
- These projects produce roughly 650,000 kilowatt-hours of energy annually, enough to power the park operations in these facilities.