Foss & Company Collaborates with GridStor for $86 Million Tax Credit Transfer in Texas

Foss & Company Teams Up with GridStor on Tax Credit Transfer

In a significant move for the renewable energy sector, Foss & Company has partnered with GridStor to execute an impressive $86 million direct transfer of investment tax credits (ITCs) associated with the Hidden Lakes Reliability Project. This collaboration represents a strategic alignment aimed at enhancing energy infrastructure, particularly in Texas.

The Hidden Lakes Reliability Project is a state-of-the-art battery energy storage system located in Galveston County, Texas. This facility boasts a capacity of 220 MW with 440 MWh storage capabilities, enabling it to operate for two hours continuously. The project is designed to charge during periods of low electricity prices, providing cost-effective energy supply during peak demand hours. This initiative is crucial for meeting the energy needs of the rapidly growing Houston metropolitan area, ensuring both reliability and sustainability in power supply.

Foss & Company's partnership with GridStor marks its first venture into large-scale battery energy storage projects. Bryen Alperin, a partner and managing director at Foss & Company, expressed enthusiasm about this collaboration, stating, "We are very pleased to complete the tax transfer deal with GridStor. This transaction highlights our confidence in standalone BESS assets and our commitment to supporting innovative energy infrastructure solutions."

GridStor's CEO, Chris Taylor, echoed similar sentiments, noting that such partnerships are fundamental to facilitating the advancement of power supply and infrastructure. He emphasized the urgency of meeting the rising demand for new power capacity, stating, "Trusted partnerships like this are critical for advancing large-scale power supply and infrastructure at a pace to meet surging demand for new power capacity. We thank Foss Company for placing their trust in us."

The Hidden Lakes project is now operational, showcasing Foss & Company's dedication to furthering clean energy initiatives. The firm aims to bolster high-impact merchant battery storage projects through strategic tax equity investments, reiterating its commitment to fostering sustainable energy solutions.

Foss & Company, established in 1983, has emerged as a leader in tax equity investments, deploying over $9 billion on behalf of major clients in various sectors, including renewable energy and historical rehabilitation projects. Their extensive expertise positions them as vital players in navigating the complex landscape of tax equity investments.

GridStor, on the other hand, complements this collaboration with its mission to enhance power system reliability by developing and operating battery storage projects across North America. Their focus on utility-scale, standalone battery storage positions them as key contributors to bolstering energy infrastructure across the continent.

As the renewable energy landscape continues to evolve, partnerships like that of Foss & Company and GridStor are instrumental in paving the way for innovative solutions that not only cater to today's energy demands but also align with sustainable practices for the future. This landmark collaboration stands as a beacon of progress in energy infrastructure, potentially setting the standard for future projects across the industry.