Foss & Company Successfully Completes $54.4 Million Tax Credit Transfer for Solar Project in Hawaii
Foss & Company Closes a Landmark Tax Credit Transfer for Clean Energy in Hawaii
Foss & Company, a prominent player in the tax equity syndication industry, proudly announces the completion of a significant tax credit transfer worth $54.4 million. This transfer is dedicated to the groundbreaking Hale Kuawehi Solar and Storage Project, a state-of-the-art facility situated on the picturesque Hawaiʻi Island and developed by Innergex Renewable Energy Inc.
The Hale Kuawehi project boasts an impressive 30-megawatt AC photovoltaic solar array, paired with a robust 30.7 MW / 122.8 MWh battery energy storage system. This innovative combination showcases the project's potential to not only harness solar energy but also store it effectively, ensuring a steady and reliable power supply.
Speaking about the completion of this transaction, Bryen Alperin, the Managing Director at Foss & Company, remarked, “The Hale Kuawehi project exemplifies our capacity to deliver seamless execution, even amidst shifting circumstances.” This successful transaction reinforces Foss & Company's commitment to enhancing energy resilience in island communities through flexible financing options.
As the sponsor of the Hale Kuawehi project, Innergex Renewable Energy Inc. is responsible for its development, commissioning, and the ongoing operations of the facility. Michel Letellier, the President and CEO of Innergex, expressed enthusiasm about this collaboration, stating, “By integrating solar energy with cutting-edge storage technology, we are enabling Hawaii to move towards a resilient and carbon-neutral electric future.”
The tax credit transfer is executed under the direct transfer provisions of the Inflation Reduction Act, allowing clean energy developers like Innergex to utilize federal investment tax credits (ITCs) efficiently, thereby optimizing their financial structures.
Hale Kuawehi reflects a continuing trend in Foss & Company's expansion within Hawaii's evolving energy landscape, where the integration of dispatchable storage is essential due to land constraints. The company remains a reliable partner in delivering scalable clean energy solutions, even in challenging environments.
About Foss & Company
Founded in 1983, Foss & Company stands as a national leader in tax equity investment and fund sponsorship. With a remarkable track record of deploying over $9 billion in tax equity for various projects, the firm has demonstrated expertise in historic rehabilitation, renewable energy, and advanced energy production ventures. Their mission is to support partners as they navigate the complex landscape of tax equity investments, ensuring sustainable development. For further details, visit Foss & Company.
About Innergex
With a mission to generate abundant renewable energy, Innergex has been a driving force in producing a healthier community for 35 years. As an independent renewable power producer, Innergex focuses on developing, acquiring, owning, and operationalizing facilities across a range of renewable sources, including hydro, wind, solar, and energy storage. The company operates in Canada, the United States, France, and Chile, managing a substantial portfolio of 92 operational projects with an aggregate installed capacity of 3,948 MW. Their commitment to generating clean energy is evident in their ongoing projects, which include several under development stages. To explore more about Innergex, visit innergex.com.
Foss & Company, a prominent player in the tax equity syndication industry, proudly announces the completion of a significant tax credit transfer worth $54.4 million. This transfer is dedicated to the groundbreaking Hale Kuawehi Solar and Storage Project, a state-of-the-art facility situated on the picturesque Hawaiʻi Island and developed by Innergex Renewable Energy Inc.
The Hale Kuawehi project boasts an impressive 30-megawatt AC photovoltaic solar array, paired with a robust 30.7 MW / 122.8 MWh battery energy storage system. This innovative combination showcases the project's potential to not only harness solar energy but also store it effectively, ensuring a steady and reliable power supply.
Speaking about the completion of this transaction, Bryen Alperin, the Managing Director at Foss & Company, remarked, “The Hale Kuawehi project exemplifies our capacity to deliver seamless execution, even amidst shifting circumstances.” This successful transaction reinforces Foss & Company's commitment to enhancing energy resilience in island communities through flexible financing options.
As the sponsor of the Hale Kuawehi project, Innergex Renewable Energy Inc. is responsible for its development, commissioning, and the ongoing operations of the facility. Michel Letellier, the President and CEO of Innergex, expressed enthusiasm about this collaboration, stating, “By integrating solar energy with cutting-edge storage technology, we are enabling Hawaii to move towards a resilient and carbon-neutral electric future.”
The tax credit transfer is executed under the direct transfer provisions of the Inflation Reduction Act, allowing clean energy developers like Innergex to utilize federal investment tax credits (ITCs) efficiently, thereby optimizing their financial structures.
Hale Kuawehi reflects a continuing trend in Foss & Company's expansion within Hawaii's evolving energy landscape, where the integration of dispatchable storage is essential due to land constraints. The company remains a reliable partner in delivering scalable clean energy solutions, even in challenging environments.
About Foss & Company
Founded in 1983, Foss & Company stands as a national leader in tax equity investment and fund sponsorship. With a remarkable track record of deploying over $9 billion in tax equity for various projects, the firm has demonstrated expertise in historic rehabilitation, renewable energy, and advanced energy production ventures. Their mission is to support partners as they navigate the complex landscape of tax equity investments, ensuring sustainable development. For further details, visit Foss & Company.
About Innergex
With a mission to generate abundant renewable energy, Innergex has been a driving force in producing a healthier community for 35 years. As an independent renewable power producer, Innergex focuses on developing, acquiring, owning, and operationalizing facilities across a range of renewable sources, including hydro, wind, solar, and energy storage. The company operates in Canada, the United States, France, and Chile, managing a substantial portfolio of 92 operational projects with an aggregate installed capacity of 3,948 MW. Their commitment to generating clean energy is evident in their ongoing projects, which include several under development stages. To explore more about Innergex, visit innergex.com.
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