Groundbreaking Transaction Paves Way for Greater Access to Clean Energy Funding in US
SAN FRANCISCO, Oct. 10, 2023 /PRNewswire/ — Evergrow, the clean energy finance company, today announced that it has successfully completed the funding of a clean energy tax credit transfer on its platform, the first of its kind to be announced. This announcement follows the recent publication of tax credit transfer guidance by the IRS and the recent announcement by Bank of America of its commitment to orchestrate transfer of $580M of clean energy tax credits.
Tax credit transfers are a new way to fund the development of clean energy in the United States. These transactions were enabled by the Inflation Reduction Act of 2022 (IRA), the largest investment in clean energy in US history. Under the IRA, developers and owners of clean energy projects can sell their tax credits to raise funding. With demand for clean energy tax financing expected to exceed $80B by 2031, this funding helps pay for the cost of building clean energy projects, such as solar power, battery storage, electric vehicle chargers, and more.
“We feel grateful to have reached this milestone,” said James Richards, founder and CEO of Evergrow. “Our goal is to become the leading funding provider for clean energy, powered by modern software. Today’s milestone takes us one step closer to that goal.”
Developers of clean energy projects often struggle to access tax credit funding, particularly for projects on the smaller end of the scale. By using technology to build a modern platform for clean energy finance, Evergrow is unlocking greater access to funding for developers of all sizes and accelerating our transition to a sustainable economy.
“We’re thrilled to have partnered with Evergrow on this groundbreaking transaction,” said Matthew Coleman, CEO of Davis Hill Development, a developer of clean energy projects and an Evergrow customer. Davis Hill Development built and owns a commercial solar installation in Connecticut, which generated tax credits under the IRA that were sold for cash with Evergrow. “Evergrow gave us certainty of funding with a clear timeline and simple process. We look forward to growing our business with the funding we’ve received so we can bring more clean energy to our communities.”
Evergrow is a specialty finance company that provides funding for clean energy projects in the United States. The company’s modern platform provides tax credit financing for clean energy project developers and owners. Evergrow is backed by leading venture capital firms and individuals. For more information, visit https://evergrow.com.