The American Clean Power Association (ACP) collaborates with a technology company for sustainable financing Crux to make clean energy tax credit transfers more accessible to the clean energy sector. Starting May 2, ACP’s more than 800 member companies can access reduced transaction fees on the Crux platform.
Crux is changing the way clean energy projects are financed in the United States, starting with transactions for the new transferable clean energy tax credits created by the Inflation Reduction Act (IRA). The new transferable tax share market allows, for the first time, clean energy developers and producers to sell their tax credits to third parties for cash, creating a powerful market mechanism to increase access to capital for clean energy infrastructure, innovative technologies and advanced increase production.
“Our partnership with Crux will help catalyze accessible financing alternatives for clean energy,” said Jason Grumet, CEO of ACP. “By simplifying the ability to monetize tax credits, the industry can invest more effectively and flexibly, bringing more projects, jobs and investments to communities across the U.S.”
This partnership offers ACP members year-round discounts on transferable tax credit transaction fees and access to programs and insights developed by Crux, such as PowerCasts, whitepapers, reports and more.
“Capturing the tremendous growth opportunities for our clean energy sector and maximizing the tax incentives of the IRA require expanding the investor base for tax equity,” said Susan Nickey, ACP Chairman and Chief Client Officer at HASI. “Working with Crux will provide the industry with critical tools, data and price transparency to build a robust and efficient market for tax credit transfer transactions.”
The partnership officially starts on CLEAN POWER 2024, the ACS’s premier conference that brings together policy leaders, industry experts and major players for a week of learning, networking and innovation. During the event, which kicks off May 6 in Minneapolis, Crux CEO and co-founder Alfred Johnson will participate in daily fireside chats on the PowerCasts stage, designed to educate members and attendees about clean energy tax credits.
“Crux is excited to partner with the American Clean Power Association to provide its organization of the most prominent clean energy policy leaders, industry experts and businesses with access to our powerful technology and large network of tax credit buyers ” said Johnson. “We look forward to helping ACP members efficiently finance their clean energy projects in the future.”
Crux’s partnership with ACP aims to boost the emerging tax equity transferable market, which has attracted an estimated $7 billion to $9 billion in its first year (according to a Crux Report published in January). To date, Crux has facilitated several technology transactions in solar, off-grid storage, microgrids, bioenergy and renewable natural gas, and advanced manufacturing, and currently has more than $8 billion in credits available on its platform.
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