Advanced Power Announces Investment Tax Credit Purchase

Purchase Demonstrates Commitment to a Sustainable Energy Future

BOSTON, Jan. 3, 2024 /PRNewswire/ -- Advanced Power continues to show its commitment to advancing a sustainable energy future through its purchase of renewable energy investment tax credits (ITC). The credits were made available through the development of rooftop solar facilities offered for sale by a third party.

"Advancing a sustainable energy future drives our actions," said Advanced Power's CEO Tom Spang. "We are pleased to close this latest transaction, which supports our vision of a clean, reliable energy future." 

The 2022 Inflation Reduction Act (IRA) made the transfer of renewable energy tax credits possible. The IRA aims to accelerate the transition to a clean energy economy and drive increased deployment of new, clean electricity resources. Section 6418 of the Internal Revenue Code allows for the transfer (sale) of certain renewable energy tax credits from renewable energy project developers to a qualified third party.

"Advanced Power is a developer, owner, and asset manager of modern power infrastructure and has now made a tax equity investment and completed a tax credit transfer transaction. We are positioned to execute similar transactions soon," added Spang.

Reunion, a technology-enabled finance company that helps guide corporate tax teams through the clean energy tax credit transaction process, originated the opportunity for Advanced Power and facilitated the transaction between the parties.

Advanced Power Focusing on Further U.S. Renewables Development

Advanced Power manages all aspects of an energy project's life cycle, including development, construction, financial structuring, and operations. A robust renewables pipeline across Desert Southwest, ERCOT, PJM, and MISO is underway. Late-stage projects in the pipeline include:

• Eldora Energy – 240 MWdc solar with an additional 200MW/400MWh battery storage facility
• Alina Energy – 220 MWdc solar with an additional 200MW/400MWh battery storage facility
• Elio Energy – 300MW/600MWh battery storage facility
• Rock Rose Energy – 200MW/400MWh battery storage facility

For more information about Advanced Power, its energy projects, and its expertise in development, financial structuring, and asset management, please visit www.advanced-power.com.

About Advanced Power

Advanced Power is a privately owned global developer, manager, and owner of modern power infrastructure. The company develops low-carbon and renewable electric generating projects as an independent power producer. Advanced Power's successes include 11 gigawatts in development or operations in the United States and Europe. The company has offices in Boston and Houston, with a registered office in Zug, Switzerland.

Founded in 2000, Advanced Power is focused on advancing a sustainable energy future, bringing reliable energy to places that need it, and providing economic benefits plus jobs to communities while making massive contributions to reducing CO₂ emissions.

Advanced Power
Contact:  Janine Saunders
Phone:  617-816-3119
Email: [email protected]
www.advanced-power.com

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SOURCE Advanced Power