Advanced Power has purchased renewable energy investment tax credits, made available through the development of rooftop solar facilities offered for sale by a third party.
The Inflation Reduction Act made the purchase possible, says the company, through Section 6418 of the Internal Revenue Code, which allows for transfer of certain energy tax credits from renewable project developers to a qualified third party.
“Advancing a sustainable energy future drives our actions,” says Advanced Power CEO Tom Spang. “We are pleased to close this latest transaction, which supports our vision of a clean, reliable energy future.”
Advanced Power projects in development include: Eldora Energy, a 240 MW solar with an additional 200 MW battery storage facility; Alina Energy, a 220 MW solar with an additional 200 MW battery storage facility; Elio Energy, a 300 MW battery storage facility; and Rock Rose Energy, a 200 MW battery storage facility.
Reunion originated the opportunity for Advanced Power and facilitated the transaction between parties.