Section 45X Final Regulations Are Out — What Changed?
On October 24, 2024, the Department of Treasury and the Internal Revenue Service (IRS) issued final regulations for the Advanced Manufacturing Production Credit (§45X).
Accelerating investment into renewable energy
The United States has established ambitious goals to address climate change, relying on proven technologies like solar, wind, and battery storage. Despite the pivotal role these technologies play, financing remains a significant obstacle, hindering the construction of many otherwise viable projects. Without the construction of these projects, we will not meet our net zero goals.
Addressing this challenge, the 2022 Inflation Reduction Act introduced a novel financial structure known as transferability, allowing renewable project developers to sell tax credits directly to third parties. Reunion streamlines the transferability process to drastically increase the number of renewable energy projects that get built.
$2B+
Tax credit
transfers executed
8+
Supported project
technologies
$80B+
Expected size of the annual transferability market by 2030
Our Story
Deep expertise in clean energy finance
Reunion co-founders Billy Lee and Andy Moon met in 2008, while working at a leading solar development company.
Billy and Andy pioneered early solar financing structures with tax equity and private equity investors, leading some of the first solar transactions with institutions such as US Bank, JP Morgan, Wells Fargo, Bank of America, Key Bank, PNC, Nord/LB, D.E. Shaw, and First Reserve.
Reunion’s team members have raised over $5 billion in project financing across hundreds of clean energy projects; we bring this experience to help buyers and sellers navigate the rapidly growing tax credit transfer market.
Reunion raised seed funding in December 2022 from Segue Sustainable Infrastructure and leading renewable energy entrepreneurs and executives.
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Our Values
What drives us in our fight against climate change
Our team members are motivated by our mission to make a meaningful difference in the fight against climate change. We believe that our team is uniquely positioned to increase deployment of renewable energy through our deep experience in financing.
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Be Kind and Clear
We communicate openly and kindly, embracing disagreement as a chance to learn. We always assume good intentions from our teammates and partners.
Why Not Today?
We challenge ourselves to execute quickly without compromising quality. We make firm, swift decisions, and adjust course based on real-world data.
Own It
We empower team members to step up and own initiatives from start to finish. If we commit to something, we see it through.
Feedback is a Gift
We strive for continuous learning and improvement both as a company and as individuals. We welcome feedback as an opportunity to learn and grow.
Read the Footnotes
The details really matter in our business; we dive into the nitty gritty, and strive to be world class experts in our field.
Don’t Skip Lunch
Have fun, celebrate the little things, and remember to enjoy the journey!
Our Founders
Reunion’s founding team has been at the forefront of tax equity innovation Since 2006, leading over $5 Billion in transactions with organizations like JP Morgan, US Bank, and D.E. Shaw.
Andy Moon
Co-Founder and CEO
Andy has extensive experience in clean energy finance, and previously held leadership roles at venture backed energy and technology companies. He has raised over $200 million from institutional investors to finance solar energy projects in the US and Europe, and was involved in structuring some of the solar industry's first investments from private equity and bond investors. Andy was previously founder and CEO of SunFarmer, a Y Combinator-backed social enterprise that has completed over 1,500 solar energy installations in Asia. He started his career as a consultant in the energy and sustainability practice at McKinsey and Company.
Andy holds a Phi Beta Kappa honors degree from Stanford University, and was named a 2016 Young Global Leader by the World Economic Forum.
Billy Lee
Co-Founder and President
Billy has been a senior executive and entrepreneur in renewable energy project finance and development for nearly 20 years. He was one of the first employees at SunEdison, overseeing global project finance and tax equity for five years. He also founded and led Bright Plain Renewable Energy, a financing and development platform and joint venture partner with D. E. Shaw Renewable Investments. Immediately prior to launching Reunion, he was EVP at Source Global, PBC, a renewable water company.
Billy holds an AB from Harvard College and an MBA from Harvard Business School. He lives in San Francisco with his wife and three children.
Andy Moon
Andy has extensive experience in clean energy finance, and previously held leadership roles at venture backed energy and technology companies. He has raised over $200 million from institutional investors to finance solar energy projects in the US and Europe, and was involved in structuring some of the solar industry's first investments from private equity and bond investors. Andy was previously founder and CEO of SunFarmer, a Y Combinator-backed social enterprise that has completed over 1,500 solar energy installations in Asia. He started his career as a consultant in the energy and sustainability practice at McKinsey and Company.Andy holds a Phi Beta Kappa honors degree from Stanford University, and was named a 2016 Young Global Leader by the World Economic Forum.
Billy Lee
Billy has been a senior executive and entrepreneur in renewable energy project finance and development for nearly 20 years. He was one of the first employees at SunEdison, overseeing global project finance and tax equity for five years. He also founded and led Bright Plain Renewable Energy, a financing and development platform and joint venture partner with D. E. Shaw Renewable Investments. Immediately prior to launching Reunion, he was EVP at Source Global, PBC, a renewable water company. Billy holds an AB from Harvard College and an MBA from Harvard Business School. He lives in San Francisco with his wife and three children.
Connie Chern, CPA
Two decades and $3B of transaction experience with tax credits and renewable energy projects. Former CPA at Novogradac, project/structured finance director at SolarCity/Tesla/Silicon Ranch, managing director at NextPower Capital, and founder/CFO at Orka Finance.
Alex Melehy
Previously founded and sold a legal-tech company to a PE-backed legal practice management platform. Product leader and engineer by training.
Denis Cook
Entrepreneur with 15-year background in technology, finance, and environmental consulting. Former co-founder of machine vision focused technology company. Former VP at J.P. Morgan.
Maria Verbaite
Former Private Equity associate and strategy consultant with an MBA/ MS in Environment & Resources from Stanford. Professionally-trained concert pianist from Sweden.
Danny Robinson
Full stack engineer with 12 years of software delivery experience. Previously scaled technical teams at rapidly growing companies in the energy trading analytics and fintech industry.
Select Team Members
With in-depth expertise in renewable energy finance, technology, and entrepreneurship, we understand the project finance challenges of corporate tax teams and project developers, because we’ve faced them too.
Alessio De Falcis
Chief of Staff
Finance and strategy leader with nearly a decade of experience in the clean energy space. Most recently, Director at GoodLeap. Previously, Series B to IPO at Sunnova. Chicago Booth MBA.
Connie Chern, CPA
Head of Transactions and Finance
Two decades and $3B of transaction experience with tax credits and renewable energy projects. Former CPA at Novogradac, project/structured finance director at SolarCity/Tesla/Silicon Ranch, managing director at NextPower Capital, and founder/CFO at Orka Finance.
Alex Melehy
Head of Product & Engineering
Previously founded and sold a legal-tech company to a PE-backed legal practice management platform. Product leader and engineer by training.
Denis Cook
Director, Business Development & Research
Entrepreneur with 15-year background in technology, finance, and environmental consulting. Former co-founder of machine vision focused technology company. Former VP at J.P. Morgan.
Danny Robinson
Senior Software Engineer
Full stack engineer with 12 years of software delivery experience. Previously scaled technical teams at rapidly growing companies in the energy trading analytics and fintech industry.
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Connor Danik
Associate, Transactions & Finance
Previously a manager in PwC’s Deals Valuation practice specializing in the power, utilities and renewables sectors. Focused on financial reporting and tax valuation engagements as well as supporting audit reviews.
Insights
Reunion’s Insights and Industry News
Latest news and insights
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Webinar: Reunion and Keith Martin of Norton Rose Fulbright Review Tax Credit Pricing and Market Trends
Keith Martin joins Reunion co-founders Billy Lee and Andy Moon to discuss market observations, risks, and emerging opportunities in the rapidly growing tax credit transfer market.
Tax Notes: Due Diligence and How to Prepare for Tax Credit Transfer Audits
Participants in the initial wave of tax credit transfer transactions filed their returns reflecting those deals on October 15, marking another milestone for the Inflation Reduction Act’s experiment in tax credit transfers. At least for some credit buyers, the tax system is inching closer to the inevitable: audits.
Reunion Accelerates Investment Into Clean Energy
Reunion’s team has been at the forefront of clean energy financing for the last twenty years. We help CFOs and corporate tax teams purchase clean energy tax credits through a detailed and comprehensive transaction process.
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