Publicly announced IRA tax credit transfer deals

Name: Investment Tax Credit and Production Tax Credit Transactions
Creator: Reunion
License: https://creativecommons.org/licenses/by/4.0/

Since the passage of the Inflation Reduction Act in 2022, clean energy tax credit transfers have accelerated across a variety of technologies, credits, and deal sizes. To track the evolution of the market, Reunion is maintaining a list of publicly announced transfers.

Denis Cook

Director, Business Development & Research

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Our data

Quarter: The quarter in which the deal closed. Occassionally, deals are announced in the quarter after which they closed.
Credit: The type of credit(s) involved in the transaction. Although most transactions involve a single credit type, like a §48 ITC, some deals involve multiple credits.
Technology: The clean energy technology, like commerical and industrial solar or battery storage, behind the transaction. Emerging technologies, like hydrogen, can meaningfully impact pricing.
Amount: A deal's amount represents the total, lifetime value of the transaction. When a range is provided – for instance, Broadwind's estimate of $12M to $14M per year – we use the lower bound.
Source: The primary source from which we collected transactions data. In some instances, we rely on multiple sources for the data we've presented.

We generally post announcements from tax credit sellers to prevent duplication of transactions.

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Publicly announced IRA clean energy tax credit transfer deals

Sortable Table

Quarter	Credit	Technology	Amount ($M)	Source
23 Q4	§48 ITC	Solar	Undisclosed	Advanced Power
23 Q4	§45 PTC	Utility solar	$300	Ashtrom
23 Q3	§45 PTC	Wind, utility solar	$580	Invenergy
23 Q3	§45 PTC	Wind	$100	Avangrid
23 Q4	§48 ITC	Rooftop solar	$1	Davis Hill
23 Q4	§48 ITC	Battery storage	$60	Energy Vault
23 Q4	§48 ITC, §45 PTC	Solar, battery storage	$191	Arevon
24 Q1	§45 PTC	Solar	$500	Vesper Energy
23 Q4	§45X AMPC	Advanced manufacturing	$24	Broadwind
23 Q3	§48 ITC	Biogas	$53	Aemetis
24 Q1	§45 PTC	Utility solar	Undisclosed	Matrix Renewables
24 Q1	§45Q PTC	Carbon capture	$9 (est.)	Capture Point
23 Q1	§45Q PTC	Carbon capture	$40	CVR Partners
24 Q1	§48 ITC	Battery storage	Undisclosed	Arevon
24 Q1	§48 ITC	Battery storage	Undisclosed	KCE
24 Q1	§48 ITC	Battery storage	Undisclosed	GridStor
24 Q1	§48 ITC	Biogas	$39	Virentis
23 Q4	§48 ITC	Biogas	$15	Anaergia
24 Q1	§45 PTC	Wind	$430	TransAlta
23 Q4	§45 PTC	Wind	$24	PGE
23 Q4	§48 ITC	Fuel cell	$7	Fuel Cell Energy
23 Q3	§48 ITC	Solar	$145	Sunnova
24 Q2	§45X AMPC	Advanced manufacturing	Undisclosed	Silfab Solar
24 Q3	§45X AMPC	Advanced manufacturing	$50	Heliene
24 Q3	§48 ITC	C&I solar	Undisclosed	Black Bear Energy
24 Q4	§48 ITC	C&I solar	$0.3	Navajo Power Home
24 Q4	§45X AMPC	Advanced manufacturing	$40	Navajo Power Home