Empowering The Renewable Energy Economy

§45: Major wind and solar transaction between two publicly traded companies

Reunion quickly curated a large PTC portfolio exempt from prevailing wage requirements for a Fortune 500 corporation, identified a single seller within two weeks, and ensured the portfolio was "audit-ready.”

Wind (Onshore)

Solar (Utility)

Credit type

§45 PTC

Amount

$200M

Buyer

Publicly traded Fortune 500 corporation

Annual tax liability:

$100M-$500M

Fortune 500

Publicly traded

Seller

Diversified energy and power company

Assets deployed:

1GW+

Fortune 500

Publicly traded

§45X: Two large 45X transactions between publicly traded corporations

Reunion served as a trusted advisor and facilitator throughout the transaction lifecycle and played a key role in spearheading the technical and commercial due diligence process.

Advanced manufacturing

Credit type

§45X

Amount

$870M

Buyer

Publicly traded Fortune 500 corporation

Annual tax liability:

$1B+

Fortune 500

Publicly traded

Seller

First Solar, Inc.

Assets deployed:

Fortune 500

Publicly traded

§48: Community solar portfolio, which included low-income bonus credit adders

Reunion facilitated the sale of ITCs from a portfolio of community solar projects in Virginia, which included energy community and low-income bonus credit adders.

Solar (Community)

Credit type

§48 ITC

Amount

$40M

Buyer

Privately held real estate firm

Annual tax liability:

Fortune 500

Publicly traded

Seller

Summit Ridge Energy

Assets deployed:

500MW-1GW

Fortune 500

Publicly traded

§48, §30C: Portfolio of onsite solar, storage and EV charging

Reunion efficiently structured this transaction, which involved the transfer of credits from three different technologies and two different credit types across many discrete projects.

Solar (C&I)

Battery storage

EV Charging Infrastructure

Credit type

§48 ITC, §30C ITC

Amount

Undisclosed

Buyer

Publicly traded energy company

Annual tax liability:

$100M-$500M

Fortune 500

Publicly traded

Seller

Large, diversified publicly traded company

Assets deployed:

500MW-1GW

Fortune 500

Publicly traded

§45X: One of the largest advanced manufacturing production tax credit transactions

Reunion facilitated the purchase of a very large §45X transaction by supporting the purchaser on commercial negotiations and due diligence. We were able to achieve an efficient transaction - less than 40 days from start to finish.

Advanced manufacturing

Credit type

§45X AMPC

Amount

Undisclosed

Buyer

Publicly traded Fortune 500 corporation

Annual tax liability:

$1B+

Fortune 500

Publicly traded

Seller

Large multi-national equipment manufacturer

Assets deployed:

Fortune 500

Publicly traded

§48: One of the first transfers involving a portfolio of commercial rooftop solar

A major promise of tax credit transfers is to enable clean energy projects that might lack the scale to attract traditional tax equity, such as solar on commercial rooftops.

Solar (C&I)

Credit type

§48 ITC

Amount

Undisclosed

Buyer

Advanced Power

Annual tax liability:

Fortune 500

Publicly traded

Seller

Publicly traded corporation

Assets deployed:

500MW-1GW

Fortune 500

Publicly traded

§45X: Highly competitive transaction that went into term sheet in less than 3 days

Reunion had a Fortune 500 looking for 2023 tax year credits. We identified a project, and it went under term sheet in <3 days and closed 2 weeks later. One of our fastest deals from identification to close.

Advanced manufacturing

Credit type

§45X AMPC

Amount

Undisclosed

Buyer

Publicly traded Fortune 500 corporation

Annual tax liability:

$100M-$500M

Fortune 500

Publicly traded

Seller

Undisclosed

Assets deployed:

Fortune 500

Publicly traded

§48: Co-located battery storage project

Reunion facilitated one of the first transfer transactions where a storage facility was added to an existing renewable energy project.

Battery storage

Credit type

§48 ITC

Amount

Undisclosed

Buyer

Publicly traded agricultural company

Annual tax liability:

$10M-$50M

Fortune 500

Publicly traded

Seller

Global diversified retail and energy conglomerate

Assets deployed:

Fortune 500

Publicly traded

§45: PTCs from a wind repower in the Midwest

Single-year PTC transfer from a wind project that was recently repowered.

Wind (Onshore)

Credit type

§45 PTC

Amount

Undisclosed

Buyer

Large global producer of consumer products

Annual tax liability:

Fortune 500

Publicly traded

Seller

A family-owned ESG investment firm

Assets deployed:

100MW-500MW

Fortune 500

Publicly traded

§45: PTCs from a portfolio of operating wind projects

Reunion introduced buyer and seller and provided in-depth due diligence and transactional support. Payment for credits was scheduled over multiple closing dates.

Wind (Onshore)

Credit type

§45 PTC

Amount

Undisclosed

Buyer

Publicly traded insurance company

Annual tax liability:

$100M-$500M

Fortune 500

Publicly traded

Seller

Diversified multinational company

Assets deployed:

1GW+

Fortune 500

Publicly traded

§48: Fuel cell tax credits from a tax equity investor

Innovative fuel cell transaction sold out of a tax equity partnership, which included domestic content adders and compliance with prevailing wage requirements (with full wrap insurance).

Fuel cell

Credit type

§48 ITC

Amount

Undisclosed

Buyer

Family owned manufacturing and distribution company

Annual tax liability:

Fortune 500

Publicly traded

Seller

Publicly traded financial institution

Assets deployed:

Fortune 500

Publicly traded

§45: Biomass PTC project

One of the first transactions to monetize PTCs from biomass operations.

Biomass

Credit type

§45 PTC

Amount

Undisclosed

Buyer

Boutique tax credit investor

Annual tax liability:

Fortune 500

Publicly traded

Seller

Privately-held biomass operator

Assets deployed:

100MW-500MW

Fortune 500

Publicly traded

§45X: Sale of insured AMPC credits completed in 2 weeks

The tax credit seller approached Reunion to help identify a buyer that was transaction ready and had high certainty of execution. We completed due diligence, bound tax credit insurance, and executed a purchase agreement in 14 days.

Advanced manufacturing

Credit type

§45X AMPC

Amount

Undisclosed

Buyer

Private management consulting company

Annual tax liability:

Fortune 500

Publicly traded

Seller

Undisclosed

Assets deployed:

Fortune 500

Publicly traded

§48: Portfolio of small utility-scale solar projects

Reunion worked with a regional developer to transact on a portfolio of small utility-scale solar projects with a first-time tax credit buyer.

Solar (Utility)

Credit type

§48 ITC

Amount

Undisclosed

Buyer

Privately-held equipment manufacturer and international supplier

Annual tax liability:

Fortune 500

Publicly traded

Seller

Regional solar developer

Assets deployed:

100MW-500MW

Fortune 500

Publicly traded

§48: ITCs from a U.S. territory

Transfer of credits from a small utility-scale project located in a U.S. territory with creative structuring to mitigate lender foreclosure risk without a traditional forbearance agreement.

Solar (Utility)

Credit type

§48 ITC

Amount

Undisclosed

Buyer

Privately-held equipment manufacturer and international supplier

Annual tax liability:

Fortune 500

Publicly traded

Seller

Renewable energy developer serving the Caribbean and Latam

Assets deployed:

50MW-100MW

Fortune 500

Publicly traded

§45X: Large advanced manufacturing transfer with two types of eligible components

Reunion supported commercial negotiations and due diligence, including site visits to manufacturing facilities and technical review of §45X components.

Advanced manufacturing

Credit type

§45X AMPC

Amount

Undisclosed

Buyer

Fortune 500 corporation

Annual tax liability:

$1B+

Fortune 500

Publicly traded

Seller

Multinational manufacturing company

Assets deployed:

Fortune 500

Publicly traded

§45: Multi-year sale of PTCs from an operating wind farm

Reunion arranged the sale of PTCs from an operating wind farm owned by an international company.

Wind (Onshore)

Credit type

§45 PTC

Amount

Undisclosed

Buyer

Publicly traded insurance company

Annual tax liability:

$100M-$500M

Fortune 500

Publicly traded

Seller

Multinational renewable energy company

Assets deployed:

1GW+

Fortune 500

Publicly traded

§45X: Third successful transaction with eligible component manufacturer

This transaction represented the third sale of credits from this seller, each to a different buyer.

Advanced manufacturing

Credit type

§45X AMPC

Amount

Undisclosed

Buyer

Publicly traded Fortune 500 transportation company

Annual tax liability:

$100M-$500M

Fortune 500

Publicly traded

Seller

Undisclosed

Assets deployed:

Fortune 500

Publicly traded

§45: Two successful PTC transfers from Midwest wind repower

PTC transfers for a recently repowered onshore wind project in the Midwest. Reunion facilitated two successful transactions between buyer and seller.

Wind (Onshore)

Credit type

§45 PTC

Amount

Undisclosed

Buyer

Large global producer of consumer products

Annual tax liability:

Fortune 500

Publicly traded

Seller

A family-owned ESG investment firm

Assets deployed:

100MW-500MW

Fortune 500

Publicly traded

§45: PTCs from a leading renewable energy developer

Reunion facilitated the sale of PTCs from an operating wind farm owned by a publicly traded renewable energy developer.

Wind (Onshore)

Credit type

§45 PTC

Amount

Undisclosed

Buyer

Private management consulting company

Annual tax liability:

Fortune 500

Publicly traded

Seller

Publicly traded renewable energy developer

Assets deployed:

1GW+

Fortune 500

Publicly traded

§48: ITCs from a co-located battery storage project, which included an energy community adder and subject to PWA requirements

Reunion facilitated the sale of ITCs from a co-located battery storage facility, which was added to an existing gas generation facility.

Battery storage

Credit type

§48 ITC

Amount

Undisclosed

Buyer

Regional bank

Annual tax liability:

Fortune 500

Publicly traded

Seller

Independent power generator of wind, solar, and gas projects across the US.

Assets deployed:

1GW+

Fortune 500

Publicly traded

§48: Solar ITC, which included a domestic content adder

Reunion supported commercial negotiations and due diligence for a utility-scale solar transaction sold out of a tax equity partnership, which included a domestic content adder.

Solar (Utility)

Credit type

§48 ITC

Amount

Undisclosed

Buyer

Publicly traded Fortune 500 healthcare company

Annual tax liability:

$100M-$500M

Fortune 500

Publicly traded

Seller

Large renewable energy developer and operator

Assets deployed:

1GW+

Fortune 500

Publicly traded