Lightshift Vitality, Foundation Local weather Full Sale of ITCs for BESS Initiatives

Lightshift Vitality, a developer, proprietor, and operator of power storage initiatives, has partnered with Foundation Local weather to finish the sale of almost $10 million of funding tax credit (ITCs) tied to 4 utility-scale battery power storage (BESS) initiatives in Massachusetts. The initiatives vary from 9,000 kWh to 22,000 kWh. The methods are designed to cost during times of low power demand, and discharge throughout higher-cost peak demand intervals. Via this peak-shaving technique, the initiatives allow important power financial savings for communities throughout Massachusetts, whereas additionally strengthening grid resiliency and serving to the state meet its renewable power objectives. “With a dedication to bringing the advantages of battery storage to communities throughout the U.S., it’s crucial that we safe the mandatory financing to scale deployment,” mentioned Lightshift CFO Ryan Miamis, whose firm is headquartered in Arlington, Virginia. “By working with trusted companions like Foundation and our expert Lightshift staff, we’ve got been in a position to monetize our ITC, giving us the monetary functionality to ship high-impact power storage initiatives.” In whole, Lightshift plans to assemble as much as 50 MW of storage throughout Massachusetts Municipal Wholesale Electrical Firm (MMWEC) member utilities which can be anticipated to supply greater than $200 million in power financial savings to communities. Lightshift, based in 2019, is creating a various, multi-gigawatt pipeline of power storage initiatives throughout the U.S.

The tax credit generated by these 4 initiatives had been topic to prevailing wage and apprenticeship (PWA) necessities. To help evaluation of those, Foundation partnered with Dili, an AI-powered common diligence answer, to confirm technical wage compliance underneath the Inflation Discount Act. “A transparent due diligence course of is key to a profitable tax credit score switch,” mentioned Foundation CEO Erik Underwood. “Along with our sturdy diligence the place we evaluation a credit score’s qualification and make sure its worth, we teamed up with Dili to do an in-depth PWA compliance evaluation and offered our purchaser with an added layer of safety that provides them the arrogance they should transact, which in flip enabled a easy and speedy tax credit score sale for Lighshift.” Foundation Local weather, headquartered in Brooklyn, New York, has accomplished a whole bunch of hundreds of thousands of {dollars} of tax credit score transfers, starting from $355,000 to $100 million, and working the gamut of fresh power initiatives. The corporate is concentrated on guaranteeing a clear, simplified and clear course of for each patrons and sellers. —POWER edited this content material, which was contributed by the media relations teams for Lightshift Vitality and Foundation Local weather.