April 8, 2024
5 min read

Publicly announced IRA tax credit transfer deals

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.

Our data

  • Quarter:  The quarter in which the deal closed. Occassionally, deals are announced in the quarter after which the deal 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.

Publicly announced IRA clean energy tax credit transfer deals

Sortable Table
Quarter Credit Technology Amount ($M) Source
23 Q4 §45X AMPC Advanced manufacturing $700 First Solar
23 Q4 §48 ITC C&I 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

Submit a transaction

If you know of a tax credit transfer that is not on our list, please contact us. We want to keep our list up-to-date.

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