Impact Finance furthers renewable energy efforts through tax credit transfers

January 11, 2024
Impact Finance closed transactions spanning multiple asset classes including utility scale solar and wind, residential solar, community solar and stand-alone battery storage.

Syndications and environmental finance teams closed 10 transfer deals in 2023 

The U.S. Bancorp Impact Finance syndications and environmental finance teams drove business forward in 2023 and furthered renewable energy efforts. The teams tapped into provisions in the Inflation Reduction Act of 2022 to collaborate with various renewable energy sponsor partners and tax credit purchasers to originate, structure, underwrite and close on both project financing and tax credit transfers.

“We closed 10 transfer deals in 2023 with five Fortune 1000 companies,” said U.S. Bancorp Impact Finance Chairman & CEO Zack Boyers. “Our best-in-class syndications and environmental finance teams worked hard to bring these deals to fruition, which extend our commitments to sustainability and the environment and provide a new, streamlined method through which clients can reduce their tax liabilities while also investing in the renewable energy market. It’s a win-win for everyone.”

While Impact Finance has been syndicating tax equity in the renewable energy space since 2014, with the introduction of transferability, the ever-growing industry has changed. The portfolio of 2023 closed transactions spanned multiple asset classes including utility scale solar and wind, residential solar, community solar and stand-alone battery storage. 

“These closings are only the beginning and pave the way to greatly expand the market by leveraging our existing tax equity platform to bring additional capital to renewable energy infrastructure projects in 2024 and beyond, reflecting the depth and breadth of our capabilities as both a principal investor and syndicator in sustainable finance and the environmental finance sector,” added Darren Van’t Hof, Impact Finance’s managing director of environmental finance.  

Impact Finance, a subsidiary of U.S. Bank, is focused on providing financial solutions that help create positive impact for communities and the environment. Van’t Hof and colleague Bill Bayer, managing director of tax credit syndications and state tax clearinghouse, look to 2024 with anticipation: “As the renewable energy tax credit industry continues to grow at rapid pace, we expect to continue to be a key leader in this area, driving industry growth via new transferability products,” said Bayer.

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