Lightshift Power, a developer, proprietor, and operator of vitality storage tasks, 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 vitality storage (BESS) tasks in Massachusetts.
The tasks vary from 9,000 kWh to 22,000 kWh. The techniques are designed to cost in periods of low vitality demand, and discharge throughout higher-cost peak demand durations. By means of this peak-shaving technique, the tasks allow important vitality financial savings for communities throughout Massachusetts, whereas additionally strengthening grid resiliency and serving to the state meet its renewable vitality 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 crew, now we have been capable of monetize our ITC, giving us the monetary functionality to ship high-impact vitality storage tasks.”
In whole, Lightshift plans to assemble as much as 50 MW of storage throughout Massachusetts Municipal Wholesale Electrical Firm (MMWEC) member utilities which might be anticipated to offer greater than $200 million in vitality financial savings to communities. Lightshift, based in 2019, is creating a various, multi-gigawatt pipeline of vitality storage tasks throughout the U.S.
Using AI to Improve Efficacy and Effectivity of Diligence
The tax credit generated by these 4 tasks had been topic to prevailing wage and apprenticeship (PWA) necessities. To assist evaluate of those, Foundation partnered with Dili, an AI-powered normal diligence resolution, to confirm technical wage compliance below the Inflation Discount Act.
“A transparent due diligence course of is prime to a profitable tax credit score switch,” mentioned Foundation CEO Erik Underwood. “Along with our strong diligence the place we evaluate a credit score’s qualification and make sure its worth, we teamed up with Dili to do an in-depth PWA compliance evaluation and supplied our purchaser with an added layer of safety that provides them the boldness they should transact, which in flip enabled a clean and speedy tax credit score sale for Lighshift.”
Foundation Local weather, headquartered in Brooklyn, New York, has accomplished lots of of tens of millions of {dollars} of tax credit score transfers, starting from $355,000 to $100 million, and operating the gamut of fresh vitality tasks. The corporate is concentrated on making certain 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 Power and Foundation Local weather.
