A New York-based developer, proprietor, and operator of battery vitality storage methods (BESS) mentioned it has begun business operation of two 100-MW initiatives in Texas. Albany-headquartered Key Seize Vitality on Jan. 7 additionally introduced the switch of the funding tax credit (ITCs) for each initiatives to a 3rd occasion.
The corporate on Tuesday mentioned the deal marks KCE’s second ITC switch transaction beneath the Inflation Discount Act (IRA) and brings its battery vitality storage working fleet to greater than 600 MW throughout the U.S.
“Key Seize Vitality continues to guide the business, and this second ITC switch is a crucial milestone for the corporate,” mentioned Brian Hayes, Key Seize Vitality’s CEO. “By collaborating with our utility companions and leveraging monetary instruments just like the ITC, we’re trying ahead to bringing extra battery vitality storage on-line to assist a dependable and resilient electrical grid in markets nationwide.”
The 2 new standalone initiatives function inside the Electrical Reliability Council of Texas (ERCOT) market, serving to to stability excessive ranges of intermittent vitality in Texas and mitigate grid fluctuations, notably throughout peak demand durations. Positioned in Denton and Grimes counties, each initiatives certified for the ten% Vitality Group Tax Credit score bonus obtainable beneath the IRA.
The ITC transfers will allow KCE to put money into its growth portfolio throughout the nation. KCE is likely one of the most skilled battery vitality storage operators within the ITC switch market, having accomplished its first transaction in December 2023.
CRC-IB served because the monetary advisor to KCE and KCE was represented by Clifford Probability US LLP. TReK served because the monetary advisor to the client and the client was represented by Akin LLP.
—POWER edited this content material, which was contributed by Key Seize Vitality.
