Basis Climate Closes $60 Million Transfer of Clean Energy Tax Credits From W Power and Wellhead Electric
Basis Climate, a leading digital marketplace for transferable renewable energy tax credits, today announced the closing of a $60 million transfer of investment tax credits from California-based independent power producer W Power, LLC (W Power) and Wellhead Electric Company (Wellhead), for their utility-scale Stanton Battery Energy Storage Project.
- Basis Climate, a leading digital marketplace for transferable renewable energy tax credits, today announced the closing of a $60 million transfer of investment tax credits from California-based independent power producer W Power, LLC (W Power) and Wellhead Electric Company (Wellhead), for their utility-scale Stanton Battery Energy Storage Project.
- The transaction, which came just weeks after Basis supported a $100 million tax credit transfer by U.S. wind energy producer Avangrid Renewables, provides further evidence of Basis’ ability to efficiently match buyers and sellers of clean energy tax credits.
- Basis is currently working on executing more transactions by the end of the year, and actively marketing tax credits for 2024-2025 tax years as well.
- Basis expects the annual transfer volume of clean energy tax credits to grow to over $60 billion by the end of the decade, and is on track to being a significant player in this growing segment.