Crux

Last year marked the first full year of transferability, and trends are starting to emerge regarding tax credit pricing, supply, and demand: ➡️ Pricing seasonality ➡️ Supply and demand shifts over the year to favor tax credit sellers ➡️ ITC price increases in line with rising demand ➡️ Convergence in PTC pricing Tax credit buyers may want to consider these trends as they plan their 2025 tax credit strategies — there could be benefits to acting earlier in the year. Learn more about the emerging trends: https://lnkd.in/gumUCpdZ

Heading to Super South next week? Look out for Abby Glackin talking about how clean energy developers can unlock financing!

As corporate taxpayers look to wrap up their 2024 taxes, many are looking for 2024 tax credits to offset their liability. We've heard some misconceptions around available 2024 credits — namely, that there must be something "wrong" with them if they haven't been purchased yet. That's simply not true. There are a number of reasons why credits would not be available until the start of the following tax year: ➡️ Certainty on credit year - A project that qualifies for the investment tax credit might have a placed-in-service date very close to year-end. The seller wants to wait to get certainty on the credit year. ➡️ Unplanned credits or adder - A project might generate excess credits or qualify for an adder that was not initially contemplated. ➡️ Tax liability - Like buyers, some sellers anticipate using the tax credits to satisfy their own tax liabilities. However, if tax liabilities are not sufficient to utilize all credits, the seller may seek to transfer them. ➡️ Delayed for higher pricing - The seller may have the financial wherewithal or other sources of capital to delay the credit sale and get higher pricing. Federal tax policy specifically provided for this by extending the date to pay for these credits until the extended due date of the seller and buyer's tax returns. And the data backs it up — 85% of listed investment tax credits and 70% of listed production tax credits on the Crux platform in Q1 2025 were posted in 2025, not 2024. Contact Crux to learn more about available tax credits: https://lnkd.in/gnZ_X-CQ

Lender matching for clean energy project financing is nuanced, to say the least. Each financing opportunity varies across a range of factors — including investment amount, sector, and risk profile — so lender matching must be based in a deep understanding of investment criteria and other requirements. Crux's Capital Markets team helped a solar module manufacturing company navigate these requirements to raise debt to finance construction of its new manufacturing facility. Leveraging their connectivity and market expertise, the Crux team helped the manufacturer turn around its debt raise and ultimately execute a multimillion-dollar term sheet with Legalist. https://lnkd.in/guK7c4DA

We're thrilled to welcome Elizabeth Zhou as Crux's new senior product designer. Elizabeth will play an instrumental role in ensuring that our leading platform adapts and improves to meet the needs of all market participants. When asked about her decision to join Crux, Elizabeth said, "As a designer, I’ve always been driven by the opportunity to solve real problems for real users, with the end goal of creating meaningful, tangible impact. I couldn’t be more excited to join Crux in building a more sustainable and vibrant future!" We couldn't be more excited, either, Elizabeth!

Lender matching for clean energy project financing is nuanced, to say the least. Each financing opportunity varies across a range of factors — including investment amount, sector, and risk profile — so lender matching must be based in a deep understanding of investment criteria and other requirements. Crux's Capital Markets team helped a solar module manufacturing company navigate these requirements to raise debt to finance construction of its new manufacturing facility. Leveraging their connectivity and market expertise, the Crux team helped the manufacturer turn around its debt raise and ultimately execute a multimillion-dollar term sheet with Legalist. https://lnkd.in/guK7c4DA

Reminder: Save your seat tomorrow for a live discussion on domestic content compliance featuring experts from SolarEdge Technologies, Enstall, Novogradac & Company LLP, and Crux's own Bronwyn Sastry, CPA. The panelists will discuss: ➡️ How developers can navigate changing guidance and lengthy sales cycles to ensure domestic content compliance. ➡️ New pathways to claim valuable tax incentives. ➡️ Deep dives into IRS Notices 2024-41 and 2025-08. Register now: https://lnkd.in/g5CMEsPf

Looking forward to discussing the domestic content adder with such a great panel! Join us on April 1: https://lnkd.in/g5CMEsPf

Last week, 16 members of the Crux team attended Infocast Solar + Wind Finance & Investment in Phoenix. A few highlights: 🤝 300+ meetings with developers, manufacturers, advisors, law firms, and more ️☕️ 250+ coffees, lattes, and espressos served through Coffee with Crux 🍹 100+ attendees at our happy hour with American Clean Power Association (ACP) 📊 45 minutes of the latest data during our CEO Alfred Johnson's panel: “How New Tax Equity & Tax Credit Structures Affect Lending & Downstream Financing” Next month, our team will be attending: - S&P Global Power Markets in Vegas - Super South in Atlanta - Climate Week in SF - ACP Cleanpower on the Hill in DC - NPM US (New Project Media) US Development & Finance Forum in NYC Hope to see you there!

The Internal Revenue Service just opened the pre-filing registration portal for 2025 credits. This is an essential step in every transferable tax credit deal. Crux partnered with clean energy tax experts at Vinson & Elkins to put together a how-to guide for accessing and navigating the IRS' pre-filing registration portal. Get expert insights on: ✅ How to access the pre-filing registration portal ✅ How to prepare the transfer election statement ✅ Other required tax forms and filings ✅ Answers to frequently asked questions https://lnkd.in/gctrBTwc