Basis Climate Closes $4 Million Transfer of Clean Energy Tax Credits for Wellhead Electric

Basis Climate, a leading facilitator of clean energy tax credit transfers, announces the successful transfer of $4 million of investment tax credits generated by California-based Wellhead Electric, a developer of utility scale power generation and battery energy storage facilities. This marks Basis Climate's second tax credit transfer on behalf of Wellhead, demonstrating the company's ability to unlock critical financing for clean energy projects both large and small.

The transferred credits are from Wellhead Electric's installation of a 16MWh storage asset in Fresno, California.  The battery system was electronically integrated with an existing LM6000 gas turbine using Wellhead’s patented EGT® technology.  The Fresno project is the 6th battery-gas turbine EGT hybrid that Wellhead has completed in California and Canada.  The EGT hybrid technology has been demonstrated to reduce CO2 emissions by up to 95% compared to emissions from conventional LM6000 operations.

By engaging with Basis Climate for their second transaction in six months, Wellhead gained access to the financial value of their tax credits, allowing them to reinvest in further clean energy initiatives and expand their service offerings. The buyer was able to efficiently transact on high-quality tax credits using the Basis platform, supporting their tax strategy and clean energy investment. 

Hal Dittmer, CEO of Wellhead Electric: "Partnering with Basis Climate on a second transaction was a seamless and efficient process. They helped us monetize our tax credits quickly and easily, freeing up valuable resources to focus on growing our business and expanding our clean energy solutions. We're proud to play a role in advancing the clean energy transition, and appreciate Basis Climate's expertise in making tax credit transfers a reality."

Erik Underwood, CEO of Basis Climate: "This successful transaction showcases our value of work to our clients: We're thrilled to have facilitated a second transaction with Wellhead within six months. We look forward to supporting our clients and the deployment of clean energy projects that qualify for federal tax credits under the Inflation Reduction Act."

About Basis Climate
Basis Climate is a leading facilitator of clean energy tax credit transfers, providing a seamless and efficient platform for businesses and individuals to monetize their tax credits generated from renewable energy projects. The company's mission is to unlock the full potential of clean energy tax credits by connecting credit generators with motivated buyers, ultimately accelerating the transition to a clean and sustainable future.
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