JUNE 6, 2024

Basis Climate closes $600K transfer of clean energy tax credits— our smallest transaction yet.

Deal leveraged efficient matchmaking as well as a standardized diligence and documentation framework led by Basis Climate

NEW YORK, June 6th, 2024—Basis Climate, a leading digital marketplace for transferable renewable energy tax credits, today announced the closing of a $600K transfer of investment tax credits from WeWould Solar, a subsidiary of Stadlen Family Holdings sold to Creditable Capital, a private market investment group focused on acquiring clean energy tax credits from lower to middle market commercial projects. The transferred credits are from WeWould Solar’s 1.2MW behind-the-meter solar project outside Gainesville, Florida.

The transaction represents a milestone in Basis Climate’s ability to efficiently transfer tax credits at smaller and smaller deal sizes. Historically, tax credit monetization took place through tax equity investments, many of which required deal sizes above $10 million. 

Erik Underwood, CEO of Basis Climate noted: “We started our business because we firmly believe that clean energy tax credits of all sizes need to find ways to transact efficiently in the transfer market. The Inflation Reduction Act will not provide its true impact unless the entire market has access to the universe of project finance solutions.”

Joseph Stadlen, Legacy Steward of Stadlen Family Holdings notes “We are excited about providing clean energy solutions to our real estate portfolio. We were supported by the Basis Climate team in navigating the transaction process, as well as the IRS pre-filing registration portal. Simplified diligence, standardized documentation, and a transparent and customer-oriented approach made this deal get to the finish line.”

Adam Stern, Founding Partner of Creditable Capital, noted “The Basis Climate team was fantastic. After exploring several opportunities on the platform, we were excited to work with the team on this C&I single solar asset. We look forward to continuing our relationship with Basis Climate and providing our investors with additional tax credit transfer opportunities.”

About Tax Credit Transfers
A novel provision of the 2022 Inflation Reduction Act (IRA) created a market for clean energy tax credits by allowing for their one-time transfer to other federal tax-paying entities – thereby making it easier for developers to raise the capital they need to finance their projects. Basis expects the annual transfer volume of clean energy tax credits to grow from $3-5 billion in 2023 to over $100 billion by the end of the decade.

About Basis Climate
Basis Climate is building the world’s leading digital exchange for clean energy tax credits. By establishing a streamlined diligence and appraisal platform, Basis allows both buyers and sellers to transact with confidence. Basis is democratizing the energy transition by empowering utility-scale actors and smaller developers alike to access and leverage the growing market for clean energy tax credits. To learn more, visit www.buildwithbasis.com

About WeWould Solar
WeWould Solar is part of WeWould REIT, an industry and geographically focused commercial real estate portfolio, a subsidiary of Stadlen Family Holdings, LLC. 

About Creditable Capital
Creditable Capital was formed by industry and investment experts, Adam Stern and William Luterman, to specialize in acquiring transferrable clean energy tax credits from smaller commercial projects.  Creditable Capital has deep domain expertise in institutional asset management, specialty finance, clean energy and investment fund management.  
Stay in the loop with our newsletter featuring pricing updates and latest industry news
Thank you!
Oops! Something went wrong while submitting the form.