Aspen Power monetises ITC credits from two-state PV portfolio

US distributed generation platform Aspen Power on Thursday said it has closed the transfer of investment tax credits (ITCs) associated with a portfolio of five solar photovoltaic (PV) projects in California and New York.

The transaction is Aspen Power’s first solar ITC transfer deal, providing it with immediate cash flow that it can reinvest into new renewable energy projects. The ITCs generated by the PV assets were sold to private investor Dan Kalafatas for an undisclosed amount.

“This ITC transfer deal is a pivotal milestone for Aspen Power, underscoring our ability to navigate the evolving complexities of solar finance. By leveraging this innovative structure, we not only fortify our existing portfolio but also unlock new pathways for future growth and strategic development,” said Bill DeLong, CFO of Aspen Power.

The portfolio related to the deal includes 2023 and 2024 solar projects. The names of those schemes and additional details were not available.

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