Foss and Co. launches new Renewable Energy Partners fund
Foss and Company, an institutional investment management firm that has provided over $5bn in cash equity, has announced the launch of its new Foss Renewable Energy Partners fund, moving into the renewable energy market for the first time.
With plans to deploy $300mn in renewable energy projects by the end of 2018, the platform is aimed at providing quick access to tax credits for investors and equity capital for developers in the renewable energy market.
“Currently, many renewable energy and solar developers are having a difficult time finding tax credit equity financing and many large corporations don’t understand the positive impact such investments can have on their tax liability, earnings and environmental sustainability,” said Stephen Tracy, a partner with Novogradac and Co. LLP, a firm that has worked with Foss and Co. for over 30 years.
“Through the creation of this renewable energy financing platform, Foss & Company is looking to provide an efficient source of equity capital for developers and ample investment opportunities for corporate investors.”
Foss and Co.’s dedicated branch, Foss Renewable Energy Partners LLC will optimise the investment process for developers by organising the finance behind solar projects, both industrial and commercial, via its new platform, TaxEquity.com.
“The goal of Foss Renewable Energy Partners, LLC, and TaxEquity.com is to create an opportunity for institutional investors and large corporations to gain access to more quality renewable energy projects,” said George Barry, President, Foss & Company.
“As the asset manager, Foss Renewable Energy Partners underwrites the projects and takes them through the closing process in an efficient manner.”
“Most organizations don’t have the deep industry expertise to target, vet and structure such investments. Our new fund and TaxEquity.com solves this problem by allowing more investor capital to flow to quality energy projects.”
The move see’s Foss and Co. step outside its usual area of specialisation, largely having focused on affordable housing credit to date.
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.