US climate initiative used to bag wind power deal
Three companies led by Invenergy have purchased American Electric Power’s 1.37GW renewable energy portfolio for USD 1.5bn.
The three companies have made use of the US climate initiative Inflation Reduction Act (IRA), which will boost the country’s green transition with billions of dollars in government subsidies, according to Recharge News.
Through the climate initiative, there has been a wind tax credit in connection with the deal, and this is the first time the option has been used.
”This represents the first-of-its-kind large-scale transfer transaction to close since the passage of the Inflation Reduction Act (IRA),” says Karen Fang, Global Head of Sustainable Finance at Bank of America.
The portfolio includes 14 projects in 11 states, spread across 1.2GW of wind and 165MW of solar.
(Translated using DeepL with additional editing by Simon Øst Vejbæk)
.jpg&w=384&q=75){kind=logo}
