$60 Million Tax Credit Transfer Completed for Energy Vault’s 275MWh California BESS Project Under Inflation Reduction Act

US$60 million tax credit transfer has been completed for W Power, Wellhead & Energy Vault’s 275MWh California BESS project. The Stanton project, which entered commercial operation earlier this month, was deployed by Energy Vault, a company known for its gravity-based energy storage tech. The transferability mechanism, introduced as part of the Inflation Reduction Act, allows for easier purchases and sales of tax credits for clean energy projects. Basis Climate did not reveal the buyer of the investment tax credit (ITC) for the Stanton project. It is currently working on executing more transactions by the end of 2023 and actively marketing tax credits from 2024-2025.