Lightshift Energy, an energy storage project developer, owner and operator, has partnered with Basis Climate to complete the sale of nearly $10 million of investment tax credits.
The tax credits are tied to four utility-scale battery energy storage projects in Massachusetts ranging from 9,000 to 22,000 kilowatt hours.
These systems are designed to charge during periods of low energy demand, and discharge during higher-cost peak demand periods. "Through this peak shaving method, the projects enable significant energy savings for communities across Massachusetts, while also strengthening grid resiliency and helping the state meet its ambitious renewable energy goals," Basis Climate said.
“With a commitment to bringing the benefits of battery storage to communities across the U.S., it is critical that we secure the necessary financing to scale deployment,” explains Lightshift CFO Ryan Miamis. “By working with trusted partners like Basis and our skilled Lightshift team, we have been able to monetize our ITC, giving us the financial capability to deliver high-impact energy storage projects.”
In total, Lightshift plans to construct up to 50 MW of storage across Massachusetts Municipal Wholesale Electric Company member utilities that are expected to provide more than $200 million in energy savings to communities.
The tax credits generated by these four projects were subject to prevailing wage and apprenticeship requirements. To support review of these, Basis partnered with Dili, an AI-powered general diligence solution, to verify technical wage compliance under the Inflation Reduction Act.
Basis Climate has completed hundreds of millions of dollars of tax credit transfers and running the gamut of clean energy projects.
Lightshift Energy is a utility-scale energy storage project developer, owner and operator headquartered in Arlington, Virginia.