Black Bear Energy and Evergrow Complete First Solar Tax Credit Transfer from REIT

Evergrow, a clean energy finance company, has successfully completed its first solar tax credit transfer from a real estate investment trust (REIT) in collaboration with Black Bear Energy. This groundbreaking deal covers multiple solar projects on multifamily assets in California and Washington, D.C., totaling 556 kW. The projects range in size from 66 kW to 195 kW, showcasing the potential for REITs to participate in renewable energy projects and monetize the investment tax credit.

This transaction marks a significant milestone in the renewable energy industry, as it demonstrates the demand for tax credits of smaller projects and the potential for increased returns for investors. By leveraging technology to create a modern platform for clean energy finance, Evergrow is paving the way for greater access to funding for REITs investing in solar systems of all sizes.

James Richards, CEO of Evergrow, expressed excitement about this innovative approach to tax credit financing, tailored to meet the unique needs of the commercial real estate sector. This collaboration between Black Bear Energy and Evergrow is not only driving improved returns for investors but also supporting sustainability objectives within the commercial real estate industry.

Overall, this successful solar tax credit transfer highlights the potential for REITs to play a significant role in accelerating the deployment of onsite renewables and transitioning towards a more sustainable economy.