Lightshift Energy, a developer, owner, and operator of energy storage projects, has partnered with Basis Climate to complete the sale of nearly $10 million of investment tax credits (ITCs) tied to four utility-scale battery energy storage (BESS) projects in Massachusetts. The projects range from 9,000 kWh to 22,000 kWh. The 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 renewable energy goals. “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,” said Lightshift CFO Ryan Miamis, whose company is headquartered in Arlington, Virginia. “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 (MMWEC) member utilities that are expected to provide more than $200 million in energy savings to communities. Lightshift, founded in 2019, is developing a diverse, multi-gigawatt pipeline of energy storage projects across the U.S.
The tax credits generated by these four projects were subject to prevailing wage and apprenticeship (PWA) 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. “A clear due diligence process is fundamental to a successful tax credit transfer,” said Basis CEO Erik Underwood. “In addition to our robust diligence where we review a credit’s qualification and confirm its value, we teamed up with Dili to do an in-depth PWA compliance analysis and provided our buyer with an added layer of security that gives them the confidence they need to transact, which in turn enabled a smooth and speedy tax credit sale for Lighshift.” Basis Climate, headquartered in Brooklyn, New York, has completed hundreds of millions of dollars of tax credit transfers, ranging from $355,000 to $100 million, and running the gamut of clean energy projects. The company is focused on ensuring a transparent, simplified and clear process for both buyers and sellers. —POWER edited this content, which was contributed by the media relations groups for Lightshift Energy and Basis Climate.
