EVENSOL LLC, a renewable energy project developer, has successfully closed a $34.5 million investment tax credit (ITC) transfer deal for its two North Carolina renewable natural gas (RNG) projects.
The transaction, facilitated by Monarch Private Capital, involved collaboration with Engineering Solutions (ESI) and Pacolet Milliken. Notably, the projects were able to qualify for the 10% ITC adder for domestic content under IRS Section 48.
“We’re proud to be among the first to close an ITC transfer deal for RNG projects,” said David Wentworth, CEO of EVENSOL. “The inclusion of the domestic content adder significantly boosted the value for investors and buyers.”
The two North Carolina RNG facilities, commissioned in 2023, convert landfill gas into renewable fuel, benefiting the environment and providing a valuable energy source for the state.
Bryan Didier, a partner at Monarch Private Capital, expressed enthusiasm about the project, stating, “It’s a great example of upcycling waste into clean fuel, aligning with an ‘all-of-the-above’ energy strategy.”
The RNG produced by these facilities is used to fuel commercial fleet vehicles. Each project is designed to produce up to 500,000 dekatherms of RNG annually, with current production nearing 1,000 dekatherms per day. At full capacity, the combined output is equivalent to the annual natural gas consumption of nearly 17,000 North Carolina homes.
EVENSOL, along with its investors and lenders, invested $110 million in the development and construction of these state-of-the-art RNG facilities. ESI, as the EPC provider, played a crucial role in qualifying for the ITC and the domestic content adder.
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