A three-company partnership led by Invenergy has closed acquisition of American Electric Power’s 1.37GW unregulated, contracted renewables portfolio for $1.5bn, a transaction involving the first-of-its-kind wind tax credit transfer made possible by the 2022 US climate law.
Bank of America (BoA) purchased the production tax credits (PTCs) at a discount to their tax savings from Invenergy, a unit of Blackstone, and Caisse de dépôt et placement du Québec (CDPQ), which comprise a partnership called IRG Acquisition Holdings.
