US-based Alternus Clean Energy completed its first tax equity transaction, transferring $1.74 million worth of 2023 Investment Tax Credits (ITCs) under the Inflation Reduction Act (IRA). Alternus, through its subsidiary, has executed this transaction involving two Tennessee solar projects—Omohundro and White’s Creek. These projects supply energy to Metro Water Services in the region. The company claims that proceeds from the transaction were used to reduce senior debt linked to the projects, improving financial stability. As per Alternus, this debt reduction has contributed to deleveraging its consolidated balance sheet, enhancing overall equity. This strategic move helps Alternus optimize its financial health by capitalizing on IRA tax credits and clean energy investments.
IRA credits benefit Alternus Clean Energy strategy
The Omohundro and White’s Creek Solar Projects now provide sustainable energy for Metro Water Services’ Tennessee operations. (Image Source: Alternus Clean Energy)
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