Anaergia has formally entered into a definitive agreement for the sale of $15.6 million worth of Inflation Reduction Act (IRA) investment tax credits. These credits were generated by Anaergia's subsidiary, Rhode Island Bioenergy Facility Holdco, through qualified biogas property in Johnston, Rhode Island.
The investment tax credits transaction, referred to as the ITC Transaction, is expected to conclude by January 29, 2024, pending the fulfillment of certain customary conditions.
The proceeds from the sale will be allocated towards transaction fees, asset-level working capital, debt reserves, and limited distributions to Rhode Island Bioenergy Facility Holdco members, as indicated by Anaergia.
To facilitate the transaction, RIBH is being advised by Akin Gump Strauss Hauer & Feld LLP and Virentis Advisors, LLC. The agreement reflects Anaergia's strategic approach to leveraging investment tax credits generated by its renewable energy projects
