US energy storage firm Key Capture Energy LLC has successfully sold the investment tax credits (ITCs) for 120 MW of battery energy storage system (BESS) projects located in New York and Texas. The transaction involved the transfer of ITCs for three projects to impact investment firm Enhanced Capital, providing Key Capture Energy with “immediate monetization” opportunities, as announced on Thursday.
The divestment included ITCs for two operational projects in Williamson County, Texas, with a combined capacity of 100 MW—KCE TX 19 and KCE TX 21. Additionally, the 20-MW KCE NY 6 project in Erie County, New York, was part of the historic transaction.
John Bresnahan, Chief Financial Officer of Key Capture Energy, described the event as a “historic first” for the company, emphasizing that the move enables immediate and future investments in the firm's portfolio while supporting growth in various markets across the country.
Headquartered in Albany, New York, Key Capture Energy is a subsidiary of South Korea's SK E&S. The company presently owns 623 MW of standalone energy storage capacity, including projects under construction and operation.
Furthermore, it has a robust development pipeline, with an additional 9 GW of projects across the United States. The sale of ITCs aligns with Key Capture Energy's strategic initiatives and highlights its role in advancing energy storage solutions in the evolving clean energy landscape.
