Aspen Power, a distributed generation platform in the United States, announced the successful transfer of investment tax credits (ITCs) associated with a portfolio of five solar photovoltaic (PV) projects in California and New York.
This marks Aspen Power's inaugural solar ITC transfer, generating immediate cash flow for reinvestment into new renewable energy initiatives.
The ITCs from the PV assets were acquired by private investor Dan Kalafatas, although the financial terms of the deal were not disclosed. Bill DeLong, CFO of Aspen Power, emphasized the significance of the transaction, stating, “This ITC transfer deal is a pivotal milestone for Aspen Power, underscoring our ability to navigate the evolving complexities of solar finance.”
The portfolio involved in this transaction encompasses solar projects slated for 2023 and 2024, but specific details about the projects have not been revealed.
