Black Bear Energy and Evergrow Partner to Successfully Transfer Solar Tax Credits for REITs

Black Bear Energy, a leading renewable energy developer, has made a groundbreaking announcement regarding its successful solar tax credit transfer from a real estate investment trust (REIT) with the assistance of Evergrow, a clean energy finance company. This milestone deal, facilitated on Evergrow’s platform, encompasses multiple solar projects installed on multifamily assets in California and Washington, D.C., totaling an impressive 556 kW.

The significance of this transaction lies in its potential to revolutionize the renewable energy landscape within the commercial real estate sector. By enabling REITs to participate in renewable energy projects and monetize the investment tax credit, Black Bear Energy and Evergrow are paving the way for accelerated deployment of onsite renewables.

The successful execution of the tax credit transfer marks a turning point for the industry, as it demonstrates the demand for credits of this size and risk profile. Drew Torbin, founder and president of Black Bear Energy, emphasized the positive impact of this development on project returns, with the potential for significant increases in profitability.

Evergrow’s innovative approach to clean energy finance is key to unlocking greater access to funding for REITs investing in solar systems of all sizes. James Richards, CEO of Evergrow, expressed excitement about the collaboration with Black Bear Energy, highlighting the tailored financing solutions that support sustainable investment decisions in the commercial real estate sector.

Overall, this partnership between Black Bear Energy and Evergrow signifies a new era of opportunity for REITs looking to enhance their returns while contributing to a more sustainable economy. With technology driving progress in clean energy finance, the future looks bright for renewable energy projects in the commercial real estate sector.