Lightshift Energy, a developer, owner, and operator of energy storage projects, has partnered with Basis Climate to finish the sale of nearly $10 million of investment tax credits (ITCs) tied to 4 utility-scale battery energy storage (BESS) projects in Massachusetts. The projects range from 9,000 kWh to 22,000 kWh. The systems are designed to charge during times of low energy demand, and discharge during higher-cost peak demand periods. Through this peak-shaving method, the projects enable significant energy savings for communities across Massachusetts, while also strengthening grid resiliency and helping the state meet its renewable energy goals. “With a commitment to bringing the advantages of battery storage to communities across the U.S., it’s critical that we secure the essential financing to scale deployment,” said Lightshift CFO Ryan Miamis, whose company is headquartered in Arlington, Virginia. “By working with trusted partners like Basis and our expert Lightshift team, we’ve got been capable of monetize our ITC, giving us the financial capability to deliver high-impact energy storage projects.” In total, Lightshift plans to construct as much as 50 MW of storage across Massachusetts Municipal Wholesale Electric Company (MMWEC) member utilities which might be expected to offer greater than $200 million in energy savings to communities. Lightshift, founded in 2019, is developing a various, multi-gigawatt pipeline of energy storage projects across the U.S.

The tax credits generated by these 4 projects were subject to prevailing wage and apprenticeship (PWA) requirements. To support review of those, Basis partnered with Dili, an AI-powered general diligence solution, to confirm technical wage compliance under the Inflation Reduction Act. “A transparent due diligence process is prime to a successful tax credit transfer,” said Basis CEO Erik Underwood. “Along with our robust diligence where we review a credit’s qualification and ensure its value, we teamed up with Dili to do an in-depth PWA compliance evaluation and provided our buyer with an added layer of security that provides them the boldness they should transact, which in turn enabled a smooth and speedy tax credit sale for Lighshift.” Basis Climate, headquartered in Brooklyn, Recent York, has accomplished a whole lot of tens of millions of dollars of tax credit transfers, starting from $355,000 to $100 million, and running the gamut of fresh energy projects. The corporate is concentrated on ensuring a transparent, simplified and clear process for each buyers and sellers. —POWER edited this content, which was contributed by the media relations groups for Lightshift Energy and Basis Climate.