Foss & Company Closes Solar Plus Battery Storage Tax Credit Transfer for Hawaiʻi Island Project

DENVER, Sept. 24, 2025 /PRNewswire/ -- Foss & Company, a leading tax equity syndicator, announced the successful closing of a $54.4 million tax credit transfer for Hale Kuawehi Solar and Storage Project, a newly commissioned solar and battery energy storage facility developed by Innergex Renewable Energy Inc. located on the Island of Hawaiʻi. The project features a 30-megawatt AC photovoltaic solar array co-located with a 30.7 MW / 122.8 MWh (four-hour) battery energy storage system.

Hale Kuawehi represents Foss & Company's third successful transaction in Hawaiʻi, reinforcing the firm's leadership in structuring innovative tax equity solutions for clean energy infrastructure in complex and remote markets.

"The Hale Kuawehi project showcases our ability to deliver seamless execution even under evolving circumstances," said Bryen Alperin, managing director at Foss & Company. "This transaction affirms our commitment to enabling energy resilience in island communities through flexible and scalable financing."

Innergex served as the project sponsor, responsible for its development, commissioning, and ongoing operations. CRC-IB served as exclusive financial advisor to Innergex on the transaction.

"We are pleased to partner with Foss & Company on the Hale Kuawehi project," said Michel Letellier, President and Chief Executive Officer of Innergex. "By combining solar energy with advanced storage technology, we are helping Hawai'i transition to a resilient and carbon-free electric system."

The tax credit transfer was executed under the Inflation Reduction Act's (IRA) direct transfer provisions, which allow clean energy developers to monetize federal investment tax credits (ITCs) more efficiently.

Hale Kuawehi also reflects Foss & Company's expanding role in Hawaiʻi's evolving grid landscape, where dispatchable storage is vital and land constraints require integrated solar-plus-storage systems. Foss & Company continues to be a trusted partner in delivering scalable clean energy solutions in challenging markets.

ABOUT FOSS & COMPANY

Founded in 1983, Foss & Company is a national tax equity investor and fund sponsor that has deployed over $9 billion in tax equity on behalf of insurance, banking, and other large corporate clients into historic rehabilitation projects, renewable energy, and advanced energy production facilities. Foss & Company is a full-service advisor with proven expertise in helping its partners navigate the world of tax equity investments. For more information about Foss & Company, please visit www.FossandCo.com.

ABOUT INNERGEX

For 35 years, Innergex has believed in a world where abundant renewable energy promotes healthier communities and creates shared prosperity. As an independent renewable power producer which develops, acquires, owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, Innergex is convinced that generating power from renewable sources will lead the way to a better world. Innergex conducts operations in Canada, the United States, France and Chile and manages a large portfolio of high-quality assets currently consisting of interests in 92 operating facilities with an aggregate net installed capacity of 3,948 MW (gross 4,901 MW), including 42 hydroelectric facilities, 36 wind facilities, 10 solar facilities and 4 battery energy storage facilities. Innergex also holds interests in 16 projects under development with a net installed capacity of 915 MW (gross 1,537 MW), 5 of which are under construction, as well as prospective projects at different stages of development with an aggregate gross installed capacity totaling 10,288 MW. To learn more, visit innergex.com or connect with us on LinkedIn.

SOURCE Foss & Company