SALEM, N.H., Feb. 27, 2025 /PRNewswire/ -- PurposeEnergy, a renewable energy company, announced the recently closed investment tax credit transfer transactions to an undisclosed corporation. This marks PurposeEnergy's first two tax credit transfer transactions under the Inflation Reduction Act (IRA), helping to further its goal in expanding sustainable solutions for the food and beverage industry across the US.
To reduce carbon emissions by the end of the decade, the IRA offers transferable federal tax credits for renewable energy investments. PurposeEnergy customers Cabot Creamery, Vermont Hard Cider, WhistlePig, and Ben and Jerry's transfer their organic waste streams to the newly commissioned treatment plants to reduce their greenhouse gas emissions and meet their corporate ESG goals. The two facilities have capacity to supply over 17.5 million kilowatt-hours per year of green electricity to the local community.
"We appreciate the partnerships and collaboration of everyone involved in the success of these sales tax credit transfer transactions," commented Eric Fitch, CEO of PurposeEnergy, "with our next wave of projects we have established a foundation to facilitate more of these transactions"
Birch Risk Advisors secured an investment-grade buyer and helped advise the parties. "We were honored to have helped facilitate PurposeEnergy's first two tax credit transfer transactions," said Brandon Edwards, Partner at Birch. "PurposeEnergy is doing exceptional things in this industry." Fredrickson & Byron represented PurposeEnergy. Kutak Rock represented the buyer.
About PurposeEnergy
PurposeEnergy is an established US-based renewable fuels and biogas specialist focused on waste solutions for the food and beverage industries. Over the last 15 years, PurposeEnergy has developed, owned, and operated multiple projects that convert organic waste streams to biogas for use in industrial processes, conversion to renewable electricity, or refinement to Renewable Natural Gas ("RNG"). PurposeEnergy is a portfolio company of Quinbrook Infrastructure Partners.
Media contact:
Christine Sununu
Brand Marketing & Communications, PurposeEnergy
[email protected]
SOURCE PurposeEnergy
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