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Renewable energy

Foss & Company Closes $54.4 Million Tax Credit Transfer for Hale Kuawehi Solar and Storage Project

Strategic Insights

— 2 min read

Foss & Company, a leading tax equity syndicator, has successfully closed a $54.4 million tax credit transfer for the Hale Kuawehi Solar and Storage Project, a newly commissioned solar and battery energy storage facility developed by Innergex Renewable Energy Inc. on the Island of Hawai'i. 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. This transaction marks Foss & Company's third successful transaction in Hawai'i, solidifying its leadership in structuring innovative tax equity solutions for clean energy infrastructure in complex and remote markets.

Key Takeaways:

  • Foss & Company closed a $54.4 million tax credit transfer for the Hale Kuawehi Solar and Storage Project, a 30-megawatt AC photovoltaic solar array and 30.7 MW / 122.8 MWh battery energy storage system developed by Innergex Renewable Energy Inc. on the Island of Hawai'i.
  • This is Foss & Company's third successful transaction in Hawai'i, demonstrating the firm's leadership in structuring innovative tax equity solutions for clean energy infrastructure in complex and remote markets.
  • The tax credit transfer was executed under the Inflation Reduction Act's (IRA) direct transfer provisions, allowing clean energy developers to monetize federal investment tax credits (ITCs) more efficiently.
  • Foss & Company's expertise in navigated the complexities of tax equity investments, helping its partners achieve their goals in challenging markets.
  • The Hale Kuawehi project showcases the importance of dispatchable storage in Hawai'i's evolving grid landscape, where 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.
  • Innergex Renewable Energy Inc. served as the project sponsor, responsible for development, commissioning, and ongoing operations of the Hale Kuawehi Solar and Storage Project.
  • CRC-IB served as the exclusive financial advisor to Innergex on the transaction.
  • The project's combination of solar energy and advanced storage technology helps Hawai'i transition to a resilient and carbon-free electric system.

Statistics:

  • $54.4 million: The value of the tax credit transfer closed by Foss & Company for the Hale Kuawehi Solar and Storage Project.
  • 30 megawatts: The AC photovoltaic solar array capacity of the Hale Kuawehi project.
  • 30.7 MW / 122.8 MWh: The battery energy storage system capacity and duration of the Hale Kuawehi project.
  • 3: The number of successful transactions Foss & Company has completed in Hawai'i.
  • 9 billion: The amount of tax equity Foss & Company has deployed on behalf of its clients into historic rehabilitation projects, renewable energy, and advanced energy production facilities.
  • 92: The number of operating facilities in Innergex's portfolio, with an aggregate net installed capacity of 3,948 MW (gross 4,901 MW).
  • 915 MW: The net installed capacity of 16 projects under development by Innergex, with an aggregate gross installed capacity of 10,288 MW.

Sources:

  • "Foss & Company Closes $54.4 Million Tax Credit Transfer for Hale Kuawehi Solar and Storage Project", PRNewswire, September 24, 2025.
  • "About Innergex", innergex.com, accessed September 24, 2025.
  • "Foss & Company", foss.com, accessed September 24, 2025.

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