A new partnership between Captona, a New York-based energy transition investment firm, and Scale Microgrids has successfully closed a deal to acquire and finance a key portfolio of renewable energy assets. The agreement, finalized on June 17, 2024, funnels a preferred equity investment into community solar and microgrid projects located across New York and California.
This collaboration marks a significant move in leveraging new financial mechanisms introduced by the Inflation Reduction Act. The transaction structure allows Scale Microgrids to fully monetize investment tax credits (ITCs) using the transferability provisions under Section 6418 of the tax code. Julian Torres, Chief Investment Officer of Scale Microgrids, highlighted the deal’s impact, stating, “Captona’s partnership enables Scale to unlock the portfolio’s value. Scale remains dedicated to delivering more affordable, cleaner, and resilient power to our customers and community stakeholders. This transaction has effectively utilized new avenues to monetize investment tax credits under Section 6418.”
For Captona, this strategic venture aligns perfectly with its rapidly expanding preferred equity strategy. The firm, which oversees an enterprise value of $2 billion, views these assets as a crucial addition to its diverse portfolio. “This portfolio of microgrids and community solar projects offers reliable, sustainable energy solutions that bolster energy independence and grid resilience,” commented Izzet Bensusan, CEO and Founder of Captona. “As an energy transition investment firm, we see these asset classes as a perfect addition to our existing portfolio of RNG, fuel cells, storage, and solar.”
The projects funded through this partnership are already commissioned and operational. Scale Microgrids, which maintains a vertically integrated platform covering everything from design to long-term operation, will continue to own and manage the assets. The portfolio includes a microgrid that provides power for an innovative off-grid cold storage facility, another system that delivers energy savings and resilience to a municipal water district in California, and multiple community solar projects in New York designed to reduce utility costs for local subscribers.
The collaboration between Captona’s financing expertise and Scale’s operational capabilities underscores a shared commitment to accelerating the adoption of distributed energy resources. By combining financial innovation with tangible clean energy projects, the partnership is set to enhance grid resilience and deliver sustainable power to communities on both coasts.
Sources for Captona and Scale Microgrids Fund Community Solar Projects in NY and CA
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- Captona Media
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- Capital Solutions | Scale Microgrids