Latest news with #InvestmentTaxCredits
Yahoo
6 days ago
- Business
- Yahoo
Bill Gates comes to Utah to help Sen. Curtis in his efforts to preserve clean energy
WASHINGTON — As Sen. John Curtis, R-Utah, pushes to preserve clean energy tax credits and boost domestic energy production, the junior Utah senator is getting an assist from a well-known figure: Bill Gates. Curtis met with Gates in the Beehive State last week as the pair toured Cape Station, a newly developed geothermal site run by energy company Fervo Energy in southwest Utah. The visit came at a crucial time: While Republicans look to enhance energy production, many federal tax credits incentivizing alternative resources are on the chopping block in President Donald Trump's tax bill. 'Utah is at the forefront of energy innovation, and the Cape Station Geothermal project in Beaver is a powerful example of that progress,' Curtis said in a statement. 'I believe America's energy future can be affordable, reliable, and clean—and geothermal will be a critical part of making that vision a reality." Fervo Energy, a green energy supplier based in Houston, is pouring more than $2 billion into the rural Utah site for what is expected to become the world's largest enhanced geothermal project. The undertaking is being backed by Breakthrough Energy, which was founded by Gates in 2015 to boost sustainable energy production. 'Enhanced geothermal is one of the most promising solutions for delivering reliable, low-carbon power, especially as demand for affordable energy grows,' Gates said in a press release. 'Breakthrough Energy Ventures invested in Fervo early because we believed in this vision, and it's exciting to see that potential becoming reality here in Utah.' The geothermal site is expected to become fully operational by 2028 — although that timeline could be delayed if Republicans in Congress vote to repeal clean energy tax credits established by the Biden administration. Without those subsidies, which incentivize clean energy production, completing the geothermal project could be punted to the next decade. 'The difference is, will we bring gigawatts on the grid this decade or will it be next decade?' Tim Lattimer, CEO and co-founder of Fervo Energy, told the Wall Street Journal, which was the first to report on the trip. 'And that's what the tax credits mean.' Gates has long pushed for deeper investments in geothermal energy, arguing federal support is necessary to keep production costs affordable to produce the alternative energy source. Much of that support comes from credits in the Inflation Reduction Act, former President Joe Biden's signature clean energy bill. The IRA created significant tax credits for renewable energy projects such as solar, wind and geothermal. These Investment Tax Credits are meant to incentivize households and businesses to install renewable energy systems by allowing them to deduct a percentage of the cost from federal taxes. Cape Station has benefited from those tax credits, lowering its operational costs over the last two years since its inception. However, some Republicans and conservative organizations argue the federal subsidies actually raise prices while reducing the reliability of power systems. As a result, several Republicans are pushing to repeal the law in full as part of Trump's massive tax reconciliation package making its way through Congress. Curtis is among those pushing to preserve some of those policies, particularly those dealing with nuclear energy, net-zero emissions, battery storage and geothermal. The first-term senator has long centered his climate policies on clean energy solutions, suggesting last week he will push for those changes as the Senate considers the bill. Geothermal energy is a rare renewable energy source that has garnered bipartisan support over the last several years. Unlike wind and solar energy, which Republicans have often criticized as being unreliable, geothermal energy can generate constant power. Most of the resources necessary to produce geothermal energy are located on federal land, prompting Republicans and Democrats to team up on legislation expanding access to those resources. The Senate is set to vote on the reconciliation package in the coming weeks, with Republican leaders pushing to get the bill to Trump's desk before the Fourth of July.
Yahoo
02-06-2025
- Business
- Yahoo
Ameresco Generates over $70 Million in Cash Proceeds from Sale of RNG-Related Investment Tax Credits
RNG Tax Credit Sale Underscores Ameresco's Innovation in Clean Energy Finance FRAMINGHAM, Mass., June 02, 2025--(BUSINESS WIRE)--Ameresco, Inc., (NYSE: AMRC), a leading energy solutions provider dedicated to helping customers navigate the energy transition today announced the successful sale of approximately $71 million in Investment Tax Credits (ITCs) generated from three of its landfill-gas-to-renewable natural gas (RNG) projects. These projects, which Ameresco developed, constructed, financed, and currently operates, were placed in service in 2024. This transaction marks Ameresco's third ITC sale to a corporate buyer and its first sale of RNG tax credits under the transferability rules, demonstrating the company's ability to capitalize on clean energy incentives and project financing through multiple means and a diversified pool of lenders and investors. "We are excited to complete our first RNG tax credit sale, which reflects the growing value and market confidence in renewable natural gas as a critical component of the clean energy transition," said Mike Bakas, President of Renewable Fuels at Ameresco. "This milestone builds on our recent success monetizing solar and battery storage tax credits, including our landmark transaction with MassMutual, and demonstrates our ability to leverage a variety of financial structures to unlock value from our energy assets." STX Group served as the exclusive facilitator for Ameresco in this transaction. Ameresco remains committed to advancing sustainable energy solutions and will continue to explore opportunities to monetize its diverse portfolio of energy assets. For more information about Ameresco and its firm, renewable fuel solutions, visit About Ameresco, in 2000, Ameresco, Inc. (NYSE: AMRC) is a leading energy solutions provider dedicated to helping customers reduce costs, enhance resilience, and decarbonize to net zero in the global energy transition. Our comprehensive portfolio includes implementing smart energy efficiency solutions, upgrading aging infrastructure, and developing, constructing, and operating distributed energy resources. As a trusted full-service partner, Ameresco shows the way by reducing energy use and delivering diversified generation solutions to Federal, state and local governments, utilities, educational and healthcare institutions, housing authorities, and commercial and industrial customers. Headquartered in Framingham, MA, Ameresco has more than 1,500 employees providing local expertise in North America and Europe. For more information, visit About STX GroupSTX Group is a leading global environmental commodity trader and climate solutions provider. For over 25 years, STX has been at the forefront of the global transition toward a low-carbon economy. By leveraging deep expertise in pricing pollution and emissions, STX helps cultivate trust in market-based solutions and accelerates capital flows into projects that make the world a greener place. Its trading and corporate climate solutions empower organizations to meet environmental goals with certified proof points and measurable impact. With a strong presence in the U.S.—including offices in New York and Houston—STX combines global reach with local expertise to connect participants across the full environmental commodity value chain. For more information, please visit View source version on Contacts Media Contact: Ameresco: Leila Dillon, 508-661-2264, news@ Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Business Wire
02-06-2025
- Business
- Business Wire
Ameresco Generates over $70 Million in Cash Proceeds from Sale of RNG-Related Investment Tax Credits
FRAMINGHAM, Mass.--(BUSINESS WIRE)-- Ameresco, Inc., (NYSE: AMRC), a leading energy solutions provider dedicated to helping customers navigate the energy transition today announced the successful sale of approximately $71 million in Investment Tax Credits (ITCs) generated from three of its landfill-gas-to-renewable natural gas (RNG) projects. These projects, which Ameresco developed, constructed, financed, and currently operates, were placed in service in 2024. This transaction marks Ameresco's third ITC sale to a corporate buyer and its first sale of RNG tax credits under the transferability rules, demonstrating the company's ability to capitalize on clean energy incentives and project financing through multiple means and a diversified pool of lenders and investors. 'We are excited to complete our first RNG tax credit sale, which reflects the growing value and market confidence in renewable natural gas as a critical component of the clean energy transition,' said Mike Bakas, President of Renewable Fuels at Ameresco. 'This milestone builds on our recent success monetizing solar and battery storage tax credits, including our landmark transaction with MassMutual, and demonstrates our ability to leverage a variety of financial structures to unlock value from our energy assets.' STX Group served as the exclusive facilitator for Ameresco in this transaction. Ameresco remains committed to advancing sustainable energy solutions and will continue to explore opportunities to monetize its diverse portfolio of energy assets. For more information about Ameresco and its firm, renewable fuel solutions, visit About Ameresco, Inc. Founded in 2000, Ameresco, Inc. (NYSE: AMRC) is a leading energy solutions provider dedicated to helping customers reduce costs, enhance resilience, and decarbonize to net zero in the global energy transition. Our comprehensive portfolio includes implementing smart energy efficiency solutions, upgrading aging infrastructure, and developing, constructing, and operating distributed energy resources. As a trusted full-service partner, Ameresco shows the way by reducing energy use and delivering diversified generation solutions to Federal, state and local governments, utilities, educational and healthcare institutions, housing authorities, and commercial and industrial customers. Headquartered in Framingham, MA, Ameresco has more than 1,500 employees providing local expertise in North America and Europe. For more information, visit About STX Group STX Group is a leading global environmental commodity trader and climate solutions provider. For over 25 years, STX has been at the forefront of the global transition toward a low-carbon economy. By leveraging deep expertise in pricing pollution and emissions, STX helps cultivate trust in market-based solutions and accelerates capital flows into projects that make the world a greener place. Its trading and corporate climate solutions empower organizations to meet environmental goals with certified proof points and measurable impact. With a strong presence in the U.S.—including offices in New York and Houston—STX combines global reach with local expertise to connect participants across the full environmental commodity value chain. For more information, please visit
Korea Herald
30-04-2025
- Automotive
- Korea Herald
LG Energy Solution's Q1 profit surges on cost cuts, ESS pivot
LG Energy Solution said Wednesday it turned a profit in the first quarter, with aggressive measures to improve cost efficiency amid rising uncertainty in the US tariff policies. According to the company's earnings release, its sales revenue and operating profit rose 2.2 percent and 138.2 percent to 6.26 trillion won ($4.38 billion) and 374.7 billion won, respectively, in the first quarter of this year. Its operating profit margin improved by 9.5 percentage points from the previous quarter, reaching 6 percent, while the Earnings Before Interest, Taxes, Depreciation and Amortization margin, representing a company's core operational efficiency, stood at 20 percent. Lee Chang-sil, chief financial officer of LG Energy Solution, noted that the battery maker's cost innovation strategies include reducing capital expenditure and maximizing the use of the production capacity from its existing facilities. 'Regarding our recent capacity expansions at North American production sites, we have decided to put on hold the planned expansion in Arizona (for energy storage system applications) and instead utilize our Michigan plant,' said Lee during a conference call earlier in the day. 'We will also go forward with the acquisition deal for the third joint venture plant with General Motors in Lansing (Michigan) — set to close in May — to cut additional investment costs, accelerate ESS production by about a year and optimize asset utilization.' While the demand for electric vehicles in the US is anticipated to decline due to the impact of tariffs by Donald Trump, LG Energy Solution highlighted that it will focus on expanding its ESS business there, which was previously dominated by China. With tariffs of approximately 156 percent for Chinese batteries and over 170 percent for battery materials, the company said Chinese batteries, which have outpaced Korean companies due to competitive pricing, will be unable to enter the US. LG Energy Solution operates eight local production sites in North America, including joint venture facilities with automakers, leveraging a competitive edge over competitors heavily relying on Chinese supply chains. The battery giant's new lithium iron phosphate (LFP) batteries for ESS, which will be manufactured from the second quarter, boast three times higher capacity and 20 percent greater energy density than short LFP cells for EVs. It expects to secure cost competitiveness after receiving the Investment Tax Credits from the US government. In addition, the battery-maker plans to transform part of the production lines of its plant in Poland from EVs to ESS manufacturing, completing its network of ESS production sites across Asia, the US and Europe. Prioritizing financial stability, Lee underscored that the company looks to cut its capital expenditure by more than 30 percent from 2024, greater than the originally planned 20–30 percent. This means it would reduce investments for production expansion while optimizing operational efficiency.
