Scale Microgrids has closed a major tax equity transaction with Truist Bank to support the construction of new distributed energy assets across the United States. Under this partnership, Truist will provide a tax equity investment of up to $150 million.
The Truist tax equity facility is designed to help Scale finance the construction of microgrid projects for commercial and industrial customers representing a variety of industries, as well as community-scale solar and battery storage facilities. These projects will be built over the next 18 months across multiple states with strong market opportunities including California, Connecticut, New York and Pennsylvania.
“We’re very excited to work with Truist to finance such a diverse portfolio of distributed energy assets with our largest institutional tax equity investment to date,” Julian Torres, chief investment officer at Scale, said. “This partnership will enable us to efficiently finance our microgrid and community scale projects to meet the increasing power demands of our customers in this new era of load growth and grid constraints.”
“Truist is proud to support Scale Microgrids in developing a portfolio of renewable energy projects that will provide clean power to end users such as universities, hospitals, businesses, and communities across the country,” Chris Nygren, head of tax equity for Truist Bank, said. “This investment demonstrates Truist’s ongoing work to inspire and build better lives and communities.”
