Direct investments promote a sustainable future. Make an Impact, leave a Greenprint
Sustainable Investments
Investment Management
Greenprint efficiently manages and deploys investment capital directly into renewable energy projects that result in an optimized balance of Financial Return, Reduced Tax Liability, and Sustainable Impact.
Turnkey Transaction Services include:
Opportunity origination, structuring, and acquisition
Tax Credit Acquisitions
Due diligence and internal memorandum preparation
Tax impact evaluation and GAAP support
Asset management, financial performance reporting
Accounting and Compliance
Low Carbon High Impact Assets
We facilitate direct investments into tax credit eligible and climate positive projects that impact communities by delivering lower cost clean energy and creating jobs.
Products
Greenprint employs a myriad of tax-efficient structures to help project sponsors materialize their vision from NTP to Final Completion
Capital Solutions:
Tax Credit Warehousing
Tax Credit Acquisitions
Passive Preferred Investments
Tax Credits under the Inflation Reduction Act
Welcome to the new era of renewable tax credits. With the passing of the revolutionary Inflation Reduction Act, developers and investors have more ways to monetize tax credits than ever before.
We Are Renewable Energy Tax Credit Experts:
Quantification and Verification:
Greenprint reviews technologies, labor, and supply chain practices to appropriately categorize and quantify tax credit eligibility.
Independently Underwritten:
Greenprint independently determines transaction risks and quantifies the indemnification risks and required credit support.
Compliance Monitoring:
On behalf of tax credit purchasers, we monitor projects for on-going compliance to ensure that tax credit recapture risk is significantly reduced.
Investment Footprint
We work with a broad array of developers seeking capital for their projects
The Greenprint Team
Michael Miller is a founder and Vice President at Miller Bros., an energy services firm based in Conshohocken, PA. He is part of the founding team at Miller Bros. Solar, a national operations and maintenance provider to owners of energy generating facilities. He spends as much time as posssible raising, watching, laughing, and learning with his family.
Gregg Freishtat is a technology executive with over 20 years of experience leading innovative and transformative companies. He founded five venture-backed start-ups, with four successful exits and is now Co-Founder and Chief Commercial Officer of Solar Inventions. Deeply rooted in venture capital and management of technology companies, he has led several companies through acquisition and has had a hand in developing disruptive technologies in convergence of telecom/internet, personal finance/online banking, web based analytics and digital media/online marketing and currently solar energy.
Ed Rossier has more than twenty years of finance, engineering and sustainable design experience. Prior to joining Greenprint, Ed was the head of climate finance at a large impact investment company where he was responsible for the firm’s renewable energy debt and equity portfolios. Previously, he led a team at U.S. Bank that structured and closed $10 billion of investments, financing over 13,000 megawatts of solar, wind, bioenergy, and energy storage projects across the country. Prior to U.S. Bank, he served as the Director of Business Development at the multidisciplinary engineering firm Werner Sobek New York, where he was responsible for structural and façade engineering originations and the firm’s launch of its New York sustainable building technology group. Ed holds a master’s of architecture and urban planning from the University of Washington in Seattle and a bachelor’s degree from Williams College.
Peter DeFazio has over 15 years of experience in the energy and utilities sector and more than $15 billion in energy transaction experience across a multitude of asset classes. Peter has held senior management roles at several Fortune 500 energy companies in project finance, structured finance, M&A, and wholesale structuring & origination. Peter received a Bachelor of Science degree in Mechanical Engineering from Gonzaga University and an MBA with Finance concentration from the University of Portland.
Matt Sommer has 20 years of experience in tax, accounting, and finance. His background includes managing corporate taxes for a Fortune 500 Energy company where he developed an expertise in public utilities and renewable energy. Matt holds a Masters of Accounting with a Tax emphasis from Brigham Young University and is a licensed CPA in the State of California.
Michael Blaevoet has 7+ years of experience in the energy and utilities sector and >$2 billion in energy transaction experience. Michael has held senior roles at a Fortune 500 utility and a start-up renewable energy finance company in project finance, wholesale structuring and trading/asset management. Michael received a B.S. in Mechanical Engineering from CSU Sacramento and a M.S. in Finance from Saint Mary's College of California.
Jason Chander has more than five years of experience in project finance and accounting within the energy sector. Prior to joining Greenprint, Jason was a Manager with CohnReznick, where he structured various tax equity transactions for the Value 360 Project Finance Group and led audit teams for the National Assurance Practice. He earned his B.S. In Accounting from University of San Diego where he graduated with Departmental Honors.
Weston McCloy is a Certified Public Accountant with 6 years of experience in Accounting and Finance. His background includes roles as an Auditor, Financial Controller, and SPV Manager within the Automotive, Advertising, and Private Investment industries. He earned his B.S. in Accounting from Brigham Young University - Idaho and his Masters of Accounting from the University of Utah.
Alex Neth is an operations professional with a diverse background spanning the automotive, finance, investment, and Fintech industries. For over 10 years, she has been leading the delivery of manufactured and digital products, financial platforms, and helping businesses execute complex projects and change initiatives. Alex has expertise in program management, project execution, operational excellence, and enterprise transformation. In 2023, she was instrumental in launching a new financial technology platform supporting $21.6 billion in assets. She is certified in Agile Project Management from the University of Maryland.
Sam Scatchard has three years of experience in project finance and financial accounting modeling within the renewable energy industry. Prior to joining Greenprint Capital, Sam was a Senior Consultant at CohnReznick LLP, where he updated and built HLBV financial accounting models representing various clients' tax equity partnership interests in renewable projects for the firm's Value360 Project Finance & Consulting group. Sam received his B.A. in Economics from Middlebury College where he minored in Environmental Studies.
Ryan Stoll is a Certified Public Accountant with seven years of experience in Accounting and Finance. His professional journey encompasses over three years in tax accounting and two years in financial reporting for a Renewable Energy developer, EPC, and operator. He holds a Bachelor of Accountancy from The University of San Diego.
Karla Gadea has over 7 years of experience in finance with emphasis in commercial loan risk management and underwriting. She's worked for companies like Axos, Truist, and California Bank and Trust launching various projects, programs, and bank wide training. Karla received her B.A. In Economics with a minor in Business Management from the University of California Santa Cruz.
Luke Savage has 2 years of experience working in corporate finance and equity capital markets. Prior to joining Greenprint, Luke was an analyst at Goldman Sachs where he managed the reporting of trading portfolios and market transactions for the equities controller division. Luke received his Bachelor of Business Administration from Loyola Marymount University with a concentration in Finance.
Christy Lam has a B.S in finance and real estate from Indiana University, Bloomington. After graduating in 2023, Christy joined Greenprint Capital full-time as an analyst on the capital markets team.
Graham Doxey earned his B.S. and Masters of Accounting from Brigham Young University and is a licensed CPA. He has 2 years of accounting and auditing experience within the VC fund, SaaS, and not-for-profit industries.
Killeen or Killy is an administrator professional with a strong background in operations, strategic leadership, and change management. Her career spans nonprofit, healthcare, and now finance. Killy is a native San Diegan and received her Bachelor’s from University of California, San Diego in Art History. Currently, completing her Master’s from Point Loma Nazarene University in Organizational Leadership. Outside of work enjoys road trips to experience great food and adventure. Lives in rural San Diego with her husband Mike, three horses, and two dogs.
Inflation Reduction Act Summarized
The 2022 Inflation Reduction Act of 2022 (IRA) introduces a revolutionary new tax credit structure for clean energy property.
The following summary is provided for informational purposes only, and not to be relied upon. Please consult a tax attorney, or certified public accountant to confirm what your system is eligible for.
Credit Monetization (Direct Pay / Transferability):
Direct-Pay: In certain limited circumstances a taxpayer can elect for direct payment of the tax credit. Importantly, direct payment is only available for an “applicable entity” which includes a tax-exempt entities, a state or political subdivision thereof, the Tennessee Valley Authority, an Indian Tribal Government or any Alaska Native Corporation. In certain cases direct pay is phased out if domestic content requirements are not ascertained. This limited direct pay option is available for tax credits found in Sections 30C, 45(a), 45Q, 45U, 45V 45W, 45X, 45Y, 45Z, 48, 48C and 48E. The limited ability to elect direct pay by only those applicable entities is broadened under certain provisions (specifically Section 45Q, Section 45X, and 45V) for the first five years, opening the option to elect direct pay to a broader array of taxpayers.
Transferability: In certain circumstances, a taxpayer can elect to transfer all or any part of a tax credit to an unrelated taxpayer in exchange for cash. The ability to transfer is available for tax credits found in Sections 30C, 45(a), 45Q, 45U, 45V, 45X, 45Y, 45Z, 48, 48C and 48E.
Tax Credit Carryback and Carryforward: The IRA replaces the current 1-year carryback and 20-year carryforward periods with a 3-year carryback and 22-year carryforward period for the ITC and PTC. This provision applies for taxable years beginning after December 31, 2022.
Minimum Tax: The IRA imposes a 15% corporate alternative minimum tax on any corporation which has an average annual adjusted financial statement income for any consecutive 3-year period in excess of $1 billion. The annual adjusted financial statement income disregards any amounts received under direct pay but is not reduced by depreciation deductions. The ITC and PTC may be applied to reduce up to 75% of the minimum tax in excess of $25,000. This minimum tax applies for taxable years beginning after December 31, 2022.
2022-2055: The IRA will extend, expand, and modify the Section 45 PTC and the Section 38 ITC
Investment Tax Credit (ITC) Extension – Section 48: The IRA will extend the ITC for solar energy property and most other ITC-eligible property until the end of 2024, thereafter refer to Section 48E. Geothermal credit will be extended until 2035. The IRA will expand what is eligible for the ITC, including energy storage technology. ·
The base credit will be 6 percent if prevailing wage and apprenticeship requirements are not met or 30 percent (base credit multiplied by five) if prevailing wage and apprenticeship requirements are met.
Taxpayers will be eligible for an additional 10 percent ITC if certain domestic content requirements are met or if the project is located in an energy community.
Furthermore, there will be a potential 10 percent bonus credit for solar and wind facilities located in low-income communities. The 10 percent bonus will be increased to 20 percent for solar and wind facilities that are part of a qualified low-income residential building project or a low-income economic benefit project. The low-income bonus will be applied for and approved by the applicable secretary with an annual limit of 1.8GWac/year.
Production Tax Credit (PTC) Extension – Section 45: · The IRA will extend the renewable energy PTC until the end of 2024, after which the PTC will transition to technology-neutral. · This credit applies to the production of energy from solar, wind, geothermal, biomass and hydropower and other eligible projects. · The phasedown currently in place for wind energy is removed as of Jan. 1, 2022, permitting onshore and offshore wind projects to take the full value of the PTC for 2022, 2023 and 2024. ·
The base credit will be 0.3 cents per kWh, with a bonus credit of 1.5 cents per kWh (credit multiplied by five) if prevailing wage and apprenticeship requirements are met (with an exception to these requirements for small projects).
Taxpayers will be eligible for a bonus 10 percent PTC if certain domestic content requirements are met (adjusted percentage of generally 40 percent for most projects and 20 percent for offshore wind), or if the project is located in an energy community.
If eligible for both, taxpayers can benefit from both of these percentage increases. ·
2025-2032: The IRA will establish a technology-neutral PTC and ITC, i.e., the Clean Energy production Credit (Section 45Y) and the Clean Energy Investment Tax Credit (Section 48 E).
Technology-Neutral PTC and ITC – Section 45Y and 48E: Beginning in 2025, the traditional ITC and PTC will generally no longer apply. They will be replaced by new technology-neutral credits.
Eligibility for these credits generally requires that the facility’s greenhouse gas (GHG) emissions are no greater than zero.
The 45Y base credit value is 0.3 cents per kWh with a bonus credit (credit multiplied by five) if prevailing wage and apprenticeship requirements are met.
The 48E base credit value is 6 percent with a bonus credit (credit multiplied by five) if prevailing wage and apprenticeship requirements are met.
There will be a potential 10 percent bonus credit for energy communities and when domestic content requirements are met.
The applicable percentages to meet the domestic content requirements increase over time:
The adjusted percentage is 40 percent until 2025, 45 percent in 2025, 50 percent in 2026, and 55 percent after 2026.
The adjusted percentage for offshore wind facilities is 20 percent until 2025, 27.5 percent in 2025, 35 percent in 2026, 45 percent in 2027, and 55 percent after 2027.
These credits phase out in 2032, or when the Secretary of the Treasury determines that the annual GHG emissions are equal to or less than 25 percent of the emissions produced in 2022, whichever is earlier.
Hybrid Tax Equity
ABOUT HYBRID TAX EQUITY
Hybrid Tax Equity refers to a financing structure in which elements of traditional tax equity investment and direct monetization of tax credits are combined to optimize project financing. This approach leverages flexibility introduced by recent tax credit regulations, such as transferability under the Inflation Reduction Act (IRA), allowing project developers and investors to tailor financial arrangements to meet specific goals, including cash flow needs, risk management, and returns.
Key Characteristics of Hybrid Tax Equity:
In a standard tax equity investment, an investor (usually a corporation with significant tax liabilities) partners with a project developer to receive tax benefits, such as the Investment Tax Credit (ITC) or Production Tax Credit (PTC), along with a portion of project cash flows.
The investor often assumes some project risks (e.g., performance, compliance) and provides upfront capital in exchange for these benefits.
Incorporation of Tax Credit Transfers:
With the transferability provisions of the IRA (Section 6418), projects can now sell certain tax credits directly to unrelated taxpayers for cash.
Hybrid structures incorporate this flexibility, allowing sponsors to monetize a portion of the tax credits through transfers while still attracting traditional tax equity investment for remaining credits or operational cash flows.
Customization of Cash Flow:
Projects may split revenue streams, where tax credit sales generate upfront liquidity and traditional tax equity investors focus on other project benefits, such as depreciation or operational income.
Hybrid models are particularly useful for managing timing mismatches between tax credit availability and project cash flow needs.
Risk and Return Allocation:
The hybrid approach allows developers to diversify financing sources, spreading risk between credit buyers and equity investors.
Tax credit buyers typically require lower returns (since they assume minimal project risk), while traditional tax equity investors may demand higher returns in exchange for their broader risk exposure.
Scenarios for Use:
Cash-Constrained Developers: Monetizing credits through direct sales generates early-stage liquidity for construction or operations.
Large Projects: Complex projects may require a mix of funding sources to meet capital requirements.
Benefits:
Increased flexibility and liquidity.
Enhanced project feasibility by reducing reliance on a single investor class.
Broader appeal to different types of investors (e.g., those focused on low-risk tax credit purchases vs. those targeting higher-risk equity returns).
Challenges:
Complex structuring and negotiation requirements.
Potential legal and regulatory scrutiny over the proper allocation of risks and benefits.
Coordination among diverse stakeholders (e.g., tax equity investors, credit buyers, lenders).
ABOUT TRANSFER FLIP™ OR T-FLIP™
The Transfer Flip™ or T-Flip™ is a hybrid tax equity structure designed to combine the flexibility of tax credit transferability with the traditional mechanisms of tax equity investment, tailored for large banks and financial institutions. It leverages the transferability provisions under Section 6418 of the Internal Revenue Code, allowing tax credits to be sold to unrelated parties for cash.
Key Features of a T-Flip™ Structure:
Full Tax Credit Transfer:
In a T-Flip™, 100% of the Class A’s allocation of tax credits are transferred to a tax credit buyer, typically a third party. This transfer monetizes the tax credits upfront, generating liquidity for the project sponsor.
Warehousing by Financial Institutions:
Large banks or financial institutions act as intermediaries, “warehousing” the credits.
These institutions may:
- Consume the credits internally to offset their own tax liabilities.
- Resell them later to their network of corporate taxpayers, offering a tailored solution for buyers who need credits but prefer more flexible payment terms.
Benefits to Sponsors:
Immediate liquidity from the tax credit transfer allows sponsors to fund projects without waiting for traditional tax equity investors.
By involving financial institutions, sponsors gain access to a network of potential tax credit buyers and enhanced market liquidity.
Advantages for Financial Institutions:
Enables bulk acquisition of tax credits, creating economies of scale.
Offers flexibility to sell credits on demand to corporate taxpayers at favorable payment terms, aligning with the buyers’ cash flow preferences.
Provides opportunities to earn margins on credit resale, adding a new revenue stream.
Use Cases:
Large-Scale Projects: Particularly useful for utility-scale renewable energy projects requiring significant capital.
Corporate Networks: Ideal for institutions with access to a broad base of corporate clients seeking tax liability offsets.
Flexible Financing: Offers tailored terms to buyers who value timing flexibility over immediate tax credit consumption.
Challenges:
Regulatory Compliance: Careful structuring is required to comply with tax credit transfer rules under Section 6418.
Market Risk: Resale of credits depends on demand from corporate taxpayers and favorable tax positions.
Transaction Costs: The involvement of intermediaries may increase overall transaction complexity and costs.
Why T-Flip™ is Valuable:
The T-Flip™ provides a mechanism for project sponsors to access upfront capital without traditional equity investor constraints, while financial institutions gain a tool to efficiently manage and distribute tax credits. This aligns well with the goals of the Inflation Reduction Act to increase clean energy investments by enhancing the flexibility and efficiency of tax credit monetization.
find out more at info@greenprintcapital.com