Greenbacker partners with RBC Community Investments to complete one of clean energy industry’s first solar PTC deals

The financing leverages the newly expanded production tax credit to support GCM’s largest solar project to date

NEW YORK, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Greenbacker Capital Management (“GCM”), a leading renewable energy asset manager, announced today that, through an affiliated investment vehicle, it has completed a $148 million tax equity financing commitment with RBC Community Investments. The commitment—one of the very first tax equity deals to utilize the solar production tax credit (“PTC”)—is helping finance one of the largest solar projects in GCM’s fleet.

To date, only a handful of solar PTC deals have been completed in the renewable energy industry. Although the PTC has been available for wind energy projects for decades, it wasn’t until the passage of the Inflation Reduction Act (“IRA”) that the tax credit was extended to solar power.

GCM has placed RBC Community Investments’ $148 million investment with the overall financing for GCM’s largest renewable energy project: the 240 MWdc Appaloosa Solar 1 (“Appaloosa”). The utility-scale solar plant broke ground last year in Iron County, Utah, where it generates revenue for the area, supports construction-related clean energy jobs, and funds a scholarship for students who plan to remain local while pursuing their career goals.

The Greenbacker organization has a years-long track record of successfully executing on tax equity investments, bringing dozens of tax equity–financed renewables projects online, and utilizing the federal investment tax credit (“ITC”) for its solar projects. However, this is its first deal involving the new solar PTC.

“Partnering with RBC Community Investments to complete one of the first ever solar PTC deals and finance our largest project to date is more than an important milestone for GCM, it’s an essential step forward for the energy transition,” said Charles Wheeler, President of GCM. “This is proof positive that the landmark IRA legislation is accelerating a clean energy future.”

The deal is also GCM’s first transaction with RBC Capital Markets, a global investment bank committed to providing $500 billion in sustainable finance by 2025.1

“We couldn’t be more pleased to be selected and trusted by GCM to provide tax equity on this milestone solar PTC project. The development and installation of clean energy in a market headquartered by our co-investor, FJ Management, was a welcome feature in the execution of Appaloosa’s post-IRA closing,” shared Yonette Chung McLean, Managing Director and Head of RBC’s renewable energy tax equity investments and syndications.

Prior to the IRA, solar projects were only eligible for the ITC. Today, solar projects can choose between either the ITC or the PTC, which currently offers a 2.75 cents per kilowatt-hour credit for electricity produced by solar energy and other renewables.2

GCM was advised on the deal by Sheppard, Mullin, Richter & Hampton; Allen & Overy represented RBC Capital Markets.

About Greenbacker Capital Management
Greenbacker Capital Management LLC is an SEC registered investment adviser that provides advisory and oversight services related to project development, acquisition, and operations in the renewable energy, energy efficiency, and sustainability industries. For more information, please visit

About RBC
RBC Community Investments is a leading provider of tax equity investments involving Renewable Energy Tax Credits, Low Income Housing Tax Credits, Workforce/Impact Housing, Historic Tax Credits, and State Tax Credits. Our 130-person team is dedicated to the financing and development of renewable energy solutions and affordable housing throughout the US. As of June 2023, Community Investments has closed on over $16.3 billion in renewable energy and housing assets across 49 states, DC, Guam, and Puerto Rico.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Greenbacker undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations.

Media contacts: 
GreenbackerRBC Capital Markets
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1 Climate Commitments | RBC Royal Bank.
2 Federal Solar Tax Credits for Businesses | Department of Energy.