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Black Bear Energy and Evergrow Lead New Wave of Commercial Real Estate Solar Tax Credit Transfers

With the Inflation Reduction Act creating new tax credit transfer opportunities, this agreement unlocks new capital for REITs to maximize returns through on-site renewable energy investments.

SAN JOSE, Calif. – July 9, 2024 – Black Bear Energy (Black Bear), a Legence Company specializing in onsite renewable energy, today announced with Evergrow, a clean energy finance company, their first successful solar tax credit transfer from a Real Estate Investment Trust (REIT). Executed on Evergrow's platform, this landmark deal covers multiple solar projects installed on multifamily assets in California and Washington DC, totaling 556 kW and ranging in size from 66 kW to 195 kW. This transaction will open doors for broader REIT participation in renewable energy projects and unlock the monetization of the investment tax credit, accelerating the deployment of onsite renewables in the commercial real estate sector.  

The Inflation Reduction Act of 2022 (IRA), the largest investment in clean energy in U.S. history, enabled ITC transfers for the first time. However, it was unclear if there would be a market for REITs to sell their tax credits because these projects are magnitudes smaller than traditional utility-scale tax equity transactions. REITs also have special tax, accounting, and business requirements that require the support of trusted and knowledgeable partners.

“Prior to this transaction, clients would evaluate project returns with and without the upside from the sale of the tax credit.” said Drew Torbin, Founder and President of Black Bear Energy. “With this transfer, we have proof of concept that demand exists for credits of this size and risk profile. This is significant as the ITC sale proceeds typically increase the returns by 300 basis points and upwards of 600 basis points for certain projects which qualify for the 10% bonus adder.”

Without Evergrow, REITs would not know where to start to find buyers of their tax credits, particularly for projects on the smaller end of the scale. By using technology to build a modern platform for clean energy finance, Evergrow is unlocking greater access to funding for REITs that invest in solar systems of all sizes and accelerating our transition to a sustainable economy.

“We are thrilled to collaborate on this pioneering approach to tax credit financing, tailored to commercial real estate’s unique needs when making sustainable investment decisions,” said James Richards, CEO of Evergrow. “By unlocking tax credit financing for REITs, Black Bear and Evergrow are forging a new path for improved returns that simultaneously support the commercial real estate sector's sustainability objectives."

About Black Bear Energy:
A Legence and Blackstone Portfolio Company, Black Bear Energy is a technology-enabled, commercial buyer’s representative specializing in onsite renewable energy and cleantech services. In the past nine years, Black Bear has helped its clients bid out over 2,000 clean technology projects in more than 20 states through its data-driven process. For more information about Black Bear Energy, visit

About Evergrow:
Evergrow is a specialty finance company that provides funding for clean energy projects in the United States. The company's modern platform provides tax credit financing for clean energy project developers and owners. Evergrow is backed by leading venture capital firms and individuals. For more information about Evergrow, visit

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