Lightshift Energy, a developer, owner and operator of energy storage projects, has partnered Climate Base to complete the sale of nearly $10 million in investment tax credits (ITCs) tied to four utility-scale battery energy storage (BESS) projects in Massachusetts. The projects range from 9,000 kWh to 22,000 kWh. The systems are designed to charge during periods of low energy demand and discharge during periods of higher cost peak demand. Using this peak-shaving method, the projects enable significant energy savings for Massachusetts communities while strengthening grid resiliency and helping the state meet its renewable energy goals. “With a commitment to bring the benefits of battery storage to communities across America, it is critical that we secure the funding necessary to scale deployment,” he said. Light change CFO Ryan Miamis, the company is based in Arlington, Virginia. “By working with trusted partners like Basis and our skilled team at Lightshift, we’ve been able to monetize our ITC, giving us the financial ability to deliver high-impact energy storage projects.” In total, Lightshift plans to build up to 50 MW of storage at Massachusetts Municipal Wholesale Electric Company (MMWEC) member utilities that is expected to provide more than $200 million in energy savings to communities. Founded in 2019, Lightshift is developing a diverse, multi-gigawatt pipeline of energy storage projects in the US

The tax credits generated by these four projects were subject to the prevailing wage and apprenticeship (PWA) requirements. To support the review of these, Basis partnered with Dili, an AI-powered general due diligence solution, to verify the technical compliance of wages under the Inflation Reduction Act. “A clear due diligence process is critical to a successful tax credit transfer,” said Basis CEO Erik Underwood. “In addition to our robust due diligence where we review a credit rating and confirm its value, we partnered with Dili to conduct an in-depth PWA compliance analysis and provided our buyer with an additional layer of security that it gives them the confidence they need per transaction, which in turn enabled a quick and smooth tax credit sale for Lighshift.” Based in Brooklyn, New York, Basis Climate has completed hundreds of millions of dollars in tax credit transfers, ranging from $355,000 to $100 million, and has completed the full range of clean energy projects. The company is focused on ensuring a transparent, simplified and clear process for both buyers and sellers. —POWER edited this content, which was contributed by the media relations groups for Light change energy i Climate Base.