Key Capture Energy Completes Construction and ITC Transfer for 200MW of Battery Energy Storage in Texas
New Projects Expand Key Capture Energy’s Operating Portfolio to Over 620MW
ALBANY, N.Y.–(BUSINESS WIRE)–Key Capture Energy, LLC (“KCE”), a leading developer, owner, and operator of battery energy storage systems (BESS) in the United States, announced today the commercial operations of two 100MW projects in Texas and the transfer of the investment tax credits (ITCs) for both projects to a third party. This marks KCE’s second ITC transfer transaction under the Inflation Reduction Act and brings its battery energy storage operating fleet to over 620MW across the U.S.
“Key Capture Energy continues to lead the industry, and this second ITC transfer is an important milestone for the company,” said Brian Hayes, Key Capture Energy’s Chief Executive Officer. “By collaborating with our utility partners and leveraging financial tools like the ITC, we’re looking forward to bringing more battery energy storage online to support a reliable and resilient electric grid in markets nationwide.”
The two new standalone projects operate within the Electric Reliability Council of Texas (ERCOT) market, helping to balance high levels of intermittent energy in Texas and mitigate grid fluctuations, particularly during peak demand periods. Located in Denton and Grimes counties, both projects qualified for the 10 percent Energy Community Tax Credit bonus available under the Inflation Reduction Act.
The ITC transfers will enable KCE to invest in its development portfolio across the country. KCE is one of the most experienced battery energy storage operators in the ITC transfer market, having completed its first transaction in December 2023.
CRC-IB served as the financial advisor to KCE and KCE was represented by Clifford Chance US LLP. TReK served as the financial advisor to the buyer and the buyer was represented by Akin LLP.
About Key Capture Energy:
Key Capture Energy is a premier developer, owner, and operator of battery energy storage systems across the United States. Since 2016, KCE has led the industry in creating a resilient electric grid to meet today’s challenges while paving the way for a more sustainable and reliable energy future. KCE has over 620 megawatts (MW) of utility-scale battery energy storage facilities operating today and a development pipeline of over 10,000 MW across the country. Discover how KCE is shaping the energy landscape at keycaptureenergy.com.
About CRC-IB:
CRC-IB is a full-service investment bank providing industry-leading financial services across the energy transition spectrum. We leverage our capital markets and sector technology expertise to provide innovative project finance, capital raising, and M&A solutions, optimizing client outcomes in an ever-shifting sustainable energy landscape. Our belief since inception is that every transaction is a catalyst for change, every closing a step towards a cleaner future. To date, we have executed 350 project and corporate transactions for sustainable energy assets, valued at $72 billion in total. To learn more, visit www.crc-ib.com.
About Clifford Chance:
Clifford Chance is a global law firm with significant depth and range of resources across five continents. As a single, fully integrated global partnership, we pride ourselves on our approachable, collegial and team-based way of working. We always strive to exceed the expectations of our clients, which include corporates from all commercial and industrial sectors, governments, regulators, trade bodies and not-for-profit organizations. We provide them with high quality advice and legal insight, which combines the firm’s global standards with in-depth local knowledge. To learn more, visit www.cliffordchance.com.
About TReK:
TReK Capital Partners is a solutions-oriented tax credit investment firm focused on renewable and clean energy. No matter the asset class, TReK seeks to provide a best-in-class experience not only for its investors but for every transaction participant. The team seeks to be commercial, flexible, as well as creative in working through deal issues. TReK’s team features differentiated, and unique skill sets affording clients a multifaceted and thoughtful approach to every investment opportunity. To learn more, visit www.trekcapitalpartners.com.
About Akin:
Akin is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East. Akin’s unparalleled depth in the energy sector covers the spectrum of energy transition and renewable energy projects including wind, solar, geothermal, hydroelectric, bioenergy, landfill gas, carbon capture and storage, renewable natural gas and hydrogen projects. Our award-winning, Chambers-ranked projects & energy transition team helps clients develop, finance, construct, operate, buy and sell energy and infrastructure projects and companies throughout the world. Our lawyers offer deep industry knowledge and an understanding of the related complex investment vehicles, tax incentives and tangle of regulations surrounding them. To learn more, visit www.akingump.com.
Contacts
Antenna Group for Key Capture Energy
