Innergex Renewable Energy has closed a $54.4 million investment tax credit (ITC) financing with Foss & Company to support the commissioning and operation of the Hale Kuawehi solar-plus-storage project in Hawaii. The transaction underscores Foss & Company’s role as a leading provider of tax equity solutions for renewable infrastructure, marking its third clean energy financing in Hawaii.

The investment leverages the Inflation Reduction Act’s (IRA) direct transfer provisions, enabling the effective monetization of federal ITCs to unlock capital for renewable energy deployment. By partnering with Foss & Company, Innergex has secured stable financing to bring the Hale Kuawehi project into full operation, further advancing Hawaii’s ambitious clean energy transition.

Located on the Island of Hawaii, the Hale Kuawehi project is a 30.7 MW solar facility paired with a 30.7 MW / 122.8 MWh battery energy storage system (BESS). The integration of solar and storage ensures the delivery of dispatchable renewable energy, addressing the state’s land constraints while providing a reliable source of clean power.

By combining generation and storage, the project enhances grid stability, reduces reliance on imported fossil fuels, and supports Hawaii’s target of achieving 100% renewable energy by 2045.

This financing reinforces Innergex’s commitment to expanding its US portfolio and demonstrates the growing importance of innovative tax equity structures in accelerating the buildout of renewable energy projects. For Foss & Company, it marks another milestone in structuring capital-efficient clean energy deals in complex markets.

CRC-IB served as the financial advisor to Innergex on the transaction.

With Hale Kuawehi now commissioned, Innergex continues to expand its renewable energy footprint in North America, delivering clean, reliable, and flexible energy solutions that align with both market needs and climate goals.

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