Key Capture Energy Announces ITC Transfer 

Albany, NY – January 4, 2024 – Key Capture Energy, LLC (“KCE”), a leading developer, owner and operator of battery energy storage systems in the United States, and Enhanced Capital, a leading impact investment firm, announced today a deal to transfer investment tax credits (ITCs) to a third party with immediate monetization for three of KCE’s operating standalone battery energy storage projects with a total nameplate capacity of 120 MW.

“This marks a historic first for Key Capture Energy that will enable immediate and future investment in our portfolio and growth in markets across the country,” said John Bresnahan, KCE’s Chief Financial Officer. “Working with Enhanced Capital to execute an industry leading ITC deal for standalone, utility scale battery storage has been a privilege, and we thank them for partnering with us to lead the transition to a clean energy grid.”

The transaction includes the transfer of ITCs from two operating projects in Texas, KCE TX 19 and KCE TX 21 in Williamson County, totaling 100 MW and one project in New York, KCE NY 6 in Erie County, a 20 MW project.

“Our collaboration with Key Capture Energy reflects our dedication to advancing clean energy initiatives,” said Ed Rossier, Enhanced Capital’s Managing Director and Head of Climate Finance. “Tax credit financing for large-scale energy storage projects supports a more reliable and resilient grid and facilitates broader adoption of renewable energy generation across our country.”

CRC-IB served as the financial advisor to KCE. KCE was represented by Stoel Rives LLP and Enhanced Capital by Greenberg Traurig, LLP.

About Key Capture Energy
Founded in 2016 with offices in Albany, New York and Houston, Texas, Key Capture Energy is a leading developer, owner, and operator of battery energy storage systems and energy solution services across the United States, implementing market optimization software to create a more advanced and resilient electric grid. KCE has 623 megawatts (MW) of standalone energy storage projects in construction and operations and a development pipeline of over 9,000 MW of storage projects across the United States. Learn more at keycaptureenergy.com.

About Enhanced Capital:
Enhanced Capital Group, LLC is a leading impact investing firm with over 20 years of experience investing in Small Business Lending, Impact Real Estate, and Climate Finance. From inception in 1999 through September 30, 2023, inclusive of proprietary assets and assets managed by affiliates, Enhanced Capital has raised a total of $5.8 billion. Of the total AUM, impact assets represent $3.6 billion invested in over 1,000 projects and businesses across 39 states, Washington DC, and Puerto Rico and does not include investments made by non-impact affiliates. For more information, visit www.enhancedcapital.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 295 project and corporate transactions for sustainable energy assets, valued at $53 billion in total. To learn more, visit www.crc-ib.com.

About Stoel Rives LLP:
Stoel Rives is a leading U.S. corporate and litigation law firm, nationally recognized as a leader in the renewable energy sector. With a team of 350 attorneys spanning seven states and Washington, D.C., Stoel Rives serves sophisticated business clients at every stage of their evolution. To learn more, visit www.stoel.com.

About Greenberg Traurig LLP:
Greenberg Traurig is a global law firm with more than 2,650 attorneys in 47 locations in the United States, Europe and the Middle East, Latin America, and Asia. Our dynamic Renewable Energy team is vertically integrated to cover all aspects of the life of a project from development through construction, to financing and M&A, with in-depth understanding of the ever-evolving regulatory framework. Our senior attorneys have been leaders in the industry for more than 25 years and have handled some of the world’s largest and first-of-their-kind energy projects. We routinely advise project sponsors and developers, tax equity and cash equity investors, banks, and institutional investors, lenders, insurance companies, equipment manufacturers, energy companies, utilities, and other energy industry participants on traditional and pioneering innovative structures with unparalleled experience and commitment. To learn more, visit www.gtlaw.com.

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