2023 Was a Year of Energy Transition
As the Inflation Reduction Act ignited the project finance market for renewable energy projects , we assisted our clients with first-oftheir-kind renewable energy tax credit transfers and in evaluating opportunities for energy transition financings .
In 2023 , Bracewell closed project financings totaling more than $ 15 billion . Many of these transactions were back leveraged loans alongside tax equity financing .
We led the market in structuring and closing purchases and sales of eligible tax credits under the Inflation Reduction Act . By year-end , Bracewell had worked on more than $ 500 million of these first-of-their-kind sales . This included an agreement entered into by Synovus Bank with a battery storage developer to acquire approximately $ 45 million of federal investment tax credits generated by a portfolio of battery storage projects in Texas , which we began negotiating just weeks after the Inflation Reduction Act was enacted . Bracewell was highly commended for its work on this important transaction in the 2023 Financial Times Innovative Lawyers North America Report .
Bracewell was highly commended in the 2023 Financial Times Innovative Lawyers North American Report for advising Synovus Bank on its purchase of IRA tax credits
$ 39 billion + in financings closed by Bracewell lawyers
Throughout 2023 , Bracewell advised financial institutions in evaluating opportunities to provide financing for energy transition projects such as carbon capture projects , including evaluating financing proposals that relied on the proceeds of the direct payment or sale of federal tax credits generated by the project as a primary source of funds for debt service .
For the latest information and insights on the Inflation Reduction Act , please visit Bracewell ’ s Inflation Reduction Act Resource Center .
$ 15 billion + in project financings closed by Bracewell lawyers
$ 500 million +
of transactions closed by Bracewell involving the sale of tax credits for credit eligible technologies under the IRA
The Year Ahead
We ’ ll be watching the 2024 political overlay closely , however the white-hot appetite for renewables shows no sign of slowing any time soon . bracewell . com