Corporate ITC Transaction 2Q 2024

Mobilizing Tens of Millions $US in Tax Equity

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FOR RELEASE July 8, 2024 - Visible Solar LLC ("Visible") executed a Tax Credit Purchase Agreement with an undisclosed corporate purchaser for multiple tens of millions in investment tax credits (ITC) for 2024. Founded in 2023 and based in Austin, Texas, Visible is a solar energy developer that builds, manages, and leases residential power systems to homeowners.

"We're pleased to complete this significant transaction that delivers tax benefits to our buyer, moves the energy transition forward, and enables homeowners to access more affordable electric power," said Amanda Lea Taylor, CEO of Visible. "The recent provisions allowing tax credits to be transferred from one party to another provide key support for transforming our American power grid over the next decades."

Citing a non-disclosure agreement, Taylor declined to identify the other party, but noted that the company trades on the Nasdaq exchange. She highlighted that market participants frequently differ in their capital structure, financial aims and tax appetite. "Tax equity structures are on-boarding these recent changes in the law. This is enabling greater flexibility and success at allocating the varied cash flows and tax consequences to the most appropriate party," she said.

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