Crux

“So we found that credits that are listed on Crux in 37% of cases where a credit received a bid, they received multiple bids.”

“We found in our data set that smaller deals, so fifty million and below, Represented the majority of deals in the data set.”

“The average credit price that we found in the sample was 92 to 94 cents, and this is better average pricing than we see currently in the thirty-seven-year-old Lytec market”

“The mega deals, call it the hundred million dollar plus kinds of deals, are transacting at 94, 95, 96 cents, and the trend of size impacting price is true across credit types.”

“If you trust our numbers, then it's something like seven to nine billion that will transact, but it's capped. And there was more demand than supply. There is still more demand than supply on those 23 credits.”

“We are seeing an increasing amount of so-called hybrid deals where a tax equity partnership is formed, and then credits are sold Out of that partnership.”

“And though we're seeing some convergence, there is, we are seeing some sign that buyers are more comfortable with the existing technologies that That they have seen in the past, like wind and solar, than they may be with some of the new technology types”

“The high end of the market Is 94 to 96 cents, and we've seen some very large transactions like the first solar Fiserv deal that priced at 96 cents on 45 X credits, and as far as I know, that is the high watermark in the market or around 96 cents.”

“So at the smallest end of the market, the sub 20, sub ten million dollar Kind of credit sizes. Pricing does fall off a cliff. Like it gets a lot worse, but it goes down to 89, 88, 87 cents on a gross basis.”

“To, as far as I know, we have not seen a deal yet that has moved forward without the prevailing wage and apprenticeship adder.”

“Three, smaller credits, which make up more than 50% Of the deal sample saw the greatest improvement in pricing as a result of more competition in the market and more buyers that are coming into the market and looking to participate in it.”

“In the weeks following the November election, bidding activity was the highest we have seen yet. We saw really strong liquidity and demand to supply coverage in the market.”

“Two, pricing on tax credit deals remains strong. We saw it improve from 23 to 24, and it improved from the first half to the second half of 24.”

“There's also so much 45 X coming, so there were something like a 170 investments that have been announced in manufacturing and mining facilities of various kinds across 37 states totaling billions of dollars, hundreds of billions of dollars, and so that means …”

“I think the growth in terms of deployed gigawatts from 24 to 25 was about a 72% improvement or growth rate.”

“So, for instance, when we did our first report, we found, I think, maybe two, there were perhaps two projects that had tax credit Tronches are entitled to generate a tax credit in excess of five hundred million dollars. That number is into the dozens now.”