GridStor announced that it closed a tax credit transfer with J.P. Morgan for its Goleta Energy Storage project in Santa Barbara County.
The 60 MW/160 MWh standalone BESS, which began operating in December 2023, is the county’s largest lithium‑ion storage facility. In addition to the tax credit sale, the project financing includes long‑term debt from NORD/LB and Mitsubishi HC Capital America.
GridStor positioned the transaction as one of the first battery storage ITC transfers in North America under the IRA’s transferability rules.
Company leadership framed the deal as validation of GridStor’s execution capabilities and growing lender confidence in storage assets. The Goleta system is intended to bolster local reliability and help meet peak‑demand needs while supporting California’s decarbonization goals.
Subsequent commentary from GridStor’s CFO noted that while transferability is simpler than traditional tax equity, it still involves significant documentation and complexity.
Overall, the transaction illustrates an emerging pathway for monetizing storage ITCs to accelerate project deployment.
GridStor announced that it closed a tax credit transfer with J.P. Morgan for its Goleta Energy Storage project in Santa Barbara County.
The 60 MW/160 MWh standalone BESS, which began operating in December 2023, is the county’s largest lithium‑ion storage facility. In addition to the tax credit sale, the project financing includes long‑term debt from NORD/LB and Mitsubishi HC Capital America.
GridStor positioned the transaction as one of the first battery storage ITC transfers in North America under the IRA’s transferability rules.
Company leadership framed the deal as validation of GridStor’s execution capabilities and growing lender confidence in storage assets. The Goleta system is intended to bolster local reliability and help meet peak‑demand needs while supporting California’s decarbonization goals.
Subsequent commentary from GridStor’s CFO noted that while transferability is simpler than traditional tax equity, it still involves significant documentation and complexity.
Overall, the transaction illustrates an emerging pathway for monetizing storage ITCs to accelerate project deployment.
GridStor announced that it closed a tax credit transfer with J.P. Morgan for its Goleta Energy Storage project in Santa Barbara County.
The 60 MW/160 MWh standalone BESS, which began operating in December 2023, is the county’s largest lithium‑ion storage facility. In addition to the tax credit sale, the project financing includes long‑term debt from NORD/LB and Mitsubishi HC Capital America.
GridStor positioned the transaction as one of the first battery storage ITC transfers in North America under the IRA’s transferability rules.
Company leadership framed the deal as validation of GridStor’s execution capabilities and growing lender confidence in storage assets. The Goleta system is intended to bolster local reliability and help meet peak‑demand needs while supporting California’s decarbonization goals.
Subsequent commentary from GridStor’s CFO noted that while transferability is simpler than traditional tax equity, it still involves significant documentation and complexity.
Overall, the transaction illustrates an emerging pathway for monetizing storage ITCs to accelerate project deployment.
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