Key Capture Energy, LLC, a top developer and operator of battery energy storage systems (BESS) in the U.S., announced the start of commercial operations for two 100MW projects in Texas. Additionally, KCE has transferred the investment tax credits (ITCs) for these projects to a third party. This is KCE’s second ITC transfer under the Inflation Reduction Act and increases its operating battery storage capacity to over 620 MW nationwide.
Brian Hayes, Key Capture Energy’s Chief Executive Officer, stated, “Key Capture Energy continues to lead the industry, and this second ITC transfer is an important milestone for the company. By collaborating with our utility partners and leveraging financial tools like the ITC, we’re looking forward to bringing more battery energy storage online to support a reliable and resilient electric grid in markets nationwide.”
Two new standalone projects have been launched in the Electric Reliability Council of Texas (ERCOT) market. These projects will help stabilize Texas’ energy grid by balancing intermittent energy sources and reducing grid fluctuations, especially during high-demand periods. Located in Denton and Grimes counties, both projects qualify for a 10% Energy Community Tax Credit bonus, as per the Inflation Reduction Act.
The Investment Tax Credit (ITC) transfers will provide KCE with funds to expand its development efforts across the country. KCE is a highly experienced operator in the ITC transfer market, having completed its first transaction in December 2023. KCE was advised by CRC-IB and represented by Clifford Chance US LLP. The buyer received financial advice from TReK and was represented by Akin LLP.
