Crédit Agricole CIB has finalized its first renewable energy tax credit purchase in the U.S., acquiring $212.5 million in tax credits related to the Milagro Energy solar-plus-storage project in New Mexico.

Target Information

Crédit Agricole CIB has successfully completed its inaugural renewable energy tax credit purchase in the United States, marking a significant milestone in its operations. This achievement is linked to its partnership with EDF Power Solutions North America, specifically regarding the Milagro Energy project, which is a substantial solar-plus-storage facility situated in New Mexico. Through this transaction, Crédit Agricole CIB acted as the sole Tax Credit Purchaser, acquiring up to $212.5 million in federal tax credits, which include both Investment Tax Credits (ITC) and a decade-long strip of Production Tax Credits (PTC) associated with Project Milagro.

The Milagro Energy project is set to provide clean and reliable electricity to communities served by El Paso Electric, thereby playing a crucial role in the advancement of renewable energy and grid-supporting battery storage in the area. This landmark deal exemplifies Crédit Agricole CIB's commitment to developing its renewable energy tax credit monetization capabilities within the U.S., a product that has become increasingly vital for financing clean energy assets.

Industry Overview in the United States

The renewable energy industry in the United States has seen remarkable growth over the past decade, largely driven by increasing demand for clean energy sources and advancements in technology that have made renewable energy more accessible a