Transferable tax credits for renewable projects has created a $52 billion market | How are clean energy developers making the most of it?
Interchange Recharged
Wood Mackenzie
4.8 • 535 Ratings
🗓️ 12 August 2025
⏱️ 48 minutes
🧾️ Download transcript
Summary
Way back in 2016, US energy storage capacity had just hit 336MWh, a 100% year-on-year increase. The growth forecast for storage was for 7.3GWh by 2022 – a US$3.3 billion market. It’s just one example of how far we’ve come; the IRA’s tax credits and incentives created a bullish environment for developers, and the renewable project pipeline grew and grew. Then came OB3, and the uncertainty around the future of the tax credits slowed everything down in the first half of 2025. However, a key market condition still exists: the ability to transfer tax credits. It’s a new market and one that could prove crucial for financing renewable projects.
So how does it work? And what can it offer developers and financers? To find out, host Sylvia Leyva Martinez – a principal analyst at Wood Mackenzie covering global energy markets – is joined by Alfred Johnson, CEO of Crux. Crux facilitates the raising of capital, including the sale of tax credits and debt capital.
Sylvia and Alfred review the last few years of clean energy market developments, explore the outlook for renewables out to 2028 and analyze the impact of tax credit transfers on solar, wind, biofuels and other clean energy projects
The introduction of transferable tax credits has nearly doubled the market – to US$52 billion last year. It’s allowed developers to access financing for renewables that was previously difficult to get. Find out how it all works and how to make the most of it, right here on Interchange Recharged.
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Transcript
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| 0:00.0 | There has been such an increase in the amount of clean energy infrastructure that has been planned and is coming to market. |
| 0:09.0 | Even in light of OB3, there will still be wind and solar tax credits that are a significant part of the market for years to come as projects continue to be placed into service and begin |
| 0:23.2 | construction over the next year and then are placed into service by the end of 27. |
| 0:29.6 | The tax credit market in 2028 or 29 will look different from a composition standpoint than the one that we had in 2024. |
| 0:40.3 | Wood McKenzie's Solar Energy and Storage Summit is back in Denver on the 29th and 30th of April, 26. |
| 0:50.3 | It's co-located with the brand new North American Power and Renewables Forum, which features senior speakers from across the U.S. power sector. |
| 0:59.0 | Come and join over 450 senior leaders from U.S. power developers, utilities, and independent power producers to tackle the industry's biggest challenges. |
| 1:09.5 | From navigating life after tax credits to capturing the load growth boom, |
| 1:14.1 | discover how the energy mix is evolving and how the U.S. is going to meet that power demand. |
| 1:19.4 | Seats are limited, so register now at woodmack.com. |
| 1:34.1 | Investment in the clean energy transition worldwide reached 2.1 trillion US dollars in 24. |
| 1:35.4 | Yet, despite this momentum, developers are hitting pause. |
| 1:39.1 | So why is that? |
| 1:40.8 | It might be to do with that favorite word of hours on the show. |
| 1:46.7 | Uncertainty. Uncertainty in policy, pricing, permitting, and financing. And a lot of that uncertainty stems from the one |
| 1:54.7 | big beautiful pill, OB3. Tax credits had a lot to do with the boom in clean energy deployment. |
| 2:02.7 | But now the FIAC rules, |
| 2:08.3 | that's foreign entities of concern, are cutting them off. Chinese supply chains for solar modules, |
| 2:13.9 | for example, are significantly impacted by the new FIAC rules, but there's a tool that could help stabilize the outlook for clean energy equipment procurement. |
| 2:22.9 | To explore more of this, I'm joined by Alfred Johnson, the CEO and co-founder of Crux, |
| 2:27.5 | which is a capital markets platform that's helping developers and manufacturers raise financing across clean energy and infrastructure. |
| 2:30.9 | In the case of renewables, we have been using tax credits since the 1970s to |
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