Bitech working on ITC transfer deal for 100-MW BESS in Texas

Martina Markosyan | Source: RenewablesNow | Posted 09/09/2024

Bitech Technologies Corporation (OTCQB:BTTC) is looking to arrange the transfer of up to USD 80 million (EUR 72m) in investment tax credits (ITCs) associated with its flagship 100-MW Project Redbird battery energy storage system (BESS) in Fort Bend County, Texas.

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Bitech Technologies Corporation (OTCQB:BTTC) is in talks to transfer up to USD 80 million in investment tax credits associated with its 100-MW Project Redbird battery energy storage system in Texas. The company's subsidiary, Emergen Energy LLC, has signed a non-binding term sheet with a renewable energy investment firm for the transfer of these tax credits, expected to bring in around USD 78 million by 2025.

CEO Benjamin Tran stated that securing a tax credit transfer agreement would be a significant step in advancing the BESS project towards monetization, alongside project equity investment or debt financing. Bitech aims to achieve commercial operation by the second quarter of 2025, with plans to finalize financing for two BESS projects in Texas this year and begin construction in early 2025, while also pursuing funding for a third site next year and exploring strategic and joint venture opportunities.

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Source Link: https://renewablesnow.com/news/bitech-working-on-itc-transfer-deal-for-100-mw-bess-in-texas-868068/

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Bitech working on ITC transfer deal for 100-MW BESS in Texas

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