Foss & Company Partners with Tokyo Gas America and Clean Capital Partners on Cutting-edge Battery Energy Storage System

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Feb 12, 2024, 09:00 ET

LIVERPOOL, Texas, Feb. 12, 2024 /PRNewswire/ -- Foss & Company, a leading institutional fund sponsor, is proud to announce its role as the exclusive provider of tax equity for the Longbow BESS project, a battery energy storage system (BESS) located in Brazoria County, TX, near Houston. This landmark project represents a significant $118.5 million in Investment Tax Credits (ITCs) and marks Foss & Company's inaugural foray into the Transferability-flip (T-flip) transaction space.

Longbow BESS, a standalone BESS project developed by Clean Capital Partners (CCP) with a capacity of 174 MW and 384 MWh, is poised to be a game-changer in the energy storage landscape. As a strategic initiative, Longbow aims to benefit from high volatility and arbitrage potential in the ERCOT-Houston region, with construction commenced in Q1 2024 and a targeted Commercial Operation Date (COD) in the summer of 2024.

"Longbow BESS exemplifies Foss & Company's commitment to driving positive change in the energy landscape. Our tax equity investment in this cutting-edge project underscores our confidence in the transformative potential of battery storage for the grid," stated Bryen Alperin, partner and managing director, Foss & Company. "We are proud to contribute to the success of this innovative venture alongside Tokyo Gas America, Clean Capital Partners, and the entire Longbow BESS team."

"Along with Tokyo Gas, we are thrilled to have Foss & Company as the selected tax equity partner for the Longbow BESS project. Their expertise and commitment to sustainable investment align seamlessly with our collective vision for this groundbreaking battery energy storage system," said Tiffany Elliott, CEO, Clean Capital Partners. "Together, we look forward to creating a lasting impact on the energy landscape, driving positive change, and delivering reliable, clean energy to the ERCOT-Houston market."

The Longbow BESS project, owned by Tokyo Gas America, a wholly owned subsidiary of Tokyo Gas Co. Ltd., further solidifies the collaborative efforts of industry leaders towards a greener and more sustainable future.

"Longbow BESS represents a significant step forward in our commitment to providing clean and reliable energy solutions," said Ken Kiriishi, Senior Vice President, Tokyo Gas America. "We are delighted to partner with Foss & Company and Clean Capital Partners on this groundbreaking project. Together, we aim to contribute to the sustainable energy future of the ERCOT-Houston region, delivering innovative and reliable power solutions to meet the growing demands of the market."

As construction gears up to commence in the coming months, Longbow BESS is set to become a beacon of innovation in the energy storage sector, showcasing the potential of cutting-edge technologies in meeting the growing demand for reliable and sustainable power solutions.

ABOUT FOSS & COMPANY
Founded in 1983, Foss & Company is a national tax equity investor and fund sponsor that has deployed over $8 billion in tax equity on behalf of insurance, banking, and other large corporate clients into historic rehabilitation projects, renewable energy and advanced energy production facilities. Foss & Company is a full-service advisor with proven expertise in helping our partners navigate the world of tax equity investments. For additional information, visit www.fossandco.com.

About Clean Capital Partners
Clean Capital Partners, founded by Tiffany Elliott, specializes in the development and financing of utility-scale solar and battery energy storage projects across the United States. Ms. Elliott benefits from an extensive career in the U.S. energy sector and has held senior roles at Cypress Creek Renewables, Recurrent Energy, Citigroup Energy and Calpine Energy Services.

About Tokyo Gas America
Tokyo Gas America Ltd., wholly owned subsidiary of Tokyo Gas Co., Ltd, develops wide-ranging businesses that include upstream operations such as gas field development, midstream to downstream operations such as power generation, natural gas distribution, LNG exportation and natural gas trading in North America. With the aim to own and operate over 5 GW of renewable generation projects, Tokyo Gas America entered the U.S. renewables market through acquisition of the 500MWac Aktina solar project in 2020 and is committed to transforming its business model to better service its customers and contribute to a sustainable society.

SOURCE Foss & Company