Opal Fuels in pact for $11.1M sale of IRA tax credits to a subsidiary of Apollo

OPAL Fuels announced the sale of approximately $11.1M of Inflation Reduction Act IRA investment tax credits to a subsidiary of Apollo Global Management, Inc., a leading provider of alternative asset management and retirement solutions. This sale represents OPAL Fuels’ stake in the investment tax credits generated by the Emerald RNG facility, a joint venture that is 50% owned by OPAL Fuels. The Inflation Reduction Act, signed into law in August 2022, provides for the issuance of transferable federal income tax credits for certain renewable fuel projects and products. The sale is OPAL Fuels’ first IRA tax credit transaction. “The sale of IRA tax credits provides OPAL Fuels another source of liquidity to continue funding our strategic growth initiatives,” said Jonathan Maurer, Co-Chief Executive Officer of OPAL Fuels. “We view the IRA as favorable for the renewable energy industry and an important driver of investment across our project pipeline over the next several years.”