First Citizens Bank Offering Tax Equity Investments in Renewable Energy Projects
NEW YORK, Oct. 29, 2024 /PRNewswire/ — First Citizens Bank today announced that its Energy Finance business is introducing a new tax equity investment product to help finance renewable energy projects.
Tax equity products enable qualified investors to reap the benefits of various tax incentives aimed at promoting the development of renewable energy. As an industry leader in renewable energy financing, First Citizens Energy Finance is well positioned to expand its product capabilities, which will now include tax equity investments.
“This new tax equity investment product allows us to further leverage our expertise in renewable energy finance,” said Mike Lorusso, head of Energy Finance. “By expanding our product base to include tax equity investments, we are now even better able to serve our relationship clients with innovative options.”
The new product helps address a market shortage of expertise needed to structure and deliver tax equity investments to clients that can benefit from the investment, thereby increasing the financing available to drive renewable energy project development. First Citizens Energy Finance intends to focus its tax equity investment product primarily in support of financing solar, wind and battery energy storage projects.
By adding the new tax equity investment product, First Citizens Energy Finance joins a relatively small number of experienced lenders offering either senior debt or tax equity investments to further the growth of renewable energy.
First Citizens Energy Finance leverages its deep industry knowledge and expertise to offer comprehensive financing solutions for renewable and conventional power generation. The unit manages a large, diverse portfolio that includes investments in all asset classes across the energy sector.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.
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SOURCE First Citizens Bank
