![EnCap Launches Bildmore to Invest in Hard-to-finance Clean Energy](/sites/default/files/styles/hart_news_article_image_640/public/image/2024/03/encap-launches-bildmore-invest-hard-finance-clean-energy.jpg?itok=HhJYf-Id)
Bildmore expects to make 10 to 15 minority investments every year. (Source: Shutterstock)
EnCap Energy Transition Fund is launching Bildmore, an investment platform focusing on passive minority equity positions for energy transition projects that do not attract traditional renewable tax equity financing, the renewable energy development backer announced in a March 11 press release.
Led by David Haug as CEO, Bildmore expects to make 10 to 15 minority investments every year.
The Inflation Reduction Act’s expansion of tax credit eligibility has put tax equity, historically provided by a limited number of large banks, in short supply.
“For IRA projects, just selling tax credits leaves developer value on the table. Tax equity is great for sponsors who can check all the boxes, but lots of projects don’t fit,” Haug said in the release.
The platform will initially focus on utility-scale projects and back sponsors that cannot meet tax equity requirements but want to improve their economics past transferring discounted tax credits.
“Bildmore will focus on the battery storage and solar projects, particularly those which have chosen to leave all or part of their energy output available for 'merchant' sale rather than be sold under long term contracts. We want to help those development teams lacking the deep balance sheets typically required by tax equity providers,” Haug said.
Recommended Reading
Vår Selling Norne Assets to DNO
2024-05-08 - In exchange for Vår’s producing assets in the Norwegian Sea, DNO is paying $51 million and transferring to Vår its 22.6% interest in the Ringhorne East unit in the North Sea.
SLB OneSubsea JV to Kickstart North Sea Development
2024-05-07 - SLB OneSubsea, a joint venture including SLB and Subsea7, have been awarded a contract by OKEA that will develop the Bestla Project offshore Norway.
EOG: Utica Oil Can ‘Compete with the Best Plays in America’
2024-05-09 - Oil per lateral foot in the Utica is as good as top Permian wells, EOG Resources told analysts May 3 as the company is taking the play to three-mile laterals and longer.
Chevron, Total’s Anchor Up and (Almost) Running
2024-05-07 - During the Offshore Technology Conference 2024, project managers for Chevron’s Anchor Deepwater Project discussed the progress the project has made on its journey to reach first oil by mid-2024.
SM Energy Targets Prolific Dean in New Northern Midland Play
2024-05-09 - KeyBanc Capital Markets reports SM Energy’s wells “measure up well to anything being drilled in the Midland Basin by anybody today.”