"The Crux of it" blog

Insights on clean energy project financing

Transferable tax credits

What tax credit buyers and investors should know about IRS audits

IRS audits on tax credit transactions are rare — 90% of buyers report no IRS contact. Learn what the IRS examines, how audits are governed, and how buyers can stay prepared.

How Pillar Two affects IRA transferable tax credits

Transferable tax credits

How Pillar Two affects IRA transferable tax credits

What the updated 45ZCF-GREET model means for clean fuel producers

What the updated 45ZCF-GREET model means for clean fuel producers

Rapid response: Implications of beginning of construction ruling for wind and large-scale solar

Rapid response: Implications of beginning of construction ruling for wind and large-scale solar

Tax equity bridge loans: A definitive guide

Tax equity bridge loans: A definitive guide

What is structural risk in tax credit transactions?

Transferable tax credits

What is structural risk in tax credit transactions?

What is placed-in-service risk in tax credit transactions?

Transferable tax credits

What is placed-in-service risk in tax credit transactions?

What is eligibility risk in tax credit transactions?

Transferable tax credits

What is eligibility risk in tax credit transactions?

Inside Crux's 1Q2026 Market Update: Q&A with Josh Price

Inside Crux's 1Q2026 Market Update: Q&A with Josh Price

Prohibited foreign entities: How the market is navigating compliance amid evolving regulations

Prohibited foreign entities: How the market is navigating compliance amid evolving regulations

Infographic: Benchmarking tax credit buyer behavior in 2025

Infographic: Benchmarking tax credit buyer behavior in 2025

What is recapture risk in tax credit transactions?

What is recapture risk in tax credit transactions?

New survey: Federal permitting is obstructing clean energy projects (2026)

New survey: Federal permitting is obstructing clean energy projects (2026)

What final 2026–2027 RFS volumes mean for RNG, renewable diesel, SAF, and ethanol producers

What final 2026–2027 RFS volumes mean for RNG, renewable diesel, SAF, and ethanol producers

What tax credit buyers should know heading into H2 2025

What tax credit buyers should know heading into H2 2025

What 2025's clean energy finance data tells lenders about the year ahead

Debt capital markets

What 2025's clean energy finance data tells lenders about the year ahead

Transferable tax credit Q&A: Advice from tax, legal, & energy experts

Transferable tax credits

Transferable tax credit Q&A: Advice from tax, legal, & energy experts

Understanding the §45U tax credit for existing nuclear power plants

Transferable tax credits

Understanding the §45U tax credit for existing nuclear power plants

Understanding renewable energy project finance from start to finish

Debt capital markets

Understanding renewable energy project finance from start to finish

What is basis risk in tax credit transactions?

Transferable tax credits

What is basis risk in tax credit transactions?

10 milestones on the two-year anniversary of tax credit transferability

Transferable tax credits

10 milestones on the two-year anniversary of tax credit transferability

Whitepaper: Crux & the new transferable tax credit market

Transferable tax credits

Whitepaper: Crux & the new transferable tax credit market

July 2023: State of the transferable tax credit market

July 2023: State of the transferable tax credit market

Trends in transferable tax credit investment structures

Trends in transferable tax credit investment structures

Trends in capital availability for clean energy and manufacturing projects

Trends in capital availability for clean energy and manufacturing projects

Treasury issues guidance implementing Executive Order 14315

Treasury issues guidance implementing Executive Order 14315

Treasury releases initial guidance implementing prohibited foreign entity rules

Treasury releases initial guidance implementing prohibited foreign entity rules

Treasury's guidance on the 45v hydrogen production tax credit

Treasury's guidance on the 45v hydrogen production tax credit

Guidance on transferable clean energy tax credits: What to know

Guidance on transferable clean energy tax credits: What to know

An ultimate guide to transferable tax credits (updated 2026)

Transferable tax credits

An ultimate guide to transferable tax credits (updated 2026)

Factors that affect deal pricing for clean energy and manufacturing tax credits

Transferable tax credits

Factors that affect deal pricing for clean energy and manufacturing tax credits

TTC market intelligence report

TTC market intelligence report

State of the market Q4 2023

State of the market Q4 2023

Now live: Crux’s transferable tax credit deal data portal

Transferable tax credits

Now live: Crux’s transferable tax credit deal data portal

Transferability accelerates investment in energy and manufacturing

Transferable tax credits

Transferability accelerates investment in energy and manufacturing

Transaction timelines: Q4 deadlines you must know

Transaction timelines: Q4 deadlines you must know

The state of clean energy finance in 2025: Q&A with Crux's Katie Bays

The state of clean energy finance in 2025: Q&A with Crux's Katie Bays

On-demand presentation: The state of clean energy capital

On-demand presentation: The state of clean energy capital

Interview with Sam Kamyans from Kirkland & Ellis

Transferable tax credits

Interview with Sam Kamyans from Kirkland & Ellis

Announcing the first term sheet builder for transferable tax credit transactions

Announcing the first term sheet builder for transferable tax credit transactions

§48E and §45Y tech-neutral tax credits: Guide + FAQs

Transferable tax credits

§48E and §45Y tech-neutral tax credits: Guide + FAQs

The ultimate guide to tax equity and clean energy credits

Transferable tax credits

The ultimate guide to tax equity and clean energy credits

Tax credit transaction risks: An introduction for corporate taxpayers

Transferable tax credits

Tax credit transaction risks: An introduction for corporate taxpayers

Tax credit investing: Rules on passive activity for tax credit buyers (updated 2026)

Transferable tax credits

Tax credit investing: Rules on passive activity for tax credit buyers (updated 2026)

Tax credit insurance: Coverage, cost, and how to procure

Transferable tax credits

Tax credit insurance: Coverage, cost, and how to procure

Tax credit insurance coverage: 2025 market trends

Tax credit insurance coverage: 2025 market trends

Tax credit buyers’ guide to legacy vs. tech-neutral tax credits

Transferable tax credits

Tax credit buyers’ guide to legacy vs. tech-neutral tax credits

Understanding tax credit bridge loans in clean energy capital markets

Debt capital markets

Understanding tax credit bridge loans in clean energy capital markets

Standardized clean energy tax credit transfer agreements (TCTAs)

Transferable tax credits

Standardized clean energy tax credit transfer agreements (TCTAs)

§45Z clean fuel production credits: What tax credit buyers need to know

Transferable tax credits

§45Z clean fuel production credits: What tax credit buyers need to know

$18.2M series A funding & its advantages for Crux commercial partners

$18.2M series A funding & its advantages for Crux commercial partners

Crux raises $18.2 million in series A funding

Crux raises $18.2 million in series A funding

Selling tax credits: Best tips to make them transactable

Transferable tax credits

Selling tax credits: Best tips to make them transactable

Crux raises $4.25 million in rapid seed extension

Crux raises $4.25 million in rapid seed extension

Safe harbor rules: What clean energy developers need to know

Safe harbor rules: What clean energy developers need to know

Roundtable with Crux’s Tax Investor Coverage team: 2026 strategies

Roundtable with Crux’s Tax Investor Coverage team: 2026 strategies

Renewable natural gas for tax credit buyers

Transferable tax credits

Renewable natural gas for tax credit buyers

Key takeaways from Crux whitepaper on risk mitigation and due diligence in tax credit transfers

Transferable tax credits

Key takeaways from Crux whitepaper on risk mitigation and due diligence in tax credit transfers

Redefining the diligence process: How AI and industry expertise are powering a new era of project finance

Redefining the diligence process: How AI and industry expertise are powering a new era of project finance

Rapid response: How the government shutdown will impact energy

Rapid response: How the government shutdown will impact energy

Rapid reaction: Senate releases its version of One Big Beautiful Bill Act

Rapid reaction: Senate releases its version of One Big Beautiful Bill Act

How proposed changes to the BEAT in Section 899 could affect energy tax credits

How proposed changes to the BEAT in Section 899 could affect energy tax credits

Post-election market update: Webinar recap

Post-election market update: Webinar recap

"One Big Beautiful Bill Act" becomes law

"One Big Beautiful Bill Act" becomes law

What the One Big Beautiful Bill Act means for energy and manufacturing tax credits

What the One Big Beautiful Bill Act means for energy and manufacturing tax credits

New guidance on OECD treatment of IRA transferable tax credits and global minimum tax: What you need to know

New guidance on OECD treatment of IRA transferable tax credits and global minimum tax: What you need to know

IRS releases new proposed 45Z regulations

IRS releases new proposed 45Z regulations

Q&A with new Crux board member Kate Karas

Q&A with new Crux board member Kate Karas

Navigating debt capital markets in 2026: A roundtable with Crux's lending experts

Debt capital markets

Navigating debt capital markets in 2026: A roundtable with Crux's lending experts

How to maximize ROI & leverage IRR in tax credit transactions

Transferable tax credits

How to maximize ROI & leverage IRR in tax credit transactions

How to maximize certainty in a tax credit transaction

Transferable tax credits

How to maximize certainty in a tax credit transaction

How to make the transferability market work for project developers

Transferable tax credits

How to make the transferability market work for project developers

Low-income communities bonus credit program

Transferable tax credits

Low-income communities bonus credit program

Crux + CLA: Lessons, considerations, and FAQs for buyers of transferable tax credits

Transferable tax credits

Crux + CLA: Lessons, considerations, and FAQs for buyers of transferable tax credits

Crux launches to accelerate financing of clean energy and manufacturing projects

Crux launches to accelerate financing of clean energy and manufacturing projects

Update on tax legislation: Key takeaways from proposed legislation

Update on tax legislation: Key takeaways from proposed legislation

Key takeaways from our client-only market update for tax credit buyers

Transferable tax credits

Key takeaways from our client-only market update for tax credit buyers

Key takeaways from Crux’s inaugural clean energy lender briefing

Key takeaways from Crux’s inaugural clean energy lender briefing

IRS draft guidance on section 45X advanced manufacturing tax credits

IRS draft guidance on section 45X advanced manufacturing tax credits

Key criteria lenders use to evaluate clean energy deals

Debt capital markets

Key criteria lenders use to evaluate clean energy deals

ITC vs PTC credits: What's the difference?

Transferable tax credits

ITC vs PTC credits: What's the difference?

IRS clean energy registration portal opens

Transferable tax credits

IRS clean energy registration portal opens

IRS publishes final guidance for the tech-neutral clean electricity §48E investment tax credit and the §45Y production tax credits

IRS publishes final guidance for the tech-neutral clean electricity §48E investment tax credit and the §45Y production tax credits

Section 48 C&I solar tax credits: a beginner's guide

Section 48 C&I solar tax credits: a beginner's guide

What is energy storage? (and its role in section 48 ITC)

Transferable tax credits

What is energy storage? (and its role in section 48 ITC)

Introducing the Cruxtimate

Introducing the Cruxtimate

Announcing Crux's debt capital solutions: Access liquid, efficient financing

Announcing Crux's debt capital solutions: Access liquid, efficient financing

Introducing Crux: Efficient finance for clean energy & manufacturing

Introducing Crux: Efficient finance for clean energy & manufacturing

How the One Big Beautiful Bill is affecting demand for transferable tax credits

Transferable tax credits

How the One Big Beautiful Bill is affecting demand for transferable tax credits

How supply and demand affect tax credit prices throughout the year

Transferable tax credits

How supply and demand affect tax credit prices throughout the year

How is the clean energy lending market evolving in 2025?

Debt capital markets

How is the clean energy lending market evolving in 2025?

How buyers can succeed in an increasingly competitive transferable tax credit market

Transferable tax credits

How buyers can succeed in an increasingly competitive transferable tax credit market

Highlights from our inaugural report on lending dynamics in US energy and manufacturing

Debt capital markets

Highlights from our inaugural report on lending dynamics in US energy and manufacturing

Highlights from the 2024 Mid-Year Market Intelligence Report

Highlights from the 2024 Mid-Year Market Intelligence Report

Highlights from Crux’s webinar on interim FEOC guidance

Highlights from Crux’s webinar on interim FEOC guidance

Highlights from Crux’s 2025 mid-year market intelligence report

Highlights from Crux’s 2025 mid-year market intelligence report

Webinar recap: New Treasury guidance on transferability

Webinar recap: New Treasury guidance on transferability

Key tax credit insurance terminology: A glossary

Transferable tax credits

Key tax credit insurance terminology: A glossary

Section 48 investment tax credit (updated guidance)

Section 48 investment tax credit (updated guidance)

What to expect in your first transferable tax credit transaction

Transferable tax credits

What to expect in your first transferable tax credit transaction

Finalized guidance on transferable tax credits

Transferable tax credits

Finalized guidance on transferable tax credits