Invenergy secures $215 million in tax equity financing with Crux

Invenergy is North America's largest privately held developer, owner, and operator of independent power infrastructure. The company is advancing the Pleasant Prairie Solar Energy Center — a 240-megawatt utility-scale solar project in Franklin County, Ohio. The project, currently under construction, is supporting approximately 300 construction jobs and will drive more than $230 million in local economic investment over its life. Once operational, the project will deliver reliable electricity to the local grid.

Financing this project meant securing a $215 million tax equity investment to monetize Pleasant Prairie's federal investment tax credit (ITC). Tax equity remains a foundational financing tool for utility-scale clean energy projects, and developers increasingly need flexible structures that provide greater certainty around tax credit monetization. For Invenergy, that meant finding a solution on a timeline that matched an active construction schedule without disturbing debt financing already in place.‍

A large-scale tax equity raise against a live construction timeline

Project debt was already in place, requiring any tax equity financing to integrate seamlessly within the project's existing capital structure. The transaction also needed to align with an active construction schedule, making an efficient execution timeline critical. As project characteristics evolved, the transaction required timely analysis and coordination among tax equity stakeholders to keep the deal — and the project — on schedule.‍

One structure combining tax equity and transferability

Crux delivered a combined tax equity and transferability solution within a single structure, creating an efficient financing approach that balanced investor objectives with Invenergy's liquidity, rather than solving for each in a separate process. The hybrid tax equity investment was made through a Crux-managed vehicle, designed to efficiently monetize the project's federal tax benefits while supporting the deployment of new utility-scale solar generation.

Crux Capital Securities, Crux's registered broker-dealer, underwrote and structured the transaction, sourcing institutional tax investors into the Crux-managed vehicle. Crux also co-invested its own capital in the tax equity member alongside those institutional investors — putting its capital to work directly rather than just arranging it. Throughout the process, Crux's technology platform and transaction support kept all parties — Invenergy, the tax equity investors, and Crux itself — on one coordinated timeline.

$215 million funded without disrupting the existing capital stack

The transaction funded as a $215 million hybrid tax equity investment, delivering de-risked credit pricing and execution certainty through a single integrated structure. The project's existing debt facility remained untouched, requiring no renegotiation.

“Crux's tax equity investment marks an important milestone for Pleasant Prairie Solar and reflects continued confidence in projects that help meet growing energy demand, while delivering meaningful local benefits," said Matthew Ransweiler, Senior Vice President, Head of North America Project Finance at Invenergy. "Securing tax equity financing for this project with such a strong financial partner demonstrates our commitment to advancing energy infrastructure that supports economic growth, strengthens energy supply, and helps power communities across Ohio.”

The transaction builds on a long-standing relationship between the two companies.

“Having worked alongside Invenergy for many years, it’s been a pleasure to support another important financing,” said Yonette Chung McLean, Chief Capital Officer of Crux. “As projects and capital markets become more sophisticated, success increasingly depends on bringing together the right mix of capital, structuring expertise, and execution. That’s exactly the role Crux fills: helping leading developers access efficient financing so they can keep building.”

Contact us to learn how Crux can help structure and execute tax equity transactions.