In a strategic collaboration poised to revolutionize the energy landscape, Foss & Company, a prominent institutional fund sponsor, has announced its exclusive partnership as the provider of tax equity for the Longbow Battery Energy Storage System (BESS) project. Located in Brazoria County, TX, near Houston, this cutting-edge initiative represents a joint effort with Tokyo Gas America and Clean Capital Partners, signaling a transformative leap into the Transferability-flip (T-flip) transaction space.
The Longbow BESS project, spearheaded by Clean Capital Partners (CCP), boasts a formidable capacity of 174 MW and 384 MWh, positioning it as a game-changer in the realm of energy storage. With an impressive $118.5 million investment in Investment Tax Credits (ITCs), Foss & Company’s involvement marks its inaugural venture into the T-flip transaction arena.
Scheduled to commence construction in the first quarter of 2024, Longbow BESS aims to capitalize on the high volatility and arbitrage potential in the ERCOT-Houston region, with a targeted Commercial Operation Date (COD) slated for the summer of the same year.
Bryen Alperin, Partner and Managing Director at Foss & Company, expressed enthusiasm for the project’s transformative potential, stating, “Longbow BESS exemplifies Foss & Company’s commitment to driving positive change in the energy landscape. Our tax equity investment in this cutting-edge project underscores our confidence in the transformative potential of battery storage for the grid. We are proud to contribute to the success of this innovative venture alongside Tokyo Gas America, Clean Capital Partners, and the entire Longbow BESS team.”
Tiffany Elliott, CEO of Clean Capital Partners, echoed Alperin’s sentiments, emphasizing the collective vision shared by the partnership. “Along with Tokyo Gas, we are thrilled to have Foss & Company as the selected tax equity partner for the Longbow BESS project. Their expertise and commitment to sustainable investment align seamlessly with our collective vision for this groundbreaking battery energy storage system. Together, we look forward to creating a lasting impact on the energy landscape, driving positive change, and delivering reliable, clean energy to the ERCOT-Houston market,” Elliott stated.
The ownership of the Longbow BESS project lies with Tokyo Gas America, a wholly owned subsidiary of Tokyo Gas Co. Ltd., further cementing the collaborative efforts of industry leaders toward a greener and more sustainable future.
Ken Kiriishi, Senior Vice President of Tokyo Gas America, emphasized the project’s significance in advancing clean energy solutions, remarking, “Longbow BESS represents a significant step forward in our commitment to providing clean and reliable energy solutions. We are delighted to partner with Foss & Company and Clean Capital Partners on this groundbreaking project. Together, we aim to contribute to the sustainable energy future of the ERCOT-Houston region, delivering innovative and reliable power solutions to meet the growing demands of the market.”
As the project gears up for construction in the coming months, Longbow BESS stands poised to become a beacon of innovation in the energy storage sector, showcasing the immense potential of cutting-edge technologies in meeting the burgeoning demand for reliable and sustainable power solutions.
