Main Street Solar Fund I and II Funded and Closed
January 22, 2024 (Oxford, MS) – Addicus and TPC Capital Solutions are pleased to announce Main Street Solar Funds I and II have been successfully funded and brought online.
The capital raised allowed for the acquisition of two crucial solar developments. These projects, situated in Canton, Maine and Ashland, Maine, were certified to be placed in service at the end of December 2023. The projects have a combined ability to offset 16,854,459 pounds of carbon emissions, which is the equivalent to 424,962 gallons of gasoline.
The introduction of the federal Investment Tax Credit (ITC) in 2005, brought to life through the Energy Policy Act, has been heralded a "golden era for solar investment". This Act established a 30% tax credit for residential and commercial solar energy installations, presenting an opportunity that corporations were quick to monopolize.
By investing in renewable energy and leveraging the tax credits, Fortune 500 companies reduced their tax bills, freeing up resources for other strategic investments. Thus, the solar tax credit became a primary driver for the expanded solar development in the United States.
Unlike the traditional model built for large corporations, the Main Street Solar Fund allows individual, accredited investors with ordinary passive income to pool their resources, purchase and operate solar projects. Since MSSF owns all of the economic rights to the projects, their tax benefits are significantly higher compared to traditional corporate investors.
“We have been working with ultra-high net worth families to implement solar projects and maximize tax offset impact for years. The Main Street Solar Fund was created by Addicus as a turnkey solution for individuals with qualifying income, generally ordinary passive income, to use the tax credit system to offset and minimize taxes,” says Addicus Founding Partner and Chief Global Strategist Stephen Miles.
This year’s Main Street Solar Fund, open to accredited investors, is anticipated to launch in Q1 2024, and we will be taking Indications of Interest early to determine our appetite to acquire attractive projects. To learn more about the Main Street Solar program, please visit www.mainstreetsolarfund.com.