Fullmark Energy Announces $46M Investment Tax Credit Transaction for 125MW Redwood Projects Portfolio
Press Release
Press Release
Press Release
Nov 18, 2025
Nov 18, 2025
Nov 18, 2025
4 min read
4 min read
4 min read
CHICAGO, IL, November 18, 2025
Fullmark Energy, an independent power producer focused exclusively on energy storage, today announced the Investment Tax Credit (ITC) transfer of $46 million to a buyer in the industrial sector for its operational 125MW/290MWh Redwood Projects portfolio. The transaction demonstrates the continued effectiveness of the Inflation Reduction Act in mobilizing private capital for renewable energy infrastructure.
The strategic ITC transfer provides Fullmark Energy with enhanced financial flexibility to accelerate additional energy storage development while strengthening operations across its four-project Redwood portfolio in Southern California. The transaction closed following the portfolio's commercial operations date (COD) achievement announced on November 7, 2025.
"This ITC transfer exemplifies how the Inflation Reduction Act is creating tangible pathways for infrastructure investment in American communities," said Chris McKissack, Chief Executive Officer of Fullmark Energy. "By enabling direct monetization of tax credits, we're channeling private capital into projects that deliver measurable benefits across Southern California, such as grid reliability, job creation, and community resilience.
The Redwood Projects portfolio comprises four strategically located facilities totaling 125MW of capacity connected to the Southern California Edison distribution system:
San Jacinto: 65MW/130MWh facility in Banning, CA
Johanna ESS: 20MW/80MWh facility in Santa Ana, CA
Desert-Carris: 20MW/40MWh facility in Palm Springs, CA
Ortega: 20MW/40MWh facility in Lake Elsinore, CA
This portfolio spans multiple locations across Southern California, reducing risk and improving reliability. All four facilities participate in the California Independent System Operator (CAISO) market, providing critical grid services including energy arbitrage, frequency regulation, and resource adequacy capacity.
BDO USA, one of the nation's leading accounting and advisory firms, served as the tax credit transfer advisor on this transaction. BDO's Business Incentives & Tax Credits practice assists clients in the generation, compliance, and monetization of tax credits.
"Tax credit transfers have become a strategic lever for accelerating clean energy deployment," said Gabe Rubio, a Principal of BDO. "By connecting investors and developers with aligned goals, these transactions streamline capital flow and strengthen confidence in the energy storage market's long-term growth potential."
Fullmark Energy secured nearly $100 million in financing for the Redwood Projects in January 2023 through a consolidated term loan and letter of credit facility. The portfolio financing structure optimized capital efficiency and reduced transaction costs compared to individual project financing.
Fullmark Energy's develop-build-own-operate business model differentiates the company from more transactional developers. By maintaining long-term ownership, Fullmark Energy prioritizes operational performance and community relationships throughout each project's lifecycle.
About Fullmark Energy:
Fullmark Energy is unlocking the potential of energy storage to accelerate renewables, enhance grid reliability, and benefit communities, financial investors, stakeholders, and partners. Founded in 2018, Fullmark Energy develops, builds, owns, and operates energy storage projects across the U.S. The company's holistic asset development and ownership model prioritizes mutually beneficial, long-term relationships with partners and stakeholders to move projects from concept to operations. Fullmark Energy is securely backed by a fund managed by InfraRed Capital Partners, an infrastructure asset manager with $13 billion in equity under management. With a four-gigawatt pipeline and a mix of projects operating and under construction, we are making the promise of energy storage a reality. Learn more about Fullmark Energy's unique approach to energy storage at www.fullmarkenergy.com.
Media Contact:
Nic Savo
203-456-0843
fullmarkenergy@teamsilverline.com
CHICAGO, IL, November 18, 2025
Fullmark Energy, an independent power producer focused exclusively on energy storage, today announced the Investment Tax Credit (ITC) transfer of $46 million to a buyer in the industrial sector for its operational 125MW/290MWh Redwood Projects portfolio. The transaction demonstrates the continued effectiveness of the Inflation Reduction Act in mobilizing private capital for renewable energy infrastructure.
The strategic ITC transfer provides Fullmark Energy with enhanced financial flexibility to accelerate additional energy storage development while strengthening operations across its four-project Redwood portfolio in Southern California. The transaction closed following the portfolio's commercial operations date (COD) achievement announced on November 7, 2025.
"This ITC transfer exemplifies how the Inflation Reduction Act is creating tangible pathways for infrastructure investment in American communities," said Chris McKissack, Chief Executive Officer of Fullmark Energy. "By enabling direct monetization of tax credits, we're channeling private capital into projects that deliver measurable benefits across Southern California, such as grid reliability, job creation, and community resilience.
The Redwood Projects portfolio comprises four strategically located facilities totaling 125MW of capacity connected to the Southern California Edison distribution system:
San Jacinto: 65MW/130MWh facility in Banning, CA
Johanna ESS: 20MW/80MWh facility in Santa Ana, CA
Desert-Carris: 20MW/40MWh facility in Palm Springs, CA
Ortega: 20MW/40MWh facility in Lake Elsinore, CA
This portfolio spans multiple locations across Southern California, reducing risk and improving reliability. All four facilities participate in the California Independent System Operator (CAISO) market, providing critical grid services including energy arbitrage, frequency regulation, and resource adequacy capacity.
BDO USA, one of the nation's leading accounting and advisory firms, served as the tax credit transfer advisor on this transaction. BDO's Business Incentives & Tax Credits practice assists clients in the generation, compliance, and monetization of tax credits.
"Tax credit transfers have become a strategic lever for accelerating clean energy deployment," said Gabe Rubio, a Principal of BDO. "By connecting investors and developers with aligned goals, these transactions streamline capital flow and strengthen confidence in the energy storage market's long-term growth potential."
Fullmark Energy secured nearly $100 million in financing for the Redwood Projects in January 2023 through a consolidated term loan and letter of credit facility. The portfolio financing structure optimized capital efficiency and reduced transaction costs compared to individual project financing.
Fullmark Energy's develop-build-own-operate business model differentiates the company from more transactional developers. By maintaining long-term ownership, Fullmark Energy prioritizes operational performance and community relationships throughout each project's lifecycle.
About Fullmark Energy:
Fullmark Energy is unlocking the potential of energy storage to accelerate renewables, enhance grid reliability, and benefit communities, financial investors, stakeholders, and partners. Founded in 2018, Fullmark Energy develops, builds, owns, and operates energy storage projects across the U.S. The company's holistic asset development and ownership model prioritizes mutually beneficial, long-term relationships with partners and stakeholders to move projects from concept to operations. Fullmark Energy is securely backed by a fund managed by InfraRed Capital Partners, an infrastructure asset manager with $13 billion in equity under management. With a four-gigawatt pipeline and a mix of projects operating and under construction, we are making the promise of energy storage a reality. Learn more about Fullmark Energy's unique approach to energy storage at www.fullmarkenergy.com.
Media Contact:
Nic Savo
203-456-0843
fullmarkenergy@teamsilverline.com
CHICAGO, IL, November 18, 2025
Fullmark Energy, an independent power producer focused exclusively on energy storage, today announced the Investment Tax Credit (ITC) transfer of $46 million to a buyer in the industrial sector for its operational 125MW/290MWh Redwood Projects portfolio. The transaction demonstrates the continued effectiveness of the Inflation Reduction Act in mobilizing private capital for renewable energy infrastructure.
The strategic ITC transfer provides Fullmark Energy with enhanced financial flexibility to accelerate additional energy storage development while strengthening operations across its four-project Redwood portfolio in Southern California. The transaction closed following the portfolio's commercial operations date (COD) achievement announced on November 7, 2025.
"This ITC transfer exemplifies how the Inflation Reduction Act is creating tangible pathways for infrastructure investment in American communities," said Chris McKissack, Chief Executive Officer of Fullmark Energy. "By enabling direct monetization of tax credits, we're channeling private capital into projects that deliver measurable benefits across Southern California, such as grid reliability, job creation, and community resilience.
The Redwood Projects portfolio comprises four strategically located facilities totaling 125MW of capacity connected to the Southern California Edison distribution system:
San Jacinto: 65MW/130MWh facility in Banning, CA
Johanna ESS: 20MW/80MWh facility in Santa Ana, CA
Desert-Carris: 20MW/40MWh facility in Palm Springs, CA
Ortega: 20MW/40MWh facility in Lake Elsinore, CA
This portfolio spans multiple locations across Southern California, reducing risk and improving reliability. All four facilities participate in the California Independent System Operator (CAISO) market, providing critical grid services including energy arbitrage, frequency regulation, and resource adequacy capacity.
BDO USA, one of the nation's leading accounting and advisory firms, served as the tax credit transfer advisor on this transaction. BDO's Business Incentives & Tax Credits practice assists clients in the generation, compliance, and monetization of tax credits.
"Tax credit transfers have become a strategic lever for accelerating clean energy deployment," said Gabe Rubio, a Principal of BDO. "By connecting investors and developers with aligned goals, these transactions streamline capital flow and strengthen confidence in the energy storage market's long-term growth potential."
Fullmark Energy secured nearly $100 million in financing for the Redwood Projects in January 2023 through a consolidated term loan and letter of credit facility. The portfolio financing structure optimized capital efficiency and reduced transaction costs compared to individual project financing.
Fullmark Energy's develop-build-own-operate business model differentiates the company from more transactional developers. By maintaining long-term ownership, Fullmark Energy prioritizes operational performance and community relationships throughout each project's lifecycle.
About Fullmark Energy:
Fullmark Energy is unlocking the potential of energy storage to accelerate renewables, enhance grid reliability, and benefit communities, financial investors, stakeholders, and partners. Founded in 2018, Fullmark Energy develops, builds, owns, and operates energy storage projects across the U.S. The company's holistic asset development and ownership model prioritizes mutually beneficial, long-term relationships with partners and stakeholders to move projects from concept to operations. Fullmark Energy is securely backed by a fund managed by InfraRed Capital Partners, an infrastructure asset manager with $13 billion in equity under management. With a four-gigawatt pipeline and a mix of projects operating and under construction, we are making the promise of energy storage a reality. Learn more about Fullmark Energy's unique approach to energy storage at www.fullmarkenergy.com.
Media Contact:
Nic Savo
203-456-0843
fullmarkenergy@teamsilverline.com
