How Cloudbreak secured safe harbor financing through Crux

Founded by three experienced energy professionals, Cloudbreak Energy Partners is a distributed solar and storage independent power producer (IPP) based in Boulder, Colorado, with an active pipeline of projects across the U.S. Cloudbreak advances domestic energy capacity while delivering economic benefits to the communities it serves.

In 2025, solar developers across the US were working to safe harbor projects ahead of a fixed regulatory deadline, and Cloudbreak was one of them. Under the One Big Beautiful Bill (OBBB), solar developers must begin construction on new projects by July 4, 2026 to qualify for §48E investment tax credits (ITCs). This requires demonstrating “physical work of a significant nature” per IRS safe-harbor guidance. For Cloudbreak's pipeline of distributed-generation projects, that meant raising upfront capital against a fixed regulatory deadline.

At the same time, the company was undergoing a strategic transition to an IPP model. Cloudbreak needed a counterparty whose product and process could flex with that transition, leave room for the rest of the project lifecycle (existing financings, construction loans, tax equity, and tax credit sales), and underwrite their pipeline of assets quickly and decisively.
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‍Solar and wind safe harbor timeline

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A hands-on advisory relationship from origination to close

Cloudbreak first engaged Crux in summer 2025. Crux’s team of experienced transaction advisors helped Cloudbreak clarify its funding needs and assess current market conditions. Through that initial work, Crux drew on its market intelligence and experience and introduced Cloudbreak to multiple potential capital partners — including Bildmore Clean Energy, which provides financing to third-party sponsors of U.S. renewables projects. Bildmore's collateral-based financing strategy, clean energy focus, and appetite to underwrite a pre-NTP community solar portfolio within the safe-harbor window (and ultimately convert the initial loan to a preferred equity structure) made it a strong fit for Cloudbreak.

With Cloudbreak’s ongoing transition toward an IPP model, Crux’s advisory team helped manage the relationship between Cloudbreak and Bildmore, navigate early negotiations, and bring the transaction to a workable structure.

Cloudbreak and Bildmore used Crux's platform throughout the transaction — from market sounding to data room management and diligence tracking. Crux's advisory team helped Cloudbreak across project-level underwriting, structure and negotiation, and tax credit considerations simultaneously, leveraging the team's familiarity with both debt capital markets and the federal tax credit landscape.

Crux worked with Cloudbreak to structure the final deal with Bildmore to fit Cloudbreak's existing financings and anticipate its future capital needs, leaving room for necessary flexibility on both sides as Cloudbreak evolves.

For Bildmore, the transaction aligned with its collateral-based financing strategy and investment mandate, putting capital to work in a community solar portfolio backed by tangible equipment collateral.

Time-sensitive financing demands the right partners

Cloudbreak successfully safe-harbored 106 MWdc of distributed-generation assets in Colorado and Maryland — locking in ITC eligibility for projects that will reach commercial operation in the coming years. The financing moved Cloudbreak's community and Virtual Net Energy Metering (VNEM) solar projects measurably closer to delivering reliable, clean energy to subscribers and commercial customers in associated communities.

“Cloudbreak is grateful for our partnerships with Bildmore and Crux, both of whom were fantastic allies throughout the process of closing this transaction,” said Becca Glazer, VP of Finance at Cloudbreak. “We look forward to working with both parties again to enable the addition of more renewable capacity onto the grid.”

David Haug, CEO of Bildmore, added: “We’re pleased to support Cloudbreak in executing its safe harbor strategy and advancing its community solar portfolio. We value the opportunity to partner alongside Crux and work together to deliver disciplined, scalable clean energy solutions.”

The transaction also reflects a broader market dynamic. Safe harbor financing has become an increasingly important tool for clean energy developers working to preserve tax credit eligibility in the post-OBBB landscape, and this deal demonstrates a workable path for distributed solar developers facing the same regulatory deadline.

More broadly, the transaction demonstrates the role of an expert team and purpose-built tools in identifying the right counterparty, structuring deals, and closing debt financings efficiently. Whether you’re a developer raising capital or a capital partner seeking quality projects, Crux’s team can help you meet your goals. Contact us to learn more about transacting with Crux.