Franklin Park unlocks new liquidity from transferable tax credits with Crux

Founded in 2000, Franklin Park is an international infrastructure company with a broad investment portfolio of assets, including renewables, utility-scale energy and community solar, and new energy technologies, such as hydrogen and fuel cells. 

As a tax equity investor, Franklin Park has a great deal of experience in project financing. However, the firm wanted to explore a new strategy for monetizing clean energy tax credits — selling transferable credits out of a tax equity partnership. Specifically, Franklin Park hoped to sell $15 million in 2024 credits from a distributed solar generation project portfolio and establish a repeatable relationship with a buyer for credits in 2025 and beyond. 

The firm sought a partner that could drive a competitive bidding process.

Crux’s liquid marketplace optimized Franklin Park’s returns

Franklin Park decided to list the credits on Crux’s transferable tax credit marketplace. Crux marketed the credits to its leading network of tax credit buyers — within two weeks of listing, Franklin Park received four term sheets from interested buyers. 

Thanks to the liquidity of Crux’s marketplace, Franklin Park was well positioned to select the most favorable buyer. The timing is especially notable — the credits listed in early 2025, when demand for 2024 credits was at its highest. Because of the highly competitive process Crux facilitated, Franklin Park was able to secure an additional $15 million purchase commitment for 2025 credits at a time of slower demand for 2025 credits. 

Crux’s support extended well beyond the bidding process. Beyond marketing the credits, Crux provided strategic guidance throughout the transaction. The final buyer, a family wealth management office, was a first-time tax credit buyer. Crux helped the buyer understand key market considerations, including market standards, nuances for a tax credit sale from a tax equity partnership, and insurance coverage. 

Crux worked closely with both parties to align on needs and finalize terms, ensuring a smooth, successful transaction.

From one deal to a multi-year commitment

The transaction created meaningful liquidity for Franklin Park. By selling a portion of the tax credits from an existing tax equity investment, the firm was able to redeploy capital into a new investment.

It also laid the groundwork for an ongoing relationship: the buyer committed to purchasing a subsequent tranche of 2025 credits from Franklin Park. Buyer and seller have already agreed to use the same form documents and deal terms for maximum efficiency — the subsequent purchase will be a true rinse-and-repeat transaction. 

“The multi-year ITC partnership enabled by Crux allows Franklin Park to materially expand our business by underwriting a greater volume of tax equity with comfort and assurance that the ITCs from our tax equity portfolio can be monetized efficiently,” said Franklin Park Principal and Head of Tax Equity Barrett Gold.

For Franklin Park, this was not just a one-time opportunity — it was a strategic move that opened new doors to recycle capital, deepen market participation, and scale execution.

Crux’s leading marketplace makes it easy for developers to find the right tax credit buyers. Get in touch to learn more about transacting on the Crux platform.