SunRay Power accesses better project financing through Crux

Founded in 2010, SunRay Power is a New York City-based developer, financier, owner, and operator of distributed generation solar assets focused primarily on 500-kilowatt (kW) to 5 megawatt (MW) projects. A 100% women-owned company, SunRay provides clean energy solutions for Fortune 500 companies, large real estate firms, local governments, and non-profits.  

As a company that has developed more than 175 solar + storage systems, SunRay is familiar with the challenging economics of financing small and middle-market projects. Monetizing the tax credits generated by these projects is crucial to getting them built, but negotiating traditional tax equity partnerships involves administrative, legal, and other fees that can pose significant upfront costs—expenses that may not always align with the scale of smaller projects.

When investigating financing opportunities for its 2.7-MW community solar project in Maine, the team at SunRay knew they needed a partner that could help them more efficiently monetize the project's Section 48 investment tax credit. That’s when they came to Crux.

Crux’s large and liquid marketplace quickly connected SunRay to the right buyer

SunRay decided to list its credits on Crux’s vast marketplace of experienced tax credit buyers and quickly found the right match in CliftonLarsonAllen (CLA), a leading accounting and professional services firm that provides audit, tax, consulting, and wealth advisory services. CLA has transacted multiple times on the Crux platform to quickly source credits that meet the needs of its clients. “Crux makes it simple to search for credits on the open market,” notes Brandon Hill, tax principal in CLA’s Federal Tax Strategies Group. “There are many filtering tools to help narrow down a search.” 

Within days of listing, SunRay received an anonymous expression of interest from CLA, and the two engaged in a bidding process that allowed both parties to evaluate interest without premature commitments. The Crux team worked closely with both parties to align their needs and finalize the deal terms, ensuring a smooth, successful transaction from bid to close. 

Crux’s platform and expertise streamlined diligence and provided confidence for both sides

Both SunRay and CLA benefitted from Crux’s platform and suite of tools purpose built for tax credit transactions. Automated due diligence checklists, a shared data room, and a market-standard form tax credit transfer agreement (TCTA) accelerated the transaction timeline and provided a smooth diligence process. 

The Crux team also provided hands-on guidance and expert advice on key market considerations so both buyer and seller could transact with confidence. “The biggest surprise to us was the speed the transaction moved and the ease that we got to closing,” recalls Alana Martell, managing member of SunRay Power. “The whole process was fast and smooth. Crux facilitated check-in calls and helped bring the sides together.” 

Looking ahead: A successful deal provides a model for the future

In closing the deal, SunRay monetized $1.2 million worth of its §48 credit, providing efficient access to the capital the developer needed. Beyond this single transaction, the deal established a replicable model for SunRay's future projects. SunRay can confidently pursue mid-market solar developments knowing it has an efficient channel to monetize tax credits when tax equity structures don’t meet its needs.

For CLA, the transaction reinforced the value of its relationship with Crux. "Strategic relationships, like the one we have with Crux, allow us to provide options for our clients that lead to success stories," Hill says. Both SunRay Power and CLA plan to continue using the Crux platform for future transactions. 

Whether you’re a developer looking to raise capital or an investor seeking quality projects, Crux’s network, platform tools, and market experience make better deals possible. Contact us to learn more about transacting on the Crux platform.