Transferable Tax Credits Desk
Creating liquidity, unlocking capital
The Inflation Reduction Act (IRA) of 2022 marked a pivotal step towards accelerating the United States’ transition to cleaner energy sources. Among its key provisions, the Act introduced Transferable Tax Credits, which promise a transformative approach to financing clean energy projects. The Act granted access to billions of dollars, in the form of transferable tax credits to companies investing in renewable energy. These credits can be a significant source of funding for a project and companies can sell them to buyers that will use them to reduce their own tax liabilities.
A new market facing a liquidity challenge
Bringing buyers and sellers together is a challenge in any market but with new, complex and illiquid assets such as Tax Credits, that challenge is multiplied. As a result, companies have been slow to make use of this nascent market and see the benefits of these Tax Credits, leaving important clean energy projects under-funded.
TP ICAP’s Role
TP ICAP serves as a facilitator in the transferable tax credit market, leveraging over 50 years of combined brokerage experience in developing markets and standardizing contracts. Our aim is to bring much-needed transparency and liquidity to the market for both buyers and sellers, ensuring fair and efficient transactions. Through our deep understanding of market dynamics and regulatory frameworks, we provide invaluable guidance to navigate the complexities of tax credit transfers.
Meet the Team
Our expertise in market dynamics and regulatory frameworks provides valuable guidance through the complexities of tax credit transfers. Committed to integrity, and transparency, we foster trust and confidence in the marketplace with every transaction.
Glenn Engle Director & Co-Founder, Tax Credit Desk
With nearly 25 years of distinguished service at Amerex Energy, Glenn is a seasoned professional in the energy brokerage sector, specializing in electricity, natural gas, and heat rates. His career began during the infancy of electricity market standardization, a period marked by its primarily physical trade. Over the years, he emerged as a leading broker, adept at navigating and influencing the profound evolution within the industry. Over the course of his career, Glenn has adeptly managed transactions across standardized financial contracts, financially cleared options, and zonal markets, reflecting his capability to adapt and excel amidst the sector's dynamic changes.
Chris Fort Director & Co-Founder, Tax Credit Desk
Chris brings almost three decades of broking experience and expertise in developing markets and providing transparency to his clients. He was part of the early power market expansion while at Amerex from 1998- 2008. While at Sage Refined Products from 2008-2016, he pioneered the financial swaps market in diesel and jet fuel taking them from lightly traded to one of the most well defined and actively cleared contracts on the CME today. In 2016, he co-founded a products desk for Atlas Commodity Markets LLC which was in turn bought by TP ICAP/PVM in 2017 where he worked as a desk head under the PVM, the largest over the counter refined products broker in the US.
