Basis Climate Closes $60 Million Transfer of Clean Energy Tax Credits From W Power and Wellhead Electric

Basis Climate, a leading digital marketplace for transferable renewable energy tax credits, today announced the closing of a $60 million transfer of investment tax credits from California-based independent power producer W Power, LLC (W Power) and Wellhead Electric Company (Wellhead), for their utility-scale Stanton Battery Energy Storage Project.

The transaction, which came just weeks after Basis supported a $100 million tax credit transfer by U.S. wind energy producer Avangrid Renewables, provides further evidence of Basis’ ability to efficiently match buyers and sellers of clean energy tax credits. Basis is currently working on executing more transactions by the end of the year, and actively marketing tax credits for 2024-2025 tax years as well.

"We're honored to have been able to facilitate this important transaction that supports California's renewable energy transition," said Basis Climate Co-Founder and CEO Erik Underwood. "In a highly competitive environment, we supported W Power, Wellhead, and the buyer in transacting efficiently while understanding each party’s priorities and needs. Structuring large transactions such as these is simplified through the mechanisms of tax credit transferability, and we are proud to be an early player in this market.”

Wellhead’s President, Hal Dittmer, said the company chose to partner with Basis Climate on this transaction because of their ability to deliver an ideal buyer on their timeline.

“In a complex deal environment, the Basis team provided excellent client service and transaction support that allowed us to finalize this $60 million tax credit transfer soon after the project was placed in service,” Dittmer said. “We look forward to working with Basis again as we continue developing innovative storage projects."

Basis not only provides efficient matchmaking between buyers and sellers of credits, but also offers a transaction framework and client support to guide both parties through the sale. Documentation, registration, and compliance are all included as part of the platform, allowing both buyers and sellers to transact efficiently with confidence.

A novel provision of the 2022 Inflation Reduction Act (IRA) created a market for clean energy tax credits by allowing for their one-time transfer to other federal tax-paying entities – thereby making it easier for developers to raise the capital they need to finance their projects. Basis expects the annual transfer volume of clean energy tax credits to grow to over $60 billion by the end of the decade, and is on track to being a significant player in this growing segment.

About Basis Climate

Basis Climate is building the world’s leading digital exchange for clean energy tax credits. By establishing a streamlined diligence and appraisal platform, Basis allows both buyers and sellers to transact with confidence. Basis is democratizing the energy transition by empowering utility-scale actors and smaller developers alike to access and leverage the growing market for clean energy tax credits. To learn more, visit

About Wellhead

Wellhead, the oldest California based independent power producer, is a privately held developer, constructor and operator of innovative energy generation and energy storage facilities. Since 1982 Wellhead has developed and operated in excess of 500MW of power generation facilities in California and afield. Wellhead is an expert in natural gas generation, solar and storage. In 2016, Wellhead designed and brought to market their award-winning Hybrid Electric Gas Turbine (EGT®) solution.

About W Power

W Power is a California-certified woman-and-minority owned business enterprise (“WMBE”) focused on doing business in California’s energy industry. W Power has been in business since 2011 and completed its first project in Delano, California, in early 2013. W Power completed its Stanton Energy Reliability Center hybrid project (SERC Hybrid) in Stanton, California in 2020. The Delano, SERC Hybrid and SBES facilities are the largest woman-owned energy projects in California.