Power storage developer Fullmark Power introduced the ITC switch of $46 million to a purchaser within the industrial sector for its operational 125-MW/290-MWh Redwood Projects portfolio. The transaction demonstrates the continued effectiveness of the Inflation Discount Act in mobilizing personal capital for renewable power infrastructure.
The strategic ITC switch supplies Fullmark Power with enhanced monetary flexibility to speed up further power storage improvement whereas strengthening operations throughout its four-project Redwood portfolio in Southern California. The transaction closed following the portfolio’s business operations date (COD) achievement introduced on November 7, 2025.
“This ITC switch exemplifies how the Inflation Discount Act is creating tangible pathways for infrastructure funding in American communities,” stated Chris McKissack, CEO of Fullmark Power. “By enabling direct monetization of tax credit, we’re channeling personal capital into tasks that ship measurable advantages throughout Southern California, resembling grid reliability, job creation and neighborhood resilience.
The Redwood Tasks portfolio contains 4 strategically positioned services totaling 125 MW of capability related to the Southern California Edison distribution system:
- San Jacinto: 65MW/130MWh facility in Banning
- Johanna ESS: 20MW/80MWh facility in Santa Ana
- Desert-Carris: 20MW/40MWh facility in Palm Springs
- Ortega: 20MW/40MWh facility in Lake Elsinore
This portfolio spans a number of areas throughout Southern California, decreasing danger and bettering reliability. All 4 services take part within the California Unbiased System Operator (CAISO) market, offering crucial grid companies together with power arbitrage, frequency regulation and useful resource adequacy capability.
BDO USA served because the tax credit score switch advisor on this transaction.
“Tax credit score transfers have grow to be a strategic lever for accelerating clear power deployment,” stated Gabe Rubio, a principal of BDO. “By connecting traders and builders with aligned targets, these transactions streamline capital movement and strengthen confidence within the power storage market’s long-term development potential.”
Information merchandise from Fullmark Power
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