Houston solar utility and story company has tapped into tech from a clean energy incentive management software and services business.
Stella Energy Solutions, a utility-scale solar and storage developer, has entered into a multi-year agreement with Empact Technologies, which provides software and services for clean energy tax incentive management. The new platform launches this week and is "designed to maximize the impact of clean energy project incentives under America’s Inflation Reduction Act," according to a news release.
Moving forward, Stella will use the Empact Technologies platform to manage its IRA tax incentives on all its projects for the next five years.
“Ensuring adherence to the new IRA tax incentive requirements is a critical element of our project financing,” says Staats Battle, senior vice president of operations at Stella Energy, in the release. “We chose Empact Technologies to manage the entire process on our behalf, from working with our EPCs and project suppliers, to providing third party proof of our compliance to our financing partners.”
The Empact platform uses a combination of software and services to make sure projects meet IRS regulatory requirements, which focus on wage and apprenticeship, domestic content, and energy and low-income community incentives, according to the release.
“We’re on the brink of a global transformation to a clean energy future. Empact’s platform will enable a more sustainable and equitable energy transition by optimizing the financial, social, and environmental impact of clean energy projects,” said Charles Dauber, founder and CEO of Empact Technologies, in the release.
Per a Goldman Sachs report, the IRA is estimated to provide $1.2 trillion of incentives by 2032