KeyState announced that community banks have invested more than $1 billion through its tax credit platform, generating more than $125 million in federal tax benefits for participating institutions.

The milestone reflects growing participation by community banks in renewable energy tax credit investments. KeyState launched its SOLCAP tax credit platform in 2020 to provide community banks with access to renewable energy investment opportunities.

Since the platform's launch, KeyState says it has financed more than 200 renewable energy projects across 15 states through its solar investment tax credit platform. The projects represent more than 700 megawatts of solar and battery storage capacity and collectively produce more than 1 billion kilowatt-hours of electricity annually.

According to KeyState, the projects generate enough electricity to serve the equivalent of approximately 93,000 U.S. homes.

"One of the things we're most proud of is that these investments create value beyond the participating banks," said Josh Miller, CEO of KeyState. "Many of the projects financed through the platform are community solar developments that help reduce energy costs for low- and moderate-income households."

Expanding Access to Renewable Energy Tax Credits

KeyState primarily invests in mid-sized solar and battery storage projects. The company sources, underwrites, structures, and manages renewable energy tax credit investments for participating institutions.

The company said its platform is designed to give community banks access to renewable energy tax credit opportunities that have historically been more common among larger financial institutions.

The investments also connect participating banks with renewable energy projects across multiple states, including community solar developments and projects involving solar generation and battery storage.

"This milestone reflects the increasing adoption of renewable energy tax credits by community banks," Miller said. "As more community banks become familiar with renewable energy tax credits, we expect continued adoption as institutions look for opportunities to increase after-tax earnings while supporting projects that benefit communities across the country."

SOLCAP Platform Reaches $1 Billion Milestone

The $1 billion milestone represents the cumulative investment made through KeyState's SOLCAP platform since its launch in 2020.

KeyState said the platform has continued to expand as community banks have sought opportunities to participate in renewable energy projects while pursuing potential federal tax benefits.

The company expects renewable energy tax credit investments to remain an area of interest for community banks as institutions evaluate investment opportunities and strategies for managing their tax positions.

About KeyState

KeyState provides investment and insurance structures to community banks and middle-market companies. The company manages more than $22 billion in bond portfolios for community banks and operates the SOLCAP renewable energy tax credit platform.

KeyState says its SOLCAP platform has raised and deployed more than $1 billion across more than 200 renewable energy projects in the United States. Founded in 1991, KeyState serves more than 140 community banks and more than 200 companies across the country. The company is headquartered in Las Vegas, Nevada, with additional offices in Wilmington, Delaware; Denver, Colorado; and Burlington, Vermont.

For more information, visit KeyState.

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