DALLAS, Nov. 25, 2024 (GLOBE NEWSWIRE) -- P10, Inc. (NYSE: PX), a leading private markets solutions provider, announced the launch of a new partnership between funds managed by HPS Investment Partners and Enhanced Capital, a P10 affiliated manager, that will provide structured capital solutions for renewable energy and battery energy storage projects throughout the United States. The investments made by the partnership will be designed to provide capital to energy transition projects while simplifying the monetization of renewable energy tax credits without the need for complex tax equity structures.
The Inflation Reduction Act (IRA) passed in 2022 contained several provisions aimed at improving access to capital and reducing barriers to the deployment of renewable energy and energy storage assets to support economy-wide decarbonization goals. As part of the legislation, Investment Tax Credits and Production Tax Credits became eligible for a one-time transfer to third parties, creating a new avenue to monetize tax credits outside of tax equity financings. The new platform combines HPS Investment Partners' track record of investing in renewable energy and infrastructure businesses and assets with Enhanced Capital's expertise in tax credit structuring and monetization.
"We are pleased to partner with Enhanced Capital to offer comprehensive capital solutions for developers who are actively enabling the energy transition across the country,” said Michael Dorenfeld, Managing Director at HPS Investment Partners. "With this commitment, we are bringing together HPS credit investment expertise with Enhanced Capital's capabilities accessing and funding tax credits across industries.”
"Enhanced Capital has been financing projects with immediate and lasting impacts on communities and the environment for over two decades,” said Luke Sarsfield, Chairman and Chief Executive Officer at P10. "At P10, we are thrilled to see this collaboration with HPS Investment Partners expand renewable energy and battery storage financing for developers across the country.”
About HPS Partners
HPS Investment Partners, LLC is a leading global, credit-focused alternative investment firm that seeks to provide creative capital solutions in order to generate attractive risk-adjusted returns for its clients. HPS manages various strategies across the capital structure, including privately negotiated senior debt; privately negotiated junior capital solutions in debt, preferred equity and equity formats; liquid credit including syndicated leveraged loans, collateralized loan obligations and high yield bonds; asset-based finance and real estate. The scale and breadth of HPS's platform offers the flexibility to invest in companies large and small, through standard or customized solutions. HPS has approximately $117 billion of assets under management as of June 2024. For more information, please visit www.hpspartners.com.
About Enhanced Capital
Enhanced Capital Group, LLC is a leading impact investment firm with over 24 years of experience investing in Climate Finance, Impact Real Estate, and Small Business Lending.
From inception in 1999 through June 30th, 2024, inclusive of proprietary assets and assets managed by affiliates, Enhanced Capital has raised a total of $6.0 billion. Of the total assets under management, impact assets represent $3.8 billion invested in over 950 projects and businesses throughout 40 states, Washington DC, and Puerto Rico and does not include investments made by non-impact affiliates.
Enhanced Capital is committed to investing in four main impact themes: Underserved Communities; Underrepresented Populations; Environmental Sustainability; and Community Development Programs. Enhanced Capital is a subsidiary of P10, Inc. (NYSE: PX), a diversified, multi-asset investment platform. For more information, please visit www.enhancedcapital.com.
Enhanced Capital Disclaimer
Enhanced Capital Group, LLC, and its affiliates, is an Equal Opportunity Provider. The information presented is for discussion purposes only and is neither an offer to sell nor a solicitation of any offer to buy any securities, investment product, or investment advisory services. This is not an offering or the solicitation of an offer to purchase an interest in a fund.
About P10
P10 is a leading multi-asset class private markets solutions provider in the alternative asset management industry. P10's mission is to provide its investors differentiated access to a broad set of investment solutions that address their diverse investment needs within private markets. As of September 30, 2024, P10's products have a global investor base of more than 3,800 investors across 50 states, 60 countries, and six continents, which includes some of the world's largest pension funds, endowments, foundations, corporate pensions, and financial institutions. Visit www.p10alts.com.
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