After striking a first-of-its-kind deal to buy renewable energy tax credits, Bank of America Corp. is carving out a role as broker for the incentives under a plan that gives firms tax breaks for financing clean-power projects.
The second-largest US bank has agreed to buy $580 million in tax credits from IRG Acquisition Holdings, a partnership between renewables developer Invenergy and investors Blackstone Inc. and CDPQ. IRG in turn used money from the deal to buy a portfolio of renewable energy projects from American Electric Power for $1.5 billion in enterprise value.
Bank of America plans to facilitate the ...
