Fullmark Energy completed the transfer of $46 million in Investment Tax Credits (ITC). The recipient was identified as a buyer in the industrial sector. The transaction involved the company’s operational 125 MW / 290 MWh Redwood Projects portfolio.
The closing of the transfer occurred after the portfolio’s commercial operations date was announced on November 7, 2025. The transaction leveraged the direct pay and transferability provisions established by the Inflation Reduction Act (IRA).
The Redwood Projects portfolio consists of four separate energy storage facilities. The assets are geographically dispersed across Southern California and connect to the Southern California Edison distribution system.
The portfolio components are:
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San Jacinto: 65 MW / 130 MWh facility in Banning, CA.
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Johanna ESS: 20 MW / 80 MWh facility in Santa Ana, CA.
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Desert-Carris: 20 MW / 40 MWh facility in Palm Springs, CA.
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Ortega: 20 MW / 40 MWh facility in Lake Elsinore, CA.
All four facilities operate within the California Independent System Operator (CAISO) market. The facilities provide energy arbitrage, frequency regulation, and resource adequacy capacity services.
BDO USA served as the tax credit transfer advisor for the transaction. Fullmark Energy previously secured nearly $100 million in financing for the Redwood Projects in January 2023.
“This ITC transfer exemplifies how the Inflation Reduction Act is creating tangible pathways for infrastructure investment in American communities,” said Chris McKissack, chief executive officer of Fullmark Energy. “By enabling direct monetization of tax credits, we’re channeling private capital into projects that deliver measurable benefits across Southern California, such as grid reliability, job creation, and community resilience.”
Fullmark Energy runs a develop-build-own-operate business model, which the company says differentiates it from more transactional developers. By maintaining long-term ownership, Fullmark Energy prioritizes operational performance and community relationships throughout each project’s lifecycle, said the company.
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