| A Newton-based tax credit advisory firm this week announced the closing of a new individual investor tax credit dedicated to commercial solar power projects.
Cherrytree Group LLC recently partnered with Golden Goose Renewables LLC in Durham, New Hampshire to create the fund, which invested in three new utility-scale solar power facilities – including the largest solar array in New Hampshire. The fund allows individual investors access to federal tax credits from the development of the power-generating plants which they can use to their own tax planning advantage.
Cherrytree president Warren Kirshenbaum said in a statement that the fund is a way for individuals to invest in the renewable energy field without the typical risks associated with direct investment. The fund has purchased an equity stake in solar facilities, allowing its investors to utilize both tax credits and depreciation which will reduce their own tax liabilities in the near term. The fund investors will also receive a share of the revenue generated by the facilities.
The funds are branded as “P&R Tax Credit Equity Funds.” Cherrytree invested the initial $625,000 into the fund in order to satisfy IRS Safe Harbor requirements, and provided due diligence, compliance and indemnification support services.
