Finance technology company Crux announced Thursday that it has closed a deal to receive a $500 million debt financing facility from Nuveen Energy Infrastructure Credit and plans to use the funding to finance “tax-driven investments,” including “hybrid tax equity, accelerating the deployment of clean energy.”
“Crux anticipates continuing to commit capital alongside institutional partners, servicing a growing clean energy tax equity market that reached approximately $36.6 billion in 2025,” the company said in a release.
Despite the One Big Beautiful Bill Act’s curtailment of many Inflation Reduction Act tax credits in July, Crux said the clean energy tax equity market saw a 23% year-over-year increase from 2024.
One of Crux’s primary offerings is a platform that connects tax credit buyers and sellers, who started to transact after the Inflation Reduction Act made many clean energy tax credits transferable. In September, the company launched a tax and preferred equity offering, which it said expanded its ability to facilitate “increasingly diverse forms of capital to clean energy developers and manufacturers.”
Since that launch, Crux said it has executed over $1 billion in signed term sheets, “with more than $9 billion in indications of interest issued, reflecting strong demand for these structures.” One of the deals in question is a $340 million tax equity investment to support a 413-MW utility scale solar project in Texas.
“Crux deals are typically structured as hybrid partnership flips to monetize tax credits,” the company said, and “hybrid tax equity structures now account for more than 75% of all tax equity investments,” according to their market data.
Electricity demand “is surging, driven by AI, electrification, and population growth,” said Crux CEO Alfred Johnson in a LinkedIn post. “We believe the need for domestically produced clean energy has never been more urgent, and this partnership positions Crux to deploy capital at the speed and volume this moment demands.” He called the deal a “major milestone” for the company.
