April 3, 2023

CohnReznick Capital Advises SK ecoplant in Securing Tax Equity for 22MW Fuel Cell Portfolio

SK ecoplant, a South Korean technology and construction company, has secured a tax equity commitment from Bank of America for a 22MW portfolio of ten Solid Oxide Fuel Cell (SOFC) power generation projects. SK ecoplant is developing the portfolio in partnership with Bloom Energy, a leader in SOFC technology. Since 2017, SK ecoplant and Bloom Energy have developed nearly 380MW of fuel cell projects in South Korea, and this is their first SOFC development portfolio in the United States.

“This transaction represents a remarkable milestone for fuel cell technology and the US energy sector,” said Michael Tatarsky, CohnReznick Capital Managing Director. “We are thrilled to represent a premier global company like SK ecoplant on their inaugural US fuel cell transaction and look forward to continuing to support the expanded SK Bloom partnership.”

“As part of Bank of America’s $1.5 trillion sustainable finance commitment by 2030, we are scaling capital deployment for innovative decarbonization technologies like fuel cell technology that will ultimately help accelerate their development and drive down the green premium,” said Omer Farooq, Managing Director in the Global Sustainable Finance Group at Bank of America, responsible for Sustainable Asset Finance globally.

For further details on this transaction, please contact Michael Tatarsky.

About SK ecoplant

SK ecoplant was founded in 1977 and has since continued growth and development by showing outstanding ability in many different fields including infrastructure, architecture, housing, and industrial plants. With the goal of achieving sustainable management, SK ecoplant has established a division that handles eco-friendly solution businesses such as the smart green industrial complex business and the recycling business. The company is currently undertaking 116 projects in 19 countries, and has 15 overseas subsidiaries and 25 overseas branches. Visit https://eng.sk.com/companies/sk-ecoplant to learn more.