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(Bloomberg) — A clean-energy project finance startup received a $500 million debt facility from Nuveen Energy Infrastructure Credit to fund environmentally friendly projects.
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New York-based Crux, which focuses on the transfer and sale of tax credits, said the proceeds will help expand its role as a general partner in clean energy and manufacturing finance.
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“The market for energy and manufacturing is growing and needs more capital,” Crux co-founder and Chief Executive Officer Alfred Johnson said in an interview.
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The Nuveen deal comes as renewable developers prepare for a surge in power demand driven by a rapid build-out of AI data centers and a revival in domestic manufacturing. The clean-energy financing market, however, has been disrupted as several large multinational banks pause investments in so-called tax-equity deals due to new restrictions tied to Chinese ownership and supply chains. In a tax-equity transaction, an investor typically partners with a clean energy developer, contributing capital to a project in exchange for a share of its tax credits.
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The clean-energy tax-equity market reached $36.6 billion in 2025, up 23% from a year earlier, according to Crux. Growth accelerated after the Inflation Reduction Act of 2022 allowed for the transfer of tax credits. While President Donald Trump’s One Big Beautiful Bill is phasing out credits for wind and solar, it keeps incentives for energy storage, nuclear, geothermal and advanced manufacturing through the end of the decade.
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Founded in 2023, Crux operates a platform for clean-energy developers to sell and transfer tax credits to financial institutions and corporate buyers as part of their project financing. Since then, the startup has expanded into deals involving debt, preferred equity and tax equity financing. The company says it has executed billion of dollars in transactions for clients.
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