First Citizens Bank announced that its Energy Finance business introduced a new tax equity investment product to help finance renewable energy projects.

Tax equity products enable qualified investors to reap the benefits of various tax incentives aimed at promoting the development of renewable energy. As an industry leader in renewable energy financing, First Citizens Energy Finance is positioned to expand its product capabilities, which will now include tax equity investments.

"This new tax equity investment product allows us to further leverage our expertise in renewable energy finance," said Mike Lorusso, head of Energy Finance. "By expanding our product base to include tax equity investments, we are now even better able to serve our relationship clients with innovative options."

The new product helps address a market shortage of expertise needed to structure and deliver tax equity investments to clients that can benefit from the investment, thereby increasing the financing available to drive renewable energy project development. First Citizens Energy Finance intends to focus its tax equity investment product primarily in support of financing solar, wind and battery energy storage projects.

By adding the new tax equity investment product, First Citizens Energy Finance joins a relatively small number of experienced lenders offering either senior debt or tax equity investments to further the growth of renewable energy.

First Citizens Energy Finance leverages its deep industry knowledge and expertise to offer comprehensive financing solutions for renewable and conventional power generation. The unit manages a large, diverse portfolio that includes investments in all asset classes across the energy sector.