A broker specializing in state and federal tax credit incentives, Clocktower Tax Credits has over two decades of experience in brokering transferable state tax credits. It is a perfect partner for renewable energy developers and investors, helping them navigate the complexities of transactions and facilitate deals that align with the interests of both parties. Over the years, it has built a pool of institutional investors and Fortune 500 companies ready to invest in credits, providing energy developers with the option to bring their credits to a wider marketplace.
“Our deep understanding of the evolving renewable energy tax credit landscape enables us to ensure the efficient and legal execution of tax credit transfers, maximizing benefits for all parties involved,” says Jeff Jacobson, president.
Cutting Through the Fog of Financial Uncertainty
Clocktower is not just another brokerage but an architect of opportunities in the renewable energy landscape. Its expertise spans all 11 IRA-eligible categories outlined by the U.S. Treasury and Internal Revenue Service (IRS).
Clocktower employs a success-driven approach. Its fee model aligns with the developer's success, helping them secure the highest market price for tax credits. Simultaneously, it works with investors to understand their risk tolerance and preferences regarding credit size, timing and pricing.
"Our goal is to bridge the funding gap and turn projects into realities," says David Auster, senior associate at Clocktower. "We achieve this by finding the perfect developer-investor match and facilitating successful negotiations."
Through diverse investment structures, from simple certificate sales to complex partnerships, Clocktower customizes transactions to the specific tax credit type. Each investment undergoes rigorous due diligence, mitigating the risk of recapture or repercussion after the tax credit purchase. The meticulous review and negotiation processes ensure agreements accurately reflect the mutual understanding and interests of buyers and sellers. Notably, Clocktower has a track record with zero instances of recapture or loss.
A Limitless Streak of Successes
Clocktower has completed over 2,000 successful transactions, demonstrating its mastery in securing fair value for credits and reducing tax liabilities. One example involved a Europe-based energy developer that constructed a series of ten 3MW wind turbines across multiple locations in Iowa. The developer desired to sell the 10-year stream of transferable state of Iowa wind production tax credits and engaged Clocktower, which secured a major national insurance firm as a buyer. The transaction saved millions of dollars for the investor while providing an investment that contributed to the client’s capital stack.
“Clocktower did a wonderful job in securing this important source of project funding and continues to ensure that we are paid on a timely basis for our annual production credits,” says the managing director of the European company.
Clocktower has received hundreds of similar testimonies from satisfied clients.
Our Goal is to Bridge The Funding Gap And Turn Projects Into Realities
Fueling these successes and facilitating its expansion within this new federal marketplace are Clocktower’s longstanding relationships with Fortune 500 corporations who are established purchasers of tax credits.
Larry Linares, a former vice president of tax at American National Insurance Company, has completed dozens of tax credit purchases with Clocktower.
“Jeff always understood what we needed to close on a purchase and provided the pertinent information to underwrite and approve each transaction. I had no hesitation in reviewing every opportunity he would present to us.”
A Legacy Built on Relationships, Trust and Expertise
“We are a relationship-based brokerage with enough experience to know what buyers and sellers require to close a deal,” says Jacobson.
A leader with an engineer’s precision and a financier’s acumen, Jacobson has traversed from the energy sector to the finance world; experience that equipped him with unparalleled skills to handle billion-dollar projects and foster long-lasting relationships. Over the years, he built a team of seasoned professionals who bring decades of proven experience, knowledge, and a track record of success. The team comprises Jacobson, headquartered in Boston; Dave Auster, senior associate based in Charlotte; David Curtis, senior acquisition associate in New York City; and Haley Ricker, an acquisitions associate located in Los Angeles, providing the company with nationwide coverage.
The team also facilitates transactions for individual investors with significant passive income. The passive loss limitations make it challenging for these individuals to identify investment opportunities. Clocktower’s industry expertise allows it to find the right fit despite the market restrictions, reflecting its commitment to excellence. Client satisfaction is of utmost priority at Clocktower, guiding every decision and action. The team spends significant time cultivating a ‘culture of exceeding client expectations’ and integrating this mindset into every aspect of operations.
A Promise of a Greener Future
Through the warmth of human connection and the promise of personalization, Clocktower scripts success stories beyond the renewable energy industry, serving real estate, film/ digital media and other sectors that contribute to economic development.
Dedicated to meeting the changing needs of clients, the team engages in industry gatherings and builds connections within the professional ecosystem to stay abreast of market dynamics and explore potential opportunities. Every member, proficient in their respective domains, has shared insights and knowledge at industry events and educational seminars. Leading from the front, Jacobson continues to guide the team on the path to success, supporting clients through tax credit optimization.
As the multi-billion-dollar renewable energy sector flourishes, the firm stands as a trusted advisor and ally in powering the future of renewable energy financing to drive economic development and sustainability. Staying true to its foundational principles, Clocktower is synonymous with expertise, trust and innovation in the tax credit brokerage space, orchestrating financial opportunities for a greener and more sustainable future.
