by Ray Starling, President, NC Chamber Legal Institute
On April 3, 2023, the North Carolina Business Court issued a decisive victory for taxpayers in a long-running dispute with the North Carolina Department of Revenue over the state’s now-expired renewable energy tax credit program. The program was intended to encourage investment in North Carolina renewable energy projects. The Department originally supported the program, but after the program expired in 2017, the Department tried to claw back hundreds of millions of dollars in credits from taxpayers who had invested in renewable energy in response to the legislature’s incentives. The Chamber has watched these cases closely, and written about them here.
The taxpayer with the first dispute to reach the Business Court was the North Carolina Farm Bureau Mutual Insurance Company. The Chamber Legal Institute filed an amicus brief with the Business Court in the Farm Bureau case to protest the Department’s about-face and disregard of the legislature’s intent.
The tax credit program offered a credit equal to 35% of the cost of purchasing, leasing, or constructing renewable energy property. The tax credit statute specifically contemplated that a partnership could generate credits by constructing renewable energy property and pass the credits through to its partners. The credits were essential to attracting capital to projects that otherwise would not have made economic sense to investors. Project sponsors therefore worked with professional syndicators to find investors interested in the credits and pool them into partnerships that would then invest in the projects.
In its audits, the Department claimed the tax credit investors were not “bona fide partners” in their partnerships because they didn’t expect significant economic returns beyond the tax credits the projects would generate and because the investments were relatively low risk. In addition, the Department argued that even if the investors were true partners, they did not receive their credits through partnership allocations as the tax credit statute required but through improper “disguised sales.” The Department relied entirely on federal tax law to support its theories.
Business Court Judge Adam Conrad heard the Farm Bureau case on September 30, 2021, and released his decision in favor of the taxpayer on April 3, 2023.
Hires Justin Elswit as new Manager, Renewable Energy
Monarch Private Capital, a nationally recognized impact investment firm that develops, finances and manages a diversified portfolio of projects that generate both federal and state tax credits, is pleased to welcome Justin Elswit as its first Manager, Renewable Energy. Monarch created the manager position to enhance support of its growing clean energy portfolio. The new multifaceted role will allow Elswit to interface with both developers of renewable energy projects and institutional tax equity investors, fostering more efficient operations within the division and better positioning the firm for long-term growth.
Elswit brings over a decade of experience in the renewable energy sector with expertise in originating, structuring, underwriting and executing complex transactions in challenging market conditions. He most recently served as vice president for Celtic Bank’s renewable energy and sustainable infrastructure division, helping expand the Bank’s base of investments and partners throughout the renewable energy industry. Elswit also worked on new product development for a FinTech startup and led US project financing for Colorado-based solar developers.
At Monarch, Elswit will play a lead role in negotiating, structuring and executing transaction closings for single-asset and portfolio-level tax equity investments, including training the division’s supporting associates in all such transactions. He will provide cross-functional support to evaluate markets and advance opportunities and manage the handoff process between acquisitions and asset management while consistently seeking ways to innovate and streamline the division’s business practices.
“We are committed to building an innovative renewable energy team comprised of the best expertise in the industry,” said Brent Barringer, Partner, Managing Director LIHTC & Renewables at Monarch. “Justin’s wealth of experience in renewable energy financing and business development will be invaluable in expanding Monarch’s clean power portfolio and fine-tuning performance while delivering significant environmental benefits.”
With 275 renewable energy projects across 27 states and DC, Monarch’s clean power capacity has climbed to 2.6 GW, equivalent to removing nearly 16 million passenger cars from the road a year. The firm is actively expanding its renewable energy division to ensure continued success and enhance the overall effectiveness of its growing portfolio of clean energy projects. In addition to Elswit, new team members Eoin Cahill and Ryan Dorsey will help Monarch achieve the best results for its investors while supporting its commitment to creating a sustainable future.
“I am delighted to have found a home at Monarch, where my broad skillset can thrive in a dynamic and entrepreneurial environment,” said Elswit. “With visionary leadership and a strong foundation in the renewable energy tax credit investing space, the future is bright, and I am thrilled to be a part of it.”
Elswit holds a bachelor’s degree, a Master of Public Policy and a certificate in international development policy from Duke University.
For more information on Monarch Private Capital and its ESG-oriented impact investment funds, please contact Brent Barringer by emailing bbarringer@monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital manages ESG-oriented impact investment funds that positively impact communities by creating clean power, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers and lenders that participate in these types of federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.
By George Strobel, Forbes Financial Council Member
Corporate boards are under intense pressure from shareholders and other constituents to invest in ways they can tout their environmental, social and governance (ESG) achievements. Inaction is not an option for most companies. Yet many boards are paralyzed in taking positive steps, fearing public scrutiny of those investments from both the political left and right could harm their company’s reputation and credibility. Is there a path through these political minefields for ESG-conscious boards?
Buffalo’s West Side Bazaar, a program of the Westminster Economic Development Initiative (WEDI), secured Historic and New Markets Tax Credit equity from Monarch Private Capital with which to invest in its multicultural community hub that supports small business owners
ATLANTA, July 19, 2022 (GLOBE NEWSWIRE) – Monarch Private Capital, a nationally recognized ESG investment firm that develops, finances and manages a diversified portfolio of projects that generate both federal and state tax credits, is pleased to announce the closing of a transaction in which they provided tax credit equity. The transaction involved the use of both Historic Tax Credits (HTC), as well as New Markets Tax Credit (NMTC) allocation provided by National Trust Community Investment Corporation (NTCIC), a national Community Development Entity (CDE). The Illinois Alcohol Company Building located at 1432 Niagara Street in Buffalo, New York will become the new home of WEDI’s West Side Bazaar and address the growing needs of the vibrant community hub. Monarch’s ESG tax equity funds are direct investments in projects that impact communities while providing predictable investment returns for its investors.
This transformative investment is indicative of Monarch Private Capital’s commitment to supporting community organizations that strive to focus on diversity, equity and inclusion. The West Side Bazaar is a well-established, in-demand culinary incubator run by Westminster Economic Development Initiative (WEDI). Currently located at 25 Grant Street in Buffalo, the Bazaar is a must-visit stop for locals, business travelers and tourists. Since its inception in 2011, it has become a crucial small business incubator where economically disadvantaged new business owners can find a safe, nurturing environment to develop their businesses with mentorship and programming for running an enterprise successfully.
The redevelopment of the Illinois Alcohol Company Building will expand the Bazaar nearly five-fold, increasing incubation space for current and new tenants and providing more seating and circulation space for customers. The reimagined and rehabilitated building will allow West Side Bazaar to continue to serve as a multicultural community hub that allows for families and neighbors to come together to share their food, cultures and lives.
“This exciting investment from Monarch Private Capital and NTCIC helps to bring WEDI closer to its capital campaign goal for the new West Side Bazaar,” said WEDI Executive Director Carolynn Welch. “While our campaign is far from over, this significant investment has a meaningful impact on our financial goal and demonstrates to our community that the new West Side Bazaar is indeed coming soon.” She continued, “WEDI’s mission is to create equity through education and by supporting underserved entrepreneurs as they build toward their own establishments and realize financial security – the Bazaar is a first expression of their brick-and-mortar dreams. The new Bazaar will be an anchor and destination on Niagara Street, demonstrating that all residents of Western New York can succeed and thrive in a culturally inclusive community.”
“Our board is dedicated to making the new West Side Bazaar a reality,” said WEDI Board Chair Stephen Zenger. “Together, we are demonstrating that Buffalo is committed to creating equity and opportunity.”
About the West Side Bazaar at 1432 Niagara Street
To accommodate the explosive growth the Bazaar has experienced and provide even more opportunities for entrepreneurs, WEDI is planning to move the Bazaar to a new location at 1432 Niagara Street in Buffalo. Scheduled to open in 2023, the new West Side Bazaar will quintuple in size and provide space for 24 restaurants, retail and professional services businesses, test and rental kitchens for independent chefs, classrooms, event space and expanded seating for many more patrons over two floors. It will also host nine full-time WEDI staff.
“Monarch is proud to be a part of this project,” said Rick Chukas, Partner & Managing Director of Historic Tax Credits at Monarch Private Capital. “The West Side Bazaar is a unique opportunity to support hard-working entrepreneurs from all backgrounds while preserving a fascinating piece of history in the process. We appreciate our partnership with WEDI, whose dedicated leadership will enable us to provide the diverse Buffalo community with even more room to grow and thrive.”
“We are excited to have played a part in the West Side Bazaar’s continued growth and success,” said Kathleen Galvan, Senior Project Manager at NTCIC. “WEDI’s dedication to the growing community of immigrant and refugee-owned businesses in the Buffalo area is truly inspiring, and we are excited to be a part of this next chapter.”
The HTC and NMTC equity will help WEDI and the entrepreneurs and clients at the West Side Bazaar in many ways, including:
- Provide a business anchor on the West Side, creating equitable paths to entrepreneurship and business ownership
- Provide minority and women-owned enterprises (MWBEs) with life-changing capital in dollar ranges not offered by any other community development financial institution in Western New York
- Support businesses being incubated through WEDI programming and provide crucial wrap-around services to support businesses to sustain and grow
- Enable emerging entrepreneurs from ethnic and racial minority communities to open small businesses and create jobs in their neighborhoods and communities
- Create equitable and inclusive development, combating gentrification/displacement – planting a stake in the ground for grassroots development in the community
- Attract surrounding neighborhood residents and tourists to patronize businesses led by minorities, women, and low-income business owners, creating a ripple effect and spreading the economic benefits in the community—advancing and creating self-sufficiency
- Provide MWBEs with transformative financial credit, eventually allowing them to borrow greater sums of capital from larger CDFIs and then banks.
About the Illinois Alcohol Company Building
Built in 1920, The Illinois Alcohol Company Building represents a significant contribution to the history of the brewing and distilling industries in Buffalo during the first half of the twentieth century. The building’s design was specifically oriented to take advantage of the transshipment corridor of Niagara Street and the railroad tracks to the west. The building also features an early use of glass block windows, included in the design in order to provide security for the goods stored inside and to hide an active bootlegging business during the Prohibition Era. In 1950 the building was sold to West Disinfecting Corporation, ending the affiliation to the history of brewing in Buffalo at that time.
About Monarch Private Capital
Monarch Private Capital manages ESG funds that positively impact communities by creating clean power, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers and lenders that participate in these types of federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the U.S.
About WEDI
As a Community Development Financial Institution (CDFI), WEDI is a trusted local leader in helping entrepreneurs gain the skills, knowledge, and network needed to run a successful & sustainable business. By providing microloans to aspiring entrepreneurs that lack access to traditional financial institutions, they are helping to uplift underserved communities and strengthen our local economy. Their expansion efforts at the West Side Bazaar will allow them to help a greater number of small, minority owned businesses build from the ground up.
About NTCIC
NTCIC, an affiliate of the National Trust for Historic Preservation, is a tax credit syndicator and CDE that utilizes a preservation-based community investment strategy of saving and repurposing blighted historic buildings across the country to spur economic and community growth. The organization partners directly with a flexible team of institutional investors to provide both NMTC allocation and tax credit equity to development initiatives that create jobs, support the clean energy movement, and provide equitable access to quality goods and services.
WASHINGTON, D.C. — Four companies, CEP Renewables, Kiewit Energy Group, Monarch Private Capital, and Moss & Associates, are joining the board of directors of the Solar Energy Industries Association (SEIA). Additionally, the association named Laura Stern, co-CEO of Nautilus Solar Energy, vice-chair of its executive committee.
SEIA’s board of directors now consists of more than 50 companies from across the solar value chain, including installers, developers, manufacturers, financiers and service providers. SEIA is the national trade association for the U.S. solar and storage industries.
“Monarch Private Capital is honored to join the SEIA Board of Directors as part of its mission to create clean power by investing in renewable energy projects. We look forward to collaborating with SEIA and encouraging environmental, social, and governance tax credit equity investing, which accelerates direct investments in new renewable energy generation facilities and advances our country’s transition to a more sustainable future.”
Robin Delmer

Published by Michael Novogradac on Wednesday, June 1, 2022
The expanding awareness and interest in ESG–environmental, social and governance–investing could lead to a seismic increase in investor demand for community development tax incentives, but we are not there yet. Syndicators of and investors in community development tax credits report that while the subject is at the forefront of most conversations, ESG motivations behind investment selection remains a work in progress.
“Today, it’s very, very important. Two years ago was a different story. I think COVID, along with a new administration, has thrown ESG to the forefront.”
“It’s very attractive to corporations to be able to [offset] their carbon footprint, achieve some of their environmental goals and also be able to generate a return off those investments.”
Melanie Beckman, Chief ESG Officer & Director, Tax Credit Investments
Read the full article.
Monarch Private Capital, a nationally recognized ESG investment firm that develops, finances and manages a diversified portfolio of projects that generate both federal and state tax credits, is pleased to announce that it joined the board of directors for the Solar Energy Industries Association (SEIA). Partner, Co-Founder and Co-CEO Robin Delmer will represent Monarch on the board.
SEIA, the national trade association for the U.S. solar industry, is leading the transformation to a clean energy economy. In line with their efforts, Monarch manages ESG funds that enable direct investments in renewable energy projects across the U.S. In addition to the valuable market and advocacy resources Monarch gains as a board member, the firm gets the opportunity to network with major industry players and directly impact SEIA’s policy and operations.
“SEIA has been instrumental in the U.S. push for a clean energy economy,” said Robin. “We look forward to bringing a new voice to the board and advancing the vital role ESG tax credit equity investing plays in the growth of the solar industry and securing a sustainable future.”
Since 2012, Monarch has facilitated ESG investments in nearly 200 renewable energy projects throughout the country. Together, these projects abate more than 30 million MT CO2e, equivalent to reducing over 3.5 billion gallons of gasoline in consumption, removing almost 7 million passenger cars from the road annually and creating nearly 4,000 jobs.
“Firms like Monarch Private Capital are leading the growth of America’s $33 billion solar industry,” said SEIA president and CEO Abigail Ross Hopper. “Their participation with SEIA will be critical as we advocate for policies that facilitate easier access to financing for solar projects, and we’re glad to have them on board during this pivotal time in our industry’s history.”
For more information on Monarch’s programs and services, please contact Robin Delmer by emailing rdelmer@monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital manages ESG funds that positively impact communities by creating clean power, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers and lenders that participate in these types of federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the U.S.
New Chief ESG Officer bolsters the firm’s expertise and drives sustainability efforts
Monarch Private Capital, a nationally recognized tax-advantaged investment firm that develops, finances and manages a diversified portfolio of projects that generate both federal and state tax credits, is pleased to announce the continued expansion of its ESG operations and sustainability initiatives through the implementation of a cornerstone Chief ESG Officer role.
Monarch Private Capital incorporates the three principles of Environmental, Social and Governance (ESG) across all of its day-to-day operations. From its internally focused companywide sustainability initiatives to its ESG tax-advantaged investment offerings, Monarch is committed to building a better world through ESG investing. The firm’s new dedicated ESG function will guide its sustainability efforts, directly supporting its mission to positively impact communities.
Melanie Beckman, a longtime valued member of Monarch with extensive industry experience, has been appointed as the firm’s first-ever Chief ESG Officer. In this new role, Melanie will be responsible for the firm’s companywide ESG framework, aligning and managing its sustainability goals while also ensuring Monarch provides its investors with the highest-quality reporting on their impact investments. Additionally, Melanie will oversee the firm’s long-term ESG strategy, develop strategic partnerships and manage its relationship with the ESG validation firms Verisk Maplecroft and Bureau Veritas.
“I’m thrilled to take on this role to further position Monarch Private Capital as the industry’s most visionary leader in sustainability,” said Beckman. “Given my background and experience at Monarch, I’m confident we can strengthen our strategies while harnessing innovative solutions to make both our ESG goals and those of our clients a reality.”
“With ESG investing on the rise, the demand for greater insight into the three principles is growing rapidly,” said George Strobel, Co-Founder and Co-CEO at Monarch Private Capital. “As our new Chief ESG Officer, Melanie will help expand our commitment to positively impact communities and allow us to provide even more support to our investors as she monitors ESG metrics in the marketplace from both a political and compliance perspective.”
To date, Monarch has managed ESG funds with investments in over 600 projects generating $3.5 billion of tax credits, $7 billion in project capital and $30 billion in economic impact in more than 30 states. The firm’s diverse portfolio of tax credit offerings includes investment opportunities in affordable housing, renewable energy, historic rehabilitation and film. Monarch’s expertise in these sectors has led to the development of more than 1 million kWdc of renewable energy, 35,000 quality affordable homes and over 105,000 jobs for Americans across the country. The creation of a new Chief ESG Officer role enables Monarch to continue to increase its positive impact and strengthens its ability to help investors achieve their sustainability goals, giving their money a mission.
For more information on Monarch’s ESG initiatives, please contact Melanie Beckman by emailing mbeckman@monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital manages ESG funds that positively impact communities by creating clean power, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers and lenders that participate in these types of federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the U.S.
Educates visitors on combining tax credit equity and ESG investing
Monarch Private Capital, a nationally recognized tax-advantaged investment firm that develops, finances, and manages a diversified portfolio of projects that generate both federal and state tax credits, is pleased to announce the launch of its new Tax Credit Equity + ESG website.
Many investors are becoming increasingly aware of the importance of integrating environmental, social and governance (ESG) criteria into their investment process. However, most are not aware that they can redirect their tax dollars to help them achieve their ESG goals. Monarch recognized this lack of knowledge and launched a new website to help educate investors on the means to invest in validated ESG funds comprised of projects that generate federal and state tax credits.
Along with a brief dive into ESG investing, Monarch’s new streamlined and easy-to-navigate website supplies background on each of its tax credit programs and the many benefits, including affordable housing, historic rehabilitation and renewable energy. Investors can learn about Monarch’s unique approach to tax equity and ESG investing and how it tailors its ESG solutions to the needs of each type of investor, including corporations, banks, insurance companies, family offices and more.
Also included on the new website, taxpayers can browse through Monarch’s portfolio of featured projects to learn of the positive impacts they have on their communities. From the number of jobs created by a historic building brought back to life to the CO2 emissions removed from the environment through a solar farm generating clean power, investors can easily find the many benefits of the firm’s ESG investments. Not only can taxpayers access the positive impact metrics of Monarch’s individual projects, but they can also use the firm’s new ESG impact calculator to quantify the impact of any affordable housing, historic rehabilitation or renewable energy investment under consideration. With just one simple input of the investment dollar amount, one can quickly determine their own metrics, such as the number of affordable housing units developed or the number of homes powered by a solar installation’s megawatts of renewable energy.
“Since the start, Monarch has been pairing tax equity investing with ESG to help our investors achieve their sustainability goals while mitigating their state and federal tax liabilities,” said George Strobel, Co-Founder & Managing Director of Tax Credit Investments at Monarch Private Capital. “Our new website will help you determine which of our ESG funds is the right fit for you and how we can help you positively impact communities through your investment while achieving predictable returns.”
Monarch’s mission is to positively impact communities, and its tax-advantaged investments have always been aligned with ESG principles. The firm’s new website illustrates the many benefits its projects bring to their communities while also quantifying the impact of its investments in affordable housing, historic rehabilitation and renewable energy. With its new website, the firm makes it even easier to determine both what a taxpayer’s sustainability goals are and the best practices in achieving them. Monarch’s ESG funds enable companies to successfully carry out their ESG initiatives, giving their money a mission.
For more information on Monarch’s ESG funds and sustainability initiatives, please contact George Strobel by emailing gstrobel@monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital manages ESG funds that positively impact communities by creating clean power, jobs, and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders that participate in these types of federal and state programs. Headquartered in Atlanta, Monarch has offices and tax credit professionals located throughout the U.S.