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ATLANTA (GLOBE NEWSWIRE) — Monarch Private Capital, a national leader in tax equity impact investing, enters 2026 positioned for its next phase of disciplined growth—scaling proven platforms across energy, affordable housing, historic rehabilitation, and film while continuing to deliver predictable outcomes for investors and measurable benefits for communities nationwide.

Impact at Scale

Since 2005, Monarch has managed tax equity investments generating more than $9 billion in tax credits and supporting more than $23 billion in project development costs. These investments have enabled over 50,000 affordable housing units, more than 7 gigawatts of energy capacity, and $42 billion in economic impact across 42 states and Washington, D.C.

In 2025 alone, Monarch closed investments that will generate approximately $2 billion in tax credits. Across this work, Monarch supported 3,775 affordable housing units, over 1.9 gigawatts of energy capacity, 21 historic rehabilitation projects, and 63 film projects—demonstrating consistent execution at scale.

Positioned for 2026

Building on continued momentum through 2025, Monarch’s focus in 2026 is disciplined execution—expanding access to predictable tax equity investments while maintaining strong risk management across market cycles. As electricity demand grows and housing affordability challenges persist, Monarch’s diversified platform remains well-positioned to support long-term infrastructure and community needs.

Monarch’s leadership also remains actively engaged in national policy discussions with lawmakers and industry stakeholders to help ensure recent legislative developments support market stability and continuity for tax credit programs.

“We’ve built a platform that performs across cycles, sectors, and regulatory environments,” said George L. Strobel II, Partner, Co-Founder, and Co-CEO. “Our focus in 2026 is scaling responsibly—deploying and managing tax equity where it delivers durable returns and lasting impact.”

Strategic Focus Areas

In 2026, Monarch will continue to:

About Monarch Private Capital

Monarch Private Capital manages impact investment funds that positively impact communities by creating energy, 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 participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.

by Mark O’Meara

Renewable energy developers have access to a variety of incentives, from the Internal Revenue Code (IRC) Section 48E (technology-neutral) clean electricity investment tax credit to the  IRC Section 45Y clean electricity production tax credit and Section 45Z clean fuel production tax credit to the multitude of state and local grant programs, certificates and more.

But far less used are state-level renewable energy tax credit (RETC) programs. The success of Hawai‘i and the rocky history of North Carolina provide insight to more effectively leverage state-level RETCs as a valuable tool for renewable energy development. 

“State tax credits are another tool in your developer toolbox, which is always helpful,” said Jonathan Gross, Director, Energy at Monarch.

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North Carolina

The North Carolina Renewable Energy Investment Tax Credit was equal to 35% of the cost of eligible renewable energy property, which included solar, wind and other technologies. It was established in 2007 and was set to expire at the end of 2015 but was extended for one year, expiring instead by Jan. 1, 2017. The five-year credit could be applied against franchise tax, income tax or gross premiums tax.

“The program had a good run through 2016. The vast majority of solar in North Carolina during that time was built due to this credit,” said Gross. “North Carolina Sustainable Energy Association did a significant study and found that the program had a huge impact. The economic benefit of the North Carolina program was substantial. It caused the birth of an entire solar industry for the state.”

Gross said that while the program had a successful run, it had some limitations initially. “It didn’t offset insurance companies’ premium tax,” said Gross. “They changed the statute for that in 2009. That was a pivotal point for the usage of the credit. As a result, insurance companies were very active in this space.”

How the North Carolina Program Came About

Gross said that the mortgage crisis in the late 2000s led to the start of renewable energy development in North Carolina.

“In 2009, real estate developers had nothing to do because of the mortgage crisis and recession,” said Gross. “There’s a state program here [the North Carolina Renewable Energy Investment Tax Credit program]. Developers thought, ‘I can develop land for solar.’ These were multifamily and commercial developers that got into the renewable energy space. Everyone needs power and utilities were buying power.” 

Gross said that one key was that there was a standard contract for 5 megawatt solar systems and under. “By right, you had a power purchase agreement,” said Gross. “You had a standard contract and a rate schedule. This helped North Carolina build out for solar. At one point, I believe it was the third largest state for installed capacity, around 2012.” 

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ATLANTA (GLOBE NEWSWIRE) Crayhill Capital Management (“Crayhill”) and Monarch Private Capital (“Monarch”) are pleased to announce a strategic joint venture to facilitate hybrid preferred tax equity investments for renewable energy projects, including utility-scale solar, battery storage, and distributed generation projects. Crayhill has committed $300 million of capital into the joint venture, Monarch JVT Funding. Through Monarch’s best-in-class platform, the JV will invest in tax partnerships that will facilitate fair market value tax basis for renewable energy developers.

The JV is designed to provide a single-point solution that maximizes project tax credit value while minimizing transfer friction, supported by a single underwriting process and industry-standardized partnership and transfer documentation.

This partnership arose from Crayhill and Monarch’s familiarity and track record of success in tax equity-related transactions—success the firms expect to continue both together and independently.

Speaking about the new partnership, Crayhill’s Shweta Kapadia, MD of Power & Infrastructure said, “We’re excited to bring this new alternative to market. As an experienced partner and financier to development platforms with over 17 GW of utility-scale solar and battery projects financed, we appreciate the additional flexibility and simplicity this structure affords tax-inefficient developers, and those seeking more optionality relative to merchant and non-fixed contract economics. Combined with Crayhill’s pre-construction development capital, this product provides a complete pathway for renewable energy projects from early-stage development through tax-efficient monetization.”

Bryan Didier, Partner and Managing Director – Energy at Monarch Private Capital, added, “We see continued demand for this single-source financing package and are proud to partner to bring this offering to market.”

Those interested in more information about the offering should contact Bryan Didier (Monarch) at bdidier@monarchprivate.com

About Crayhill Capital Management
Crayhill Capital Management is a $2.9 billion, SEC-registered investment adviser specializing in asset-based finance. Since its founding in 2015, the firm has deployed over $4 billion across more than 50 transactions. Crayhill focuses on scalable, opportunistic asset-based investments, enabling its investors to benefit from a firm with a singular, deep focus on this specialized market. For more information, please visit https://crayhill.com/

About Monarch Private Capital
Monarch Private Capital manages 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 participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.

Bryan Didier, Partner and Managing Director of Renewable Energy at Monarch Private Capital, was recently featured on Season 5, Episode 5 of the SOapbox podcast, Voices of the Energy Transition: Opportunity in Uncertainty, hosted by Alicia Orr, Team Manager, and Nicole Johnson, Principal Consultant at Spencer Ogden.

In the episode, Bryan shares insights on how the passage of OB3 is reshaping the renewable energy finance landscape. The conversation explores evolving investor appetite, tax credit dynamics, and the long-term planning considerations developers and investors are navigating in a changing policy environment.

Bryan also discusses how these market shifts are influencing solar and storage investments, how boards are thinking about long-term investment horizons, and what the evolving landscape means for professionals building careers in renewable energy finance. The episode concludes with a forward-looking discussion on hiring trends, in-demand skills, and advice for cultivating a resilient, long-term career in the sector.

You can listen to this episode of the SOapbox on the Spenser Ogden website and on most popular podcast apps, or watch the full video below. 

By George L. Strobel II

In an age defined by technological competition, particularly in artificial intelligence (AI), the United States cannot afford to neglect the foundational pillars of national power: energy security and military dominance. Yet House Resolution 1 (HR 1), as currently under consideration in Congress, threatens to do just that. By significantly undercutting the nation’s ability to meet surging energy demands, HR 1 not only jeopardizes America’s global leadership in AI but also runs counter to decades of core Republican values rooted in national defense and energy independence.

Core Republican Principles: Defense First, but Necessarily Supported by Energy Independence

For generations, the primacy of national defense has been a bedrock Republican principle. America’s emergence and continuation as the world’s superpower have been based on military and industrial might . . . made possible by the energy necessary to drive this superiority.  Without abundant energy supply, America would not have been able to rally the manufacturing required to put ships, planes, tanks, and armament forward in the World Wars.  The Great White Fleet, U.S. troop action in Europe and the Pacific, the nuclear Navy, forward presence, victory in the Cold War, international stability and keeping regional conflicts in check . . . all made possible by our energy dominance.  As America finds itself locked in a high-stakes competition with China—and increasingly with other actors—for AI supremacy, the need for secure and scalable energy has never been more urgent.

According to Elon Musk in a recent interview with David Faber of CNBC (May 21, 2025), three pillars are essential for AI dominance:

  1. Chips – led by U.S. firms like Nvidia.
  2. Transformers – essential for converting raw electricity into usable power (for all energy sources).
  3. Energy – the lifeblood of data centers and machine learning infrastructure.

While the U.S. currently leads in chips, energy generation is emerging as the critical bottleneck.

A Legacy of Republican Support for All-of-the-Above Energy

The Republican Party has historically advocated for an “all-of-the-above” energy strategy—promoting oil, gas, nuclear, and renewables alike to ensure U.S. energy dominance.

These policies were never about partisanship; they were about practical national strength, economic resilience, and energy independence.  In fact, the Energy Policy Act’s key objectives included: Increasing Energy Production, Promoting Energy Efficiency, Modernizing the Grid, and Supporting Renewable Energy.  Removing key support for renewable energy as HR 1 does in its current form structurally impacts each of these four tenants. 

Surging Demand, Shrinking Supply

The challenge ahead is stark. According to ICF International, a major U.S. consultancy, electricity demand is expected to rise by 25% by 2030 and by 78% by 2050—driven by AI, cloud computing, EVs, advanced manufacturing, and crypto-mining.

As Elon Musk warned in the previously mentioned CNBC interview, the next chokepoint is not chips, but electricity generation. Musk’s company, xAI, is building a gigawatt-scale data center—equivalent to a nuclear power plant’s output—just to meet internal AI compute needs.

Musk predicts that “power generation challenges will arise by mid-to-late next year [2026],” and he’s far from alone in that concern.

HR 1 Would Devastate Planned Energy Projects

Despite this, HR 1 would cut deeply into the heart of America’s future energy supply and its ability to meet the forecasted increase in energy demand..

Analysis by David Riester and Paul Hildebrand of Segue Sustainable Infrastructure estimates that if HR 1 was enacted:

This is not a marginal reduction—it’s a catastrophic contraction at a time when energy needs are exploding.  Even more, it is elimination of ongoing technological advancement, manufacturing renaissance, and energy export opportunities. 

Natural Gas and Nuclear Cannot Fill the Gap

While some might hope natural gas could offset these losses, Riester and Hildebrand’s analysis (which is consistent with other reviews) is sobering:

Nuclear energy, while essential and rightly supported by President Trump’s latest executive orders, requires at least 8 years or more to bring new plants online. Moreover, the political stability of that support across administrations remains uncertain, as does public acceptance of safety and siting.

A Threat to National Security and AI Leadership

This is more than an energy debate—it’s a matter of national security.

If HR 1 passes, the U.S. would be capping not only its own energy growth, but its leadership, just as the world enters an era where energy is THE deciding factor in technological and military supremacy.

Conclusion: HR 1 is a Strategic Energy Policy Mistake

HR 1 undermines the Republican Party’s Energy Policy principles, and particularly its longstanding commitment to:

Reducing our energy capacity when demand is poised to skyrocket—especially from transformative technologies like AI—puts the U.S. economy, security, and global standing at risk.

The path forward must be clear, and boldly supported: America needs a recommitment to: “all-of-the-above” energy policy, an aggressive expansion of our power infrastructure, and rejection of legislation like HR 1 that weakens America’s future. In this new era of energy-driven competition, to falter is to fall behind, and to fall behind is to surrender.

By George L. Strobel II

In the wake of last month’s massive blackout that disrupted power across Spain, Portugal, and parts of southern France for more than twelve hours, speculation ran wild over the cause of the blackout. Was it a cosmic event? A technical breakdown? Or a sign that Europe’s increasingly renewable-heavy energy infrastructure was reaching a breaking point? Now, with the dust settled and new reports emerging, the truth behind the blackout is finally coming to light—and it’s far more surprising than expected.

Speculation and Theories Abounded

In the immediate aftermath of the April 28th blackout, theories flourished. Online forums, energy blogs, and news outlets were ablaze with conjecture. One of the earliest and most widely circulated theories was that a solar flare—a powerful burst of radiation from the sun—had disrupted satellite communications and sensitive electrical equipment on the ground.

Others believed it might have been a technical glitch, the kind of random error that occasionally plagues even the most advanced infrastructure. Some energy analysts and critics of renewable energy pointed to the “lack of grid inertia”—the stabilizing effect typically provided by large spinning turbines in fossil fuel or nuclear power plants—as a key vulnerability in Spain’s increasingly green power mix. They argued that without this buffer, the grid might have been too fragile to handle even minor fluctuations.

A Grid Rich in Renewables

At the time of the blackout, Spain’s electric grid was indeed operating on an unusually high proportion of renewable energy. According to data from Red Eléctrica de España (REE), the national electric operator, the composition of Spain’s grid on April 28 was heavily tilted toward renewables:

  1. Solar: 59%
  2. Wind: 12%
  3. Nuclear: 11%
  4. Natural Gas: 5%
  5. Other sources: 13%

REE’s publicly available dashboard showed that at 12:30 p.m., the grid had more than enough power—32 gigawatts (GW) were being supplied for a national demand of just 25 GW. Not only was the grid meeting local needs, but it was also exporting power: 2.6 GW to Portugal, 0.87 GW to France, and 0.78 GW to Morocco. In light of these statistics, suggestions that the blackout resulted from a shortfall of supply or the quality of its sources were cast into doubt.

Still, Spain’s plan to phase out nuclear energy by 2035 added fuel to critics’ concerns about the long-term viability of such a renewable-heavy strategy.

The Truth Emerges: A Hidden Stress Test

Now, new reporting from The Telegraph has shed light on the true cause—and it was not a cosmic event, a grid malfunction, or a failure of Spain’s clean energy ambitions. Instead, it was a deliberate experiment (The Telegraph, May 23, 2025).

According to sources cited by The Telegraph, the blackout originated at a substation in Granada at exactly 12:30 p.m. Within five seconds, cascading failures occurred at two other substations—Badajoz and Seville. In that blink of an eye, over half the grid’s supply vanished, plunging large portions of Iberia into darkness.

But it wasn’t a glitch. It was a stress test—an unscheduled and secret simulation designed to evaluate the resilience of Spain’s grid under high renewable penetration. Details remain murky, including who authorized the test and why it was carried out without public notification or coordination with neighboring countries.

Implications and Fallout

The revelation has sparked a mix of relief and outrage. On one hand, the blackout was not caused by any inherent weakness in renewable energy or the grid’s ability to handle it. On the other, the idea that an experimental procedure—one capable of knocking out power for millions—was conducted in secret is deeply troubling to many.

But Spain’s reliance on renewable energy was not the source of the problem. In fact, as more solar facilities are constructed in junction with battery storage, grid resiliency will only strengthen. This doesn’t mean that more doesn’t need to be done to bolster power infrastructure and grid cybersecurity – that clearly is required. But expansion of renewable energy should not pause because of this event.

In the coming weeks, scrutiny of Spain’s energy governance is expected to intensify. What’s clear now, however, is that misinformation about the blackout was just as widespread as the blackout itself—and the truth is even more electrifying than fiction.

Sources:

The Telegraph. “Spain’s Blackout Story Is Disintegrating.” Published May 23, 2025. https://www.telegraph.co.uk/business/2025/05/23/spains-blackout-story-is-disintegrating/

by Justin Worland

As Republicans look to broker a sweeping budget deal, top GOP leadership in the House of Representatives unveiled a series of cuts this week to the provisions of the Inflation Reduction Act (IRA) aimed at tackling climate change. This includes proposing to curtail tax credits for clean electricity generation and domestic clean technology manufacturing. To enact the proposed language would deal a swift blow to U.S. efforts to cut emissions and transition to cleaner energy sources. It would also stifle a surge in manufacturing investment that has swept much of the country.

“It will come to a screeching halt without the credits,” says George Strobel, co-CEO at Monarch Private Capital, which finances solar projects. “That’s just the way it is.”

Since the language was announced on May 12, many Senate Republicans, who would need to approve the measure before it becomes law, have balked, fearing that such a pullback would kill jobs in their home states and harm American businesses. For that reason, they say, the language should represent a starting point, certain to be revised in the lengthy negotiations necessary to approve the changes. “Anything that comes over from the House, almost by law, we’ve got to redo,” Alaska GOP Senator Lisa Murkowski told reporters.

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Seasoned legal and transaction management professional brings deep experience in renewable energy investments to support Monarch’s growing clean energy portfolio.

ATLANTA (GLOBE NEWSWIRE) – Monarch Private Capital (Monarch), a nationally recognized impact investment firm that develops, finances, and manages a diversified portfolio of projects generating both federal and state tax credits, is pleased to welcome Thomas Barnes as Manager, Renewable Energy.

In this newly-created role, Barnes will facilitate all aspects of investment execution, including onboarding, investment alignment, fund documentation, underwriting/closing, and subsequent fundings. He serves as a key liaison between Monarch’s investors and developer partners, working with internal placement, project management, operations, and asset management teams—ensuring a seamless and #bestinclass transaction process.

Barnes brings extensive tax credit structuring and legal experience to Monarch. Prior to joining the firm, he held several roles within the renewable energy division at U.S. Bank, most recently serving as Syndications Project Manager. In that role, he led investor communications and due diligence efforts, negotiated transaction documents, and facilitated the closing of tax credit investments. Earlier in his tenure at U.S. Bank, Barnes served as an Asset Manager, overseeing a portfolio of renewable energy investments and supporting risk mitigation efforts across legal, tax, and credit functions. Before transitioning into renewable energy finance, Barnes practiced law for nearly a decade, focusing on corporate transactions and contract negotiation for a wide range of clients and industries.

“Thomas brings a rare combination of legal acumen and transaction execution experience to our already strong team,” said Bryan Didier, Partner and Managing Director of Renewable Energy at Monarch Private Capital. “His ability to manage complexity, collaborate across functions, and drive high-quality outcomes for our investors will undoubtably enhance our #everbetter, #bestinclass execution process.”

In addition to his transaction responsibilities, Barnes will contribute to process innovation, cross-functional collaboration, and risk management strategies across Monarch’s clean energy portfolio.

“Monarch is known for its thoughtful, high-performing culture, and I’m excited to be a part of a team that prioritizes excellence and investor success,” said Barnes. “I look forward to contributing to a strong foundation that enables the firm to continue scaling with impact.”

Barnes earned his Juris Doctor from the University of Minnesota Law School and a Bachelor of Arts in English from the University of St. Thomas. Committed to giving back, he has volunteered with organizations including Catholic Charities, Feed the Children, and Project Offstreets, and has mentored and coached youth in both Minneapolis and Denver.

For more information about Monarch Private Capital, visit www.monarchprivate.com.

About Monarch Private Capital

Monarch Private Capital manages 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 participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.

By Kristin Toussaint

Solar industry experts say it has too much Republican support, and makes so much sense economically, that the solar industry will keep growing.

President Donald Trump has been clear that his vision for America’s energy landscape prioritizes fossil fuels. He has curtailed federal funds for renewable energy—and has voiced his personal distaste for those projects, particularly wind farms. He’s talked about ramping up coal and increasing oil drilling, and he’s threatened to completely undo the Inflation Reduction Act (IRA).

But even amid all that, the solar industry is still somewhat optimistic about its future. Solar just makes sense, industry players say—especially if we need to increase our energy production, and do so fast.

“I keep on reminding people that solar energy is as competitive as natural gas now, it’s as cheap as any form of energy, and it can be built quicker than any form of energy.”

says George Strobel, cofounder and co-CEO of Monarch Private Capital, which invests in renewable energy and affordable-housing projects.

“There is some surprising support—at least as far as the [Trump] administration is concerned—for the solar industry, coming from the utility sector.”

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Contact us for more information about impact investing, federal and state tax credits.