NT Solar

What NT Solar does

NT Solar is a Washington, DC-based solar Investment Tax Credit (ITC) syndicator and fund management firm, founded in 2012 as a wholly-owned subsidiary of National Trust Community Investment Corporation (NTCIC). The company structures, underwrites, and manages tax credit investments in solar and battery storage projects on behalf of institutional, corporate, and high-net-worth investors, partnering with solar developers nationwide. Its portfolio spans utility-scale solar, distributed generation, community solar, and standalone storage, supporting $2+ billion in development costs across 100+ installations and 900+ MW DC of renewable energy capacity.

NT Solar operates a sales-led, relationship-driven go-to-market, originating transactions directly with developers and managing investor capital through dedicated vehicles including the Climate Impact and Revitalization Fund (CIRF, established 2020 with NTCIC) and Renewable Investing Fund I (launched 2026). Revenue is generated from management fees, transaction/origination fees, and carried interest on tax credit investments; pricing and fee schedules are negotiated bilaterally and not publicly disclosed. The firm is led by President & CEO David Clower (also CEO of NTCIC) and Director Paul Holshouser, following the retirement of long-time Managing Director Karin Berry at end of 2025.

The company's strategic positioning rests on regulatory expertise in ITC and Inflation Reduction Act provisions (including domestic content, energy community, and low-income community credit adders), capital backing from NTCIC, and a women-led investment team with deep community development finance experience. Notable transactions include $74M in ITCs for a 114 MW Silicon Ranch installation in Georgia, $65M for 100 California K-12 school installations with ForeFront Power, and a standalone Tesla MegaPack investment for NYU Langone Hospital — its first move into battery storage as a standalone asset class.

Name

NT Solar

Legal name

NT Solar

Website

https://nt.solar

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

1–10 employees

Short description

NT Solar is a Washington, DC-based solar Investment Tax Credit syndicator and fund manager, founded in 2012 as a subsidiary of NTCIC, financing $2B+ in solar and storage development costs across 100+ installations for institutional, corporate, and high-net-worth investors partnering with developers nationwide.

Ownership category

akta.pro rank

Product category

Renewable Energy Tax Credit Syndication

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

akta.pro primary industry

Solar Financing, Leasing & Ownership Platforms (Tax Equity, PPA, Securitization) (EUAMABAJ)

Keywords

• Tax credit syndication
• Solar project financing
• Renewable energy investing
• Investment tax credits
• Fund management services

Headquarters

HQ city

Washington

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Tax Credit Syndication and Fund Management: NT Solar raises capital from investors (institutional, corporate, and individual) and deploys it into solar energy projects in exchange for Solar Investment Tax Credits (ITC). The company earns fees for structuring, due diligence, fund management, compliance, reporting, and accounting support throughout the project lifecycle from initial commitment through operations to exit. Revenue is derived from management fees, transaction fees, and carried interest on tax credit investments.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

NT Solar is a national tax credit syndicator that raises capital from institutional, corporate, and high-net-worth investors and deploys it into solar and battery storage projects in exchange for Solar Investment Tax Credits (ITC). The company provides end-to-end services including transaction origination, structuring, due diligence, underwriting, closing, and ongoing fund management, compliance, reporting, and accounting support across utility-scale solar, distributed generation, community solar, and storage projects.

Product overview

NT Solar is a solar tax credit syndication and investment services company, not a software product platform. The company provides end-to-end solar investment services including tax credit financing, fund management, due diligence, portfolio management, compliance, and reporting. The services are delivered as a unified financial services offering rather than a modular software product or platform architecture.

Differentiator

Problem solved

Functional benefit

Products and services

• Solar Investment Tax Credit (ITC) Syndication
• Climate Impact and Revitalization Fund (CIRF)
• Renewable Investing Fund I
• Fund Management and Compliance Services

Quantifiable outcome

• Power generation capacity: 900+ MW DC of renewable energy capacity across 100+ installations
• +6 more outcomes

Named customers12 records

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Twelve partnerships are on record, tiered core and minor.

• United States Solar Corporation (US Solar)coreStrategic or Co-development Partner · 1 January 2026NT Solar's first investment with US Solar, financing $43.1 million in Solar ITCs for a portfolio of seven community solar installations across Colorado totaling 45.845 MW DC. Projects benefit ~5,000 low-to-moderate income households receiving ~$600-750/year in utility savings. US Solar also contributed $500,000 to Bridge House nonprofit.
• Prometheus Power GroupminorStrategic or Co-development Partner · 1 September 2025NT Solar's first investment with Prometheus Power Group, providing $3.3 million in Solar ITCs for a 1.36 MW community solar project in Eastport, Maine. The project serves residential and commercial subscribers through Maine's Community Solar program with a 15% fixed discount on bill credits, qualifying for the 10% Domestic Content adder under the IRA.
• New Energy Equity (ALLETE)minorStrategic or Co-development Partner · 1 January 2024New partnership established in 2024 as part of NT Solar's series of four strategic solar ITC investments. New Energy Equity LLC is a wholly-owned subsidiary of ALLETE (NYSE:ALE) and develops, finances, operates, and manages solar power generation assets.
• Revity Energy (via Nelnet)minorStrategic or Co-development Partner · 1 January 2024New partnership established in 2024 as part of NT Solar's series of four strategic solar ITC investments. Revity Energy develops, constructs, and operates renewable energy generation facilities with a customer-centric approach tailored to community needs.
• ForeFront PowercoreStrategic or Co-development Partner · 1 January 2023NT Solar's largest portfolio investment ($65 million in ITCs) for 100 solar installations across California totaling 58.4 MW DC, with a development cost of over $200 million. ForeFront Power developed the portfolio serving 64 California K-12 schools, four city utilities, and several counties. The portfolio primarily uses canopy systems over parking lots.
• Summit Ridge EnergycoreStrategic or Co-development Partner · 1 January 2023NT Solar completed four portfolio investments with Summit Ridge Energy, including the first standalone battery storage investment (31 MWh Tesla MegaPack for NYU Langone Hospital in NYC), the Bomber & Speedway Portfolio in Illinois and Maryland, and multiple community solar installations in Illinois and Maryland. First partnered in 2020.
• Dimension EnergycoreStrategic or Co-development Partner · 1 January 2022NT Solar's first investments with Dimension Energy ($28 million in ITCs) for seven installations in New Jersey, with a follow-on expansion in 2023 for two installations in New York totaling 28 MW. Portfolio of 10 projects representing 71 MW DC in New Jersey, New York, and California, delivering over $1M in annual savings to subscribers.
• Wishcamper Solar PartnersminorStrategic or Co-development Partner · 1 January 2020NT Solar provided $1.7 million in tax credit investment for six ground- and roof-mounted solar installations in Maine and New Hampshire through the Climate Impact and Revitalization Fund. Offtakers include Nashua school district, Dartmouth College, and three municipalities.
• Kearsarge EnergycoreStrategic or Co-development PartnerNT Solar has financed multiple solar tax credit investments with Kearsarge Energy, including a portfolio of four installations across Massachusetts, New Hampshire, and Rhode Island totaling 19.4 MW DC, with $23 million in solar tax credit investments. Projects feature brownfield redevelopment, capped landfill utilization, and battery storage integration.
• Silicon Ranch CorporationcoreStrategic or Co-development PartnerNT Solar partnered with Silicon Ranch Corporation to finance over $74 million in solar tax credits for a 114 MW DC installation in Calhoun County, Georgia (largest tax credit investment to date), as well as the Vanderbilt I Solar Farm (35 MW AC) in Bedford County, Tennessee. Silicon Ranch is the U.S. solar platform for Shell. Projects feature regenerative agriculture co-location.
• Lodestar EnergycoreStrategic or Co-development PartnerNT Solar financed $12.8 million in solar tax credits with Lodestar Energy for a portfolio of seven ground-mounted solar installations in New York, Massachusetts, and Connecticut. Additional investments include a $5.6 million SMART canopy/battery storage installation in Lancaster, MA, and the Northeast portfolio. NT Solar has completed 6+ transactions with Lodestar.
• National Trust Community Investment Corporation (NTCIC)coreStrategic or Co-development PartnerNT Solar is an affiliate and wholly-owned subsidiary of NTCIC. The company leverages NTCIC's political advocacy efforts, industry networks, and governance infrastructure. NT Solar's Climate Impact and Revitalization Fund (CIRF) and Renewable Investing Fund I were established through NTCIC.

Scale indicators9 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• ClearGen: ClearGen is a renewable energy tax credit financing and asset management firm that places tax equity into distributed solar, storage, and community solar projects. It competes with NT Solar on the same developer counterparty base and similar transaction sizes.
• Sunwealth: Sunwealth is a solar investment manager focused on community and commercial solar projects, syndicating ITCs to individual and institutional impact investors. It directly overlaps with NT Solar's community solar, LMI subscriber focus, and tax credit syndication model.
• Sol Systems: Sol Systems is a national solar finance and investment firm that originates, structures, and manages solar tax credit investments for institutional investors. Like NT Solar, it operates as a tax credit syndicator and fund manager serving both developers and corporate tax-equity buyers across utility-scale and community solar.

Emerging players

• CleanFund: CleanFund is a commercial Property Assessed Clean Energy (PACE) financier focused on solar and energy efficiency projects. It is an emerging player with partial overlap on commercial/community solar capital stacks, though oriented toward PACE rather than ITC syndication.
• National Development Council: National Development Council is a nonprofit CDFI that structures and syndicates tax credits, including some renewable energy credits. It is a smaller emerging player with partial overlap on community development-linked tax credit syndication.
• Reinvestment Fund: Reinvestment Fund is a CDFI that invests in clean energy, community solar, and other impact-oriented projects, often leveraging tax credit structures. It is an emerging player with overlap on mission-aligned solar capital deployment.

Broad incumbents

• Generate Capital: Generate Capital is a sustainable infrastructure financier that invests across solar, storage, and broader clean energy projects, often using tax-equity structures. It is a broad incumbent providing capital and structured finance that competes for the same developer relationships.
• Bank of America (Renewable Energy Finance): Bank of America's renewable energy finance and tax credit investment practice underwrites large-scale solar tax equity transactions. As a major bank with deep tax-equity expertise, it is a broad incumbent competitor and potential counterparty.
• Wells Fargo (Community Development & Tax Credit Investments): Wells Fargo is a leading institutional investor in solar and low-income housing tax credits through its community development and tax credit groups. It competes with NT Solar on institutional investor allocation.
• U.S. Bancorp Community Development Corporation: U.S. Bancorp's CDC is one of the largest tax credit syndicators in the U.S., placing billions in renewable energy and low-income housing tax credits annually. It is a broad incumbent that competes with NT Solar on both renewable energy ITCs and community development-linked credits.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/nt-solar

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NT Solar