Crux announced the closing of a $500 million debt financing facility with Nuveen Energy Infrastructure Credit (EIC), the infrastructure credit investment platform within Nuveen, the investment manager of TIAA, with $1.4 trillion in assets under management. The facility will support Crux-led tax-driven investments, including hybrid tax equity transactions, to accelerate clean energy deployment in the United States amid rising electricity demand driven by AI, electrification, and population growth.
The financing facility will expand Crux’s role as a general partner in tax-driven investment strategies across a broad portfolio of U.S. investments. The company said the agreement marks a major milestone in its transition from a high-growth startup into a larger commercial participant in clean energy finance.
Crux noted that the clean energy tax equity market reached approximately $36.6 billion in 2025, up 23% from 2024. Since launching its tax and preferred equity offering, the company said it has executed more than $1 billion in signed term sheets and issued more than $9 billion in indications of interest.
Among Crux’s publicly announced transactions is a $340 million tax equity investment supporting a 413 MWdc utility-scale solar project in Texas. The company said its deals are typically structured as hybrid partnership flips to monetize tax credits, with hybrid tax equity structures now accounting for more than 75% of all tax equity investments, according to Crux market data.
Crux said the facility is designed to support long-term growth while maintaining alignment with institutional partners. The company has expanded beyond transferable tax credits into broader financing solutions across debt, preferred equity, and tax equity.
Nuveen Energy Infrastructure Credit provides financing structures including credit facilities, structured debt and equity solutions, and preferred tax equity investments. The platform partners with management teams and infrastructure equity sponsors to support project development, construction, and long-term ownership.
Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to Crux, while Milbank LLP served as legal advisor to Nuveen.
KEY QUOTES:
“We founded Crux to unlock bottlenecks in the financing of clean and critical infrastructure, and this facility marks a major milestone in that mission. Our multi-disciplinary team, market-leading data, and AI-powered platform give us advantages in underwriting and executing deals across a growing, diversified pipeline. With this facility, we are well positioned to invest at the speed and volume the current moment demands.”
Alfred Johnson, Co-Founder And CEO, Crux
“Crux has built an innovative platform at the forefront of the renewable energy and sustainable infrastructure markets. We are excited to partner with this outstanding team and platform to accelerate the growth of renewable and infrastructure supply chain companies and support the continued development of a growing tax credit market.”
Don Dimitrievich, Head Of Nuveen Energy Infrastructure Credit
