Crux, the capital platform for the clean economy, has announced the closing of a $500 million debt financing facility with Nuveen Energy Infrastructure Credit (EIC). The facility is set to fuel Crux-led tax-driven investments, including hybrid tax equity structures, aimed at accelerating the deployment of domestic clean energy infrastructure.
The partnership with Nuveen—the $1.4 trillion investment manager of TIAA—comes as U.S. electricity demand reaches a critical juncture, driven by the rapid expansion of AI, national electrification, and population growth.
The financing marks a significant milestone in Crux’s transition from a high-growth startup to a major commercial participant in the clean energy finance sector. Crux will use the programme to scale its role as a general partner in tax-driven investment strategies, a market that grew to approximately $36.6 billion in 2025—a 23% increase over the previous year.
Since launching its tax and preferred equity offering, Crux has executed over $1 billion in signed term sheets and issued more than $9 billion in indications of interest.
“We founded Crux to unlock bottlenecks in the financing of clean and critical infrastructure, and this facility marks a major milestone in that mission,” said Alfred Johnson, co-founder and CEO of Crux. “With this facility, we are well positioned to invest at the speed and volume the current moment demands.”
According to Crux market data, hybrid tax equity structures now account for more than 75% of all tax equity investments. These deals are typically structured as hybrid partnership flips to effectively monetise tax credits. One of Crux’s recently announced transactions includes a $340 million tax equity investment supporting a 413 MWdc utility-scale solar project in Texas.
Crux’s AI-powered platform and market data have allowed the company to expand across the full capital stack, including debt, preferred equity, and transferable tax credits, modernising how capital is deployed for clean energy and manufacturing.
Nuveen’s EIC team, a prominent investor in infrastructure finance, provides the flexible financing required to support project development and construction. The partnership reflects a strong investor appetite for American clean energy assets amidst global energy market volatility.
“Crux has built an innovative platform at the forefront of the renewable energy and sustainable infrastructure markets,” said Don Dimitrievich, Head of Nuveen Energy Infrastructure Credit. “We are excited to partner with this outstanding team to accelerate the growth of infrastructure supply chain companies.”
The transaction was supported by legal advisors Skadden, Arps, Slate, Meagher & Flom LLP for Crux and Milbank LLP for Nuveen.
