2024 Year in Review: A Year of Community Impact and Growth

Guided by the vision and leadership of our founder, Warren Kirshenbaum, Cherrytree Group celebrated its 13th year with incredible achievements in tax credit equity, community initiatives, and professional milestones. This year reinforced our mission of making a meaningful difference in the lives of our clients and the communities we serve.

Key Achievements

This year, we successfully closed $21 million of tax credit transactions: $11 million in Solar Investment Tax Credits (ITC’s) , $5 million in State Tax Credits and $5 million in Solar Transferable ITC’s — showcasing our expertise in navigating complex tax credit landscapes.

As our company continues to grow, we’re also expanding our team. We are excited to announce that Nick Cappiello, formerly a Tax Credit Associate, was promoted to Operations Coordinator at the beginning of 2024. Nick’s dedication, strong work ethic, and valuable contributions played a crucial role in our success and we are thrilled to see him take on this new role where he will continue to make an impact.

In addition, we were pleased to welcome Jared Hurley as our new Tax Credit Associate. A graduate of the Isenberg School of Management at the University of Massachusetts Amherst, Jared holds a bachelor’s degree in accounting and a certificate in Business Data Analytics. He brings fresh energy and valuable insights to Cherrytree Group and we look forward to the significant contributions he will make as we move forward.

In 2024, the Inflation Reduction Act (IRA) introduced a groundbreaking change by allowing Federal Solar Investment Tax Credits (ITC) to be transferred for the very first time. We’re excited to share that we’ve closed $5 million in transferable tax credits during this past year — marking a significant milestone in leveraging these new opportunities.

Renewable Energy Milestones

Cherrytree Group solidified its position as a leader in renewable energy tax credits for individual investors, as well as owning and operating our own solar portfolio. That portfolio now includes ownership and operation of commercial solar installations in California, Washington, D.C., New York, New Jersey, Texas, and Puerto Rico — totaling an impressive 11.49 MW of solar energy generation.

Warren Kirshenbaum and Melina Ambrosino participated in several site visits to our renewable energy projects across the country. These visits, alongside our investors, offered a firsthand perspective on the transformative impact these projects have—both on the livelihoods of individuals in underserved areas and on the broader environment.

Industry Leadership

We were proud to contribute our expertise at prominent industry events including the Novogradac Renewable Energy and Environmental Tax Credits Conference, the Virginia Solar Summit, and the Massachusetts Historic Preservation Conference. Melina also led the Brownfield Coalition of the Northeast’s (BCONE) Northeast Sustainable Communities Workshop (NSCW) in its original home state of New Jersey. This year’s conference was a tremendous success; building on its legacy of advancing sustainable community development. This could not have been possible without the strategic planning of the NSCW planning committee, chaired for the second year by Jacob Vezga, our Vice President. Melina also hosted a new “Ask the Developer” podcast series by BCONE which offered insightful discussions on developer perspectives, due diligence, market trends, and more. In February, she will further expand our educational reach by teaching a Rutgers University course on “Utilizing Incentives: Developing a Brownfields Site.”

Making a Difference, Together

One of our proudest moments this year was participating in the Eversource Walk for Boston Children’s Hospital, where we raised $25,000 for a cause close to our hearts. Melina’s niece, Ella, was treated at Boston Children’s Hospital after being diagnosed with a rare congenital heart defect called ALCAPA. Thanks to the incredible care she received, Ella is now a thriving two-year-old. Supporting Boston Children’s essential research, critical care, and family services was a meaningful way for us to give back and help other families in need.

Hurricane Helene struck the southeastern United States this past September with devastating force, bringing widespread flooding, power outages, and displacing thousands of families. North Carolina bore much of the storm’s impact, leaving communities in urgent need of support and recovery efforts. In response, the Cherrytree Group led a heartfelt initiative to aid those affected through our Hurricane Helene Fundraiser — a collaborative effort to support families in North Carolina. Together with community partners, we collected cleaning supplies, infant care products, pet supplies, and other essentials. Our heartfelt gratitude goes to Ryder Trucks of Stoneham for providing the truck, Total Temperature Control for covering transportation costs, and the YMCA Melrose and Metro North for servings as donation drop-off locations. Led by our president, Melina Ambrosino, who personally delivered the supplies alongside her cousin Michael, this effort showcased the power of community collaboration and our dedication to making a tangible impact where it is most needed.

Jacob Vezga and Nick Cappiello joined BCONE’s Scholarship Committee in 2024, where they played a pivotal role in interviewing and selecting the most deserving candidates for the Charlie Bartsch Brownfield Scholarship. Thanks to the success of BCONE’s fundraising efforts, the amount of the scholarship was significantly increased this year — providing even more support to future recipients.

Our commitment to community uplift continued as Warren and his son, Samuel Kirshenbaum, completed the 2024 Boston Marathon; raising $18,482 for Project Hope. Their dedication and resilience were inspiring, and they were grateful to everyone who supported their journey.

Personal Milestones and Celebrations

2024 was also a year of celebration for the Cherrytree team. Warren’s daughter, Marissa, tied the knot in a beautiful ceremony. Shortly thereafter, she treated Warren to a memorable vacation in Tokyo, where he had a chance to relax and immerse himself in Japanese culture. Meanwhile, our Controller, Jackie Edwards, welcomed her third child, Sophia, into the world, bringing immense joy to the extended Cherrytree family.

Looking Ahead

As we reflect on the achievements and milestones of 2024, it is clear that the Cherrytree Group has grown not only in size and influence but also in its impact on the communities we serve. From generating, securing and closing substantial State Brownfields and Investment Tax Credits (ITC’S) and expanding our renewable energy portfolio to making meaningful contributions through charitable efforts, our success is built on a foundation of collaboration, dedication, and a shared vision for positive change. With the continued leadership of Warren Kirshenbaum, the expertise of our growing team and the unwavering commitment to sustainability and community support, we look forward to an even brighter future in 2025 and beyond. Together, we are making a lasting difference: one step at a time.