7X Energy stockpiles 2GWac of inverters to make most of closing ITC window

Facebook
Twitter
LinkedIn
Reddit
Email
SunPower has partnered with Hannon Armstrong Sustainable Infrastructure Capital to acquire and deploy 200MW of 'safe harboured' solar panels before the year's end. Source: SunPower.

Solar and storage developer 7X Energy has spent more than US$100 million to stockpile 2GWac of Power Electronics inverters in order to take advantage of the full investment tax credit (ITC) before it starts to taper next year.

The procurement is being billed by the developer as one of the largest purchases by an independent power developer in the US. The HEM medium-voltage inverters will be stored in Texas, where 7X Energy is headquartered.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

News of the megadeal comes just days after US residential and commercial solar installer SunPower revealed that it had partnered with Hannon Armstrong Sustainable Infrastructure Capital to acquire and deploy 200MW of 'safe-harboured' solar panels.

The federal tax credit will step down from 30% for projects that begin construction at the end of this year, to 26% in 2020, 22% in 2021, before dropping to 10% for commercial customers and to zero for residential installations in 2022.

The government authority responsible for the ITC, the Internal Revenue Service, deems a project’s construction to have officially “begun” when five percent of its total cost has been spent. Purchasing inverters and panels is one of the simplest ways project backers can meet that benchmark and qualify their project for the existing ITC rate.

This framework has been informally dubbed the “solar safe habour agreement” since it was published in June 2018.

7X Energy president Clay Butler said in a statement on Tuesday that the developer wanted to act “early in the year before supply ran out.” He added that the firm opted for inverters as they were less prone to price volatility than modules and also because of their application in storage systems.

Debt financing for the inverter deal was provided by Forethought Life Insurance Company, a subsidiary of Global Atlantic Financial Group.

US solar prospects amid trade tensions and a changing incentive landscape will take centre stage at Solar Media's Solar & Storage Finance USA in New York on 29-30 October 2019.

21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

October 9, 2025
Chinese inverter and storage manufacturer Sungrow has revealed details of its planned flotation on the Hong Kong Stock Exchange.
October 9, 2025
The retroactive collection of duties on historical solar imports to the US has been temporarily paused pending the outcome of an appeal.
October 8, 2025
US solar module prices jumped in Q3 2025 as developers scrambled to meet the 2 September 2025 safe harbour deadline for Investment Tax Credit (ITC) qualification, according to supply chain platform Anza.
October 8, 2025
Despite policy headwinds on the federal level, there is optimism for the future of the US solar and storage sector.
October 7, 2025
Doral Renewables has secured a PPA with an unnamed 'corporate buyer' for its 430MW Cold Creek solar-plus-storage project in Texas.
October 7, 2025
US independent power producer (IPP) Arevon has begun operations at two utility-scale solar projects in Indiana.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK