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

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

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.

7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
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

June 17, 2025
The levelised cost of energy (LCOE) for utility-scale solar PV in the US has tightened for a third year in a row, according to Lazard’s latest report.
June 16, 2025
The LC will enable Redeux to fund development costs tied to interconnection and power purchase agreement (PPA) commitments across projects. Image: Redeux Energy.
June 16, 2025
Yaskawa America has unveiled plans to move its headquarters to Wisconsin, and invest US$180 million in expanding its operations in the state.
Sponsored
June 12, 2025
At this year’s Intersolar Europe event, held in Munich, Germany, Solavita launched a new hybrid inverter for the C&I sectors.
June 10, 2025
Buyers in the European solar sector remain positive about the future of the industry, despite fluctuations in solar module prices.
June 9, 2025
Growing political headwinds threaten to dent US solar manufacturing and project deployment, despite a strong start to 2025.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Media Partners, Solar Media Events
July 2, 2025
Bangkok, Thailand
Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece