Israel-headquartered solar inverter supplier SolarEdge has closed its first transaction for the sale of 45X Advanced Manufacturing Production Tax Credits.
The tax credits, which amount to nearly US$40 million, were generated by sales of PV inverters made in the US during the first half of 2024. The inverters were made at the company’s Austin manufacturing plant which reached a quarterly nameplate capacity of 500MW during the second quarter of 2024 and over 500MW in Q3 2024, while ramping up production in Q4 2024.
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
The transaction was facilitated by the Crux platform, which recently published its latest report on tax credit transfer deals. During Q3 2024, the majority of tax credit transfer deals came from advanced manufacturing technologies with between US$7-7.5 billion of renewables tax credits.
Ariel Porat, Chief Financial Officer of SolarEdge, said: “The liquidity provided by the sale of these credits will enhance our cash position, further strengthening our balance sheet and enable us to accelerate our investment in our United States manufacturing footprint. This in turn will help us fulfill our promise to deliver a dependable supply of U.S. produced technology to our installer and developer customers.”
The company’s second facility in Tampa, Florida, started shipping power optimisers during Q2 2024 and is ramping up its capacity to reach a production of two million per quarter. In Q1 2025 it will add commercial inverter and power optimizer production.
