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Schneider Electric buys 45X tax credits from Silfab

05-25-2024 03:06 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: ABNewswire

Schneider Electric announced a collaboration with Crux, a sustainable finance technology company, to purchase Section 45X Advanced Manufacturing Production Tax Credits from Silfab Solar.

Schneider Electric's purchase of these tax credits generated supplemental investment funds for Silfab to accelerate its expansion plans for American manufacturing of solar energy for commercial and residential utilization.

"We are excited to announce a tax credit transfer agreement with Crux and Silfab Solar to accelerate the growth and expansion of American domestic manufacturing of solar energy," said Aamir Paul, president of North America operations for Schneider Electric. "By leveraging the Inflation Reduction Act's new tax credit transfer provisions, we can foster the development of renewable energy infrastructure and contribute to a more sustainable planet."

Under the Inflation Reduction Act (IRA), the new transferable tax credit market allows clean energy developers and manufacturers to sell their tax credits to third parties for cash - creating a powerful market mechanism to channel private sector investments into energy infrastructure, innovative technologies and advanced manufacturing. Thin-film panel manufacturer First Solar also announced in December 2023 that it sold 45X tax credits to a financial services company.

The purchase of Silfab's tax credits represents one of the transactions that the Schneider Sustainability Business has facilitated on behalf of its parent company. The Sustainability Business is similarly advising many other corporations on tax credit purchase opportunities, representing dozens of investors and billions in annual corporate tax liability.

"We are delighted to announce this transaction with Silfab and deeply appreciate the collaboration with Crux. Crux's platform adds transparency and visibility into market opportunities, adding to our robust process for sourcing for tax credits in the market for Schneider and our corporate clients. Our role is to help our clients know where to access the best possible tax credits, including with partners like Silfab and Crux, all while mitigating buyer risk; this transaction is a testament to that successful process," said Hans Royal, senior director of renewable energy & cleantech at Schneider Electric's Sustainability Business.

"Silfab was pleased to partner with Schneider to unlock the value of our advanced manufacturing tax credits," said Paolo Maccario, CEO and president of Silfab Solar. "As a result, we were able to monetize our 45X tax credits, providing us access to additional capital that is beneficial in expanding our US solar manufacturing capacity. Silfab is deeply committed to US energy independence and buyers like Schneider Electric allow us to further accelerate our growth. Crux was also an important partner to this transaction, helping connect us to Schneider via their intuitive and accessible platform."

About Schneider Electric

Schneider's purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On . Our mission is to be your digital partner for Sustainability and Efficiency. We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.

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Company Name: ABC Private Limited
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Email:Send Email [https://www.abnewswire.com/email_contact_us.php?pr=schneider-electric-buys-45x-tax-credits-from-silfab]
Country: India
Website: https://www.se.com/in/en/



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