- The tax credits purchased by Schneider Electric (EPA:) resulted in additional capital to Silfab Solar to further expand US manufacturing of solar PV modules.
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
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.
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
Crux played a significant role in facilitating and streamlining the successful transaction of these tax credits, including by initially connecting Silfab Solar and Schneider Electric through its transferable tax credit ecosystem.
Launched in
“Domestic manufacturing of key energy components is booming and Silfab Solar is a leader in the space,” said
“Silfab was pleased to partner with Schneider to unlock the value of our advanced manufacturing tax credits,” said
Crux’s first inaugural Transferable Tax Credit Market Intelligence Report, released in
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.
We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.
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About Crux
Crux is a sustainable finance technology company changing the way clean energy and decarbonization projects are financed in the
About Silfab Solar
Silfab Solar is the North American leader in the design, development and manufacture of high-efficiency, premium quality PV modules. Silfab leverages more than 40 years of solar experience and best-in-class technologies to produce the highest- rated solar modules. Silfab operates state-of-the-art facilities in the state of