SolarEdge Technologies, Inc. announced the closure of its first transaction for the sale of §45X Advanced Manufacturing Production Tax Credits, receiving approximately $40 million, net of discounts and fees. These credits were generated from sales of eligible, U.S.-made inverters during the first half of 2024.
The liquidity provided by this sale will enhance SolarEdge's cash position, further strengthening its balance sheet. This capital will enable the company to accelerate investment in its United States manufacturing footprint, fulfilling its promise to deliver a dependable supply of U.S.-produced technology.
The tax credits were generated from inverters produced at SolarEdge’s Austin, Texas facility, which reached a target quarterly run rate of 500 MW of inverter production in Q2 2024 and exceeded 500 MW in Q3 2024. The Tampa, Florida facility also began shipping Power Optimizers in Q2 2024 and is expected to reach a production capacity of approximately two million per quarter by Q1 2025.
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