Schneider Electric Collaborates With Crux To Facilitate Purchase of 45X Tax Credits From Silfab Solar

The tax credits purchased by Schneider Electric resulted in additional capital to Silfab Solar to further expand US manufacturing of solar PV modules.

BOSTON, MA / ACCESSWIRE / May 16, 2024 / Today, Schneider Electric, the leader in the digital transformation of energy management and automation, announced a collaboration with Crux, a sustainable finance technology company, to procure Section 45X Advanced Manufacturing Production Tax Credits from Silfab Solar, a North American leader in the design, development, and manufacture of premium 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 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.

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, Renewable Energy & Cleantech, Schneider Electric's Sustainability Business.

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