Press release
Schneider Electric purchases IRA tax credits from solar manufacturer
* Schneider Electric has purchased clean energy tax credits from solar photovoltaic module manufacturer Silfab Solar, with sustainable finance tech company Crux facilitating the transaction, the companies announced Thursday.* The purchase was made through the Schneider Electric Sustainability Business, exchanging Silfab's 45X advanced manufacturing tax credits for funding the solar panel manufacturer will use to expand North American operations.
* The deal is made possible due to the transferability provisions included in the Inflation Reduction Act, which allows clean energy manufacturers to trade earned tax credits for cash. Hans Royal, senior director of renewable energy and carbon advisory for Schneider Electric's sustainability services, told ESG Dive the transferability mechanism is a "revolutionary development" for the energy industry.
Schneider Electric said Crux played a "significant role in facilitating and streamlining" the transaction and credited the sustainable finance company for first connecting the energy management company with Silfab.
Schneider Electric's president of North America Operations Aamir Paul said in the release that the company is looking to leverage the IRA's transferability provisions to "foster the development of renewable energy infrastructure and contribute to a more sustainable planet."
The IRA's tax credit transferability "significantly enhances Schneider Electric's ability to support the clean economy, reinforcing our leadership in the energy transition," Royal said in an emailed statement to ESG Dive. "We are excited to announce multiple successful tax credit transferability transactions, showcasing the feasibility and benefits of these innovative deals."
CEO and co-founder of Crux, Alfred Johnson, called Silfab a leader in the "booming" sector of domestic energy component manufacturing. Johnson said this represents Silfab's first sale of 45X tax credits, which provide tax breaks for eligible products made in the U.S., such as solar modules, cells, wafers and polysilicon.
"This deal exemplifies how the transferability of tax credits is [a] win-win: providing simple, efficient access to capital to support Silfab's expansion while allowing Schneider to make additional investments in the growth of the clean energy industry," Johnson said in the release.
The deal follows another tax credit transfer agreement Schneider Electric inked with Engie North America in February. Schneider Electric expects the credits generated by that deal will get the company closer to its goal of utilizing 100% renewable energy in North American operations and, in turn, reduce its scope 2 greenhouse gas emissions.
Schneider Electric said its Sustainability Business is working to advise "many other corporations" on how to navigate tax credit purchasing opportunities, according to the release. Crux released a study in January that found between $7 billion and $9 billion worth of tax credit transactions took place last year and later predicted the market will reach $85 billion annually by 2031.
About Schneider Electric
Schneider Electric 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.
Media Contact
Company Name: ABC Private Limited
Contact Person: Media Relations
Email:Send Email [https://www.abnewswire.com/email_contact_us.php?pr=schneider-electric-purchases-ira-tax-credits-from-solar-manufacturer]
Country: India
Website: https://www.se.com/in/en/
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Schneider Electric purchases IRA tax credits from solar manufacturer here
News-ID: 3591441 • Views: …
More Releases from ABNewswire
![Movefasa Moving LLC: Premier Moving Company Overland Park Relies On for Smooth Relocations](https://cdn.open-pr.com/X/9/X906115122_g.jpg)
Movefasa Moving LLC: Premier Moving Company Overland Park Relies On for Smooth R …
Movefasa Moving LLC, a premier moving company in Overland Park, is renowned for delivering outstanding relocation services tailored to the unique needs of residents and businesses. Known for its reliability, professionalism, and customer-centric approach, Movefasa Moving LLC has become the top choice in Overland Park for smooth and efficient relocations.
Movefasa Moving LLC, a leading moving company in Overland Park, is recognized for providing exceptional relocation services tailored to meet the…
![Firefighters Move U: Leading Moving Company in Lexington, KY, Redefining Relocation Services](https://cdn.open-pr.com/X/9/X906589791_g.jpg)
Firefighters Move U: Leading Moving Company in Lexington, KY, Redefining Relocat …
Firefighters Move U, a top-tier moving company based in Lexington, KY, is transforming the relocation experience through its dedication to professionalism, reliability, and community service. Established by local firefighters, this esteemed company leverages its expertise and profound community connection to provide unmatched moving services for both residents and businesses in Lexington and beyond.
Firefighters Move U, a premier moving company in Lexington, KY, is redefining relocation services with its commitment to…
![Body Balance Massage and Float: Enhancing Wellness with Expert Massage Therapist Services in American Fork, UT](https://cdn.open-pr.com/X/9/X906876601_g.jpg)
Body Balance Massage and Float: Enhancing Wellness with Expert Massage Therapist …
Body Balance Massage and Float, a leading wellness center in American Fork, UT, is focused on improving physical and mental well-being through expert massage therapy and innovative floatation therapy. With a diverse array of traditional and specialized treatments, the center is dedicated to offering personalized care in a tranquil and inviting setting.
Body Balance Massage and Float, a premier wellness center in American Fork, UT, is dedicated to enhancing physical and…
![New City Movers Chicago: Transforming the Moving Experience with Innovative Solutions Among Moving Companies](https://cdn.open-pr.com/X/9/X906924804_g.jpg)
New City Movers Chicago: Transforming the Moving Experience with Innovative Solu …
New City Movers is a critical player among moving companies, revolutionizing the relocation experience. Focusing on innovative solutions and exceptional customer service, the company has established itself as a preferred option for local and long-distance moves.
New City Movers is a recognized leader among moving companies [https://maps.google.com/maps?ll=41.934751,-87.690161&z=16&t=m&hl=en&gl=PH&mapclient=embed&cid=13704695920180726804&q=movers+near+me&oq=moving+companies], changing how individuals and businesses approach relocation. With an emphasis on innovation and exceptional customer service, the company has become a top choice for…
More Releases for Schneider
Smart Hospitality Management Market With Top Companies Cisco, Schneider, Siemens …
Increasing global competition and changing business scenarios are continuously driving hotel and resort operators to focus on improving customer services. As a part of improving customer services, hotel operators started offering advanced solutions such as online room selection, room temperature control, and smart robots for customer service to attract new customers. Moreover, hotels are introducing new automated technologies to lure customers. For instance, in 2018, first fully automated hotel Smart…
AS-Schneider - Preserving values through change
The industrial valve manufacturer AS-Schneider continues to implement its corporate values of innovation culture, customer orientation and international networking – now with a new website. The technically complex revamped website in a new design and with new content appeared end of June.
If you want to seek new paths, you must leave the old ones - AS-Schneider has adhered to this adage. The revamped, better and user-friendly website now has a…
AS-Schneider - Safe even at high pressure
Pressures of several hundred bar, temperatures up to 600 degrees Celsius: industrial valves, such as those used in power stations, the oil and gas industry or in chemical process systems, work under the most arduous conditions. In such cases, safety is the most important aspect. Not only the enormous pressure, but also the often toxic or aggressive process media can quickly become a hazard for people and the environment. Valves…
AS-Schneider - Increased reliability, reduced weight
Industrial valve specialist AS-Schneider has developed a manifold specially for use on FPSO vessels. The monoflange with Dual Double Block & Bleed Function is noteworthy for maximum operational reliability and minimum weight – properties that are critically important in floating systems for extraction of crude oil and natural gas.
AS-Schneider originally developed the manifold as a special solution for a renowned company from the energy sector. The company, which operated an…
AS-Schneider - Manipulation Impossible
Valves play an important role when it comes to the safety of process equipment: Unauthorized access or accidental operation can quickly lead to catastrophic results. However, both these scenarios are easily prevented. AS-Schneider, the specialist in the field of industrial valves, provides a range of Anti-Tamper Valve Head Units to allow plant operators to reliably protect their valves against undesired operation.
The Standard Design of the Anti-Tamper Valve Head Unit is…
AS-Schneider - Internationalisation strategy pays off
A stellar fiscal year for AS-Schneider: With 45 million euros, the specialist for industrial valves recorded the highest turnover in its 139-year corporate history in 2014. Particularly positive has been the development of the worldwide locations of the family-owned company from Germany. AS-Schneider has pursued a consistent strategy of internationalization for years and is now celebrating this with great success.
The staff at the medium-sized company also grew strongly again last…