SolarEdge, a solar inverter provider based in Israel, has finalized its initial deal for the sale of 45X Advanced Manufacturing Production Tax Credits.

The tax credits, totaling close to $40 million, were derived from the sales of PV inverters manufactured in the United States in the first half of 2024. These inverters were produced at SolarEdge’s Austin manufacturing facility, which achieved a quarterly nameplate capacity of 500MW in the second quarter of 2024 and exceeded 500MW in Q3 2024, as production continued to increase in Q4 2024.

The sale was processed through the Crux platform, which has just released its most recent report on tax credit transfers. In the third quarter of 2024, the bulk of tax credit transfer transactions originated from advanced manufacturing technologies, totaling between $7-7.5 billion in renewable tax credits.

Ariel Porat, SolarEdge’s Chief Financial Officer, stated: “The funds generated from the sale of these credits will bolster our cash reserves, fortify our financial standing, and empower us to expedite our investments in our manufacturing facilities in the United States. This will, in turn, assist us in fulfilling our commitment to provide a reliable source of U.S.-manufactured technology to our installer and developer clientele.”

The company’s second plant in Tampa, Florida, initiated the delivery of power optimizers in the second quarter of 2024 and is increasing its capacity to achieve a production volume of two million units per quarter. By the first quarter of 2025, it will also introduce the production of commercial inverters and power optimizers.