Enphase Energy $235M Section 45X AMPC Sale — 2025 US microinverter and battery production credits
Enphase Energy closes sale of $235M face value of Section 45X advanced manufacturing production tax credits generated from US microinverter and battery component production in calendar year 2025. Proceeds: $218,550,000 (93 cents on the dollar). Buyer: undisclosed leading financial institution. Transaction reduces Enphase's Q1 2026 GAAP gross margin by approximately 6.7 percentage points vs. prior guidance (excluded from non-GAAP measures). Disclosed via 8-K filed with SEC April 6, 2026.
$219M
Deal Value
Solar Manufacturing
Technology
US (multi-state manufacturing)
Location
Deal Details
- Deal Type
- 45X AMPC Transfer
- Seller / Sponsor
- Enphase Energy, Inc.
- Buyer / Financier
- Undisclosed financial institution
- Deal Value
- $218,550,000 (at $0.93 per $1.00)
- Stage
- Operating
Finance Counterparties
Lenders & Capital Providers
- Tax Credit Buyer
- Undisclosed financial institution
Related Deals
Section 45X Advanced Manufacturing Production Tax Credits — $700M from 2023 US solar module production (6.3 GW Ohio factories)
First Solar → Fiserv
$700M (at $0.96 per $1.00)
ITC transfer from solar and battery storage projects (operational starting 2024)
ENGIE North America → Schneider Electric
Section 45X Advanced Manufacturing Production Tax Credits from US-manufactured solar PV modules
Silfab Solar → Schneider Electric
North Fork Solar Project — $103M PTC transfer from solar project with 15-year OMPA offtake
Recurrent Energy (Canadian Solar) → Bank of America
$103M
ITC from 1.2 MW behind-the-meter solar project near Gainesville, Florida
WeWould Solar (Stadlen Family Holdings) → Creditable Capital
$600K
~$1B in renewable energy tax credits from NextEra's US wind and solar portfolio
NextEra Energy → Undisclosed
$1B
Get deals like this in your inbox
Free weekly clean energy deal intelligence. Every Monday.