Pioneering Tax Credit Transfer for Clean Energy Projects
Schneider Electric joins forces with ENGIE, utilizing the Inflation Reduction Act’s (IRA) tax credit transfer provisions to invest in Texan clean energy projects. This landmark agreement accelerates Schneider Electric’s progress toward its 100% renewable energy goal in North America.
Key Project Dynamics: Solar and Storage Initiatives
ENGIE North America will develop and operate solar and battery storage systems as part of the Tax Credit Transfer Agreement. The contracted projects, slated for completion in 2024, play a pivotal role in Schneider Electric’s strategic alignment with sustainable energy practices.
Harnessing the IRA’s Transferability Clause
The IRA’s innovative transferability clause allows Schneider Electric to leverage federal tax credits from renewable energy and battery storage projects. This flexibility provides an alternative financing structure, offering a dynamic approach to achieving corporate decarbonization goals.
Strengthening Schneider-ENGIE Collaboration: A History of Sustainability
Building upon a collaborative legacy dating back to 2017, Schneider Electric and ENGIE have previously partnered on projects exceeding 1.6 GW through virtual power purchase agreements (VPPAs). ENGIE’s recognized position as a leading developer of corporate energy Power Purchase Agreements (PPAs) underscores the impact of this enduring partnership.
Source：https://www.businesswire.com
