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Schneider Electric Announces Tax Credit Transfer Agreement With Parent Of Retail Supplier, To Invest In Texas Solar, Storage
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Schneider Electric announced that it has committed to invest in a portfolio of Texas-based clean energy projects utilizing a Tax Credit Transfer Agreement (TCTA) for solar and battery storage systems developed, built, and operated by ENGIE North America (ENGIE).
The contracted projects are expected to come online throughout 2024
Schneider said that the agreement between ENGIE and Schneider, "is among the first at this scale to take advantage of new tax credit transfer provisions in the Inflation Reduction Act (IRA) that will help companies meet their renewable energy goals."
Schneider said that the IRA's transferability clause enables the transfer of eligible federal tax credits from renewable energy, clean energy manufacturing, and battery storage projects, among other clean energy projects. Schneider said that this new feature creates a feasible alternative to traditional tax equity structures. "Tax credit transfer also enables Schneider's Scope 2 decarbonization when the investor-buyer procures associated environmental attributes as part of the transaction," Schneider said
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February 20, 2024
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Copyright 2010-23 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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