Enphase to Sell Up to $100 Million of Manufacturing Tax Credits for $92 Million
Enphase Energy agreed to sell up to $100 million of U.S. manufacturing tax credits for as much as $92 million in cash, according to an 8-K the solar microinverter maker filed Thursday.
The company said it entered into a tax credit transfer agreement on Wednesday, Oct. 28, with a buyer it described only as "a leading corporation."
What is being sold
The credits are advanced manufacturing production tax credits under Section 45X of the Internal Revenue Code. They are generated when Enphase produces certain eligible components in the United States and sells them to third parties during calendar 2026, the filing said.
The purchase price will not exceed $92 million, or 92 cents for each dollar of credits, and is payable in two installments during 2026 and 2027.
Conditions
Each payment is subject to customary conditions, including the absence of default and the accuracy of Enphase's representations and warranties. The agreement also includes customary covenants, indemnification and termination provisions, according to the filing.
Why it matters
Selling tax credits lets a manufacturer turn production incentives into cash rather than waiting to use them against its own tax bill. For Enphase, the deal converts part of its 2026 U.S. production into up to $92 million of payments across this year and next.
The company cautioned in the filing that its ability to generate tax credits in the future and to receive the payments is subject to risks and uncertainties.
By the numbers
- $100 million: maximum Section 45X credits to be sold
- $92 million: maximum purchase price
- 2: installments, across 2026 and 2027
- Oct. 28: date the agreement was signed
Sources
- Enphase Energy Form 8-K on tax credit transfer agreement (Item 8.01), filed Oct. 29, 2026 (accession 0001463101-26-000104)
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