MILPITAS, Calif. — January 6, 2024 – SolarEdge Technologies, a global leader in smart energy technology, today announced safe harbor agreements with two of the largest installers and financers of residential solar installations in the United States, as well as its second sale of §45X Advanced Manufacturing Production Tax Credits.

Safe harbor agreements signed with key US residential solar installation and financing companies
In late December, the Company signed safe harbor agreements with Sunrun (Nasdaq: RUN), as well as with one of the largest financers of residential solar installations in the United States. Under the agreements, SolarEdge will provide inverters, Power Optimizers and batteries manufactured at its facilities in the United States, which, when paired with other U.S. made equipment, are expected to enable its partners to qualify for domestic content bonus tax credits. Deliveries under the safe harbor agreements are expected to take place throughout 2025.

By safe harboring domestically produced inverters, Power Optimizers, and batteries, SolarEdge’s installation and financing partners plan to lock in prevailing investment and domestic content bonus tax credits, providing business planning clarity and greater certainty around project economics.

Transaction for the sale of §45X Advanced Manufacturing Production Tax Credits
In late December, the Company also closed its second transaction for the sale of §45X Advanced Manufacturing Production Tax Credits. The transaction includes a portion of the credits that were generated in the third quarter of 2024 that were backed by both U.S. manufactured inverters and U.S. manufactured Power Optimizers, making them eligible for the 11c/w advanced manufacturing production credit. The transaction was facilitated by the Crux platform.

Bertrand Vandewiele, General Manager of SolarEdge in North America, said: “We are proud to be supporting two of the largest installers and financers of residential solar installations in the United States with our U.S. manufactured technology, including inverters, Power Optimizers and batteries. These agreements will help our partners to secure a reliable supply of high-quality, domestically-produced equipment.”

Shuki Nir, Chief Executive Officer of SolarEdge, said: “The safe harbor agreements and 45X credit sale announced today are important milestones on our recovery path. They improve visibility into our business outlook, and we believe that they will enhance our cash position, strengthen our balance sheet and further advance our priority of financial stability. I look forward to sharing further updates on our progress in the quarters ahead.”