Schneider Electric announced Thursday that it has signed a tax credit transfer agreement with Silfab Solar, a Canadian manufacturer of solar panels.

Under Section 45X of the U.S. Inflation Reduction Act (IRA), solar companies can receive tax credits to finance their development in the United States.

The tax credits received by Silfab Solar result from the sale of solar photovoltaic (PV) modules produced by its Washington State-based plant.

Schneider points out that sustainable finance platform Crux played an important role in the transaction, connecting it with Silfab Solar via its tax credit transfer ecosystem.

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