Schneider Electric has committed to invest in a portfolio of Texas-based projects utilizing a tax credit transfer agreement for solar systems and BESS developed, built and operated by ENGIE North America.
“Schneider Electric is committed to achieving net-zero emissions across our operations by 2030. This new solar-plus-storage agreement for the U.S. and Canada with ENGIE, a leading developer of renewables, will help us reach that goal,” says Schneider Electric’s Aamir Paul. “The IRA opens the door for innovative projects through its transferability clause, and expands the range of entities that can benefit from tax credits in meeting decarbonization objectives. Schneider Electric is a leader in sustainability, efficiency and the energy transition, and we are proud to ‘model the way’ with this tax credit transfer.”
Since 2017, the two companies have partnered on North America projects that currently exceed 1.6 GW, says Schneider Electric. ENGIE’s total corporate PPA portfolio in North America exceeds 6.5 GW.
Schneider Electric was advised on the deal by consultants from its Sustainability Business.
The projects are expected to come online this year.
