SunPower announced today that it has entered into a joint venture with Hannon Armstrong Sustainable Infrastructure Capital to acquire and deploy 200 MW of safe-harbored solar panels, preserving the federal ITC’s 30% value for third-party owned commercial and residential systems and meeting safe harbor guidelines. The companies expect to increase the volume in later years.
The federal investment tax credit is slated to step down from 30% at the end of this year to 26% in 2020, 22% in 2021 and then level at 10% for commercial customers and zero for residential customers in 2022 and beyond.
The safe harbor facility is expected to preserve 30% ITC value for projects placed in service from now through mid-2022.
“SunPower customers have always benefited from our leading, innovative solar solutions and services and now they will have additional certainty of savings through our safe harbor joint venture enabling them to take advantage of the ITC 30% value post the step down on January 1, 2020,” said Tom Werner, SunPower CEO and chairman of the board. “This flexible and highly capital efficient safe harbor facility provides us with a great opportunity to once again partner with Hannon Armstrong, who shares our clean energy future goals.”
“We are pleased to broaden our offering to enable SunPower to realize additional value and flexibility in the near-term pipeline,” said Jeffrey W. Eckel, Hannon Armstrong chairman and CEO. “As the market need evolves, this latest transaction expands our multi-year programmatic investments with SunPower, supporting our shared mission for a decarbonized future.”
News item from SunPower