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7X Energy Acquires 2 GWac of Inverters from Power Electronics for Investment Tax Credit
Wednesday 09 October 2019

9 October 2019 - Texas, US-based solar developer 7X Energy, Inc. has purchased inverters that would qualify more than 2,000 MWac of projects for 100% of the Investment Tax Credit (ITC) if these projects are placed in service before the end of the fourth year of their start date, the company said.
Terms of the transaction were not disclosed.
The safe harbor procurement represents one of the largest purchases by an independent solar developer in the US with over USD 100m of equipment procured.
7X negotiated and procured from Power Electronics, the leading US solar inverter supplier, 2gw of Freesun HEM inverters. 7X will store the equipment in its home state of Texas.
Debt financing for the equipment was provided by Forethought Life Insurance company, a subsidiary of Global Atlantic Financial Group.
7X Energy is a developer in the solar industry. The company is independently owned and consists of a diverse team of seasoned industry veterans, with over 10,000mw of collective utility-scale development expertise.
Date Published: 09/10/2019
Target: 2 GWac of Inverters
Country: USA
Sector: Alternative Energy
Type: Corporate acquisition
Status: Closed
Vendor: Power Electronics
Buyer: 7X Energy, Inc
Terms of the deal were not disclosed