Enphase Energy, Inc. filed a current report on Form 8-K on October 29, 2026, disclosing that it entered into a Tax Credit Transfer Agreement on October 28, 2026, to sell up to $100,000,000 in advanced manufacturing production tax credits to an unnamed corporate purchaser.

Key Highlights

  • Agreement date: The Tax Credit Transfer Agreement became effective on October 28, 2026.
  • Tax credits offered: Enphase agreed to sell up to $100,000,000 of Section 45X advanced manufacturing production tax credits to the purchaser.
  • Purchase price cap: According to the filing, the purchase price for the credits shall not exceed $92,000,000.
  • Payment schedule: The purchase price is payable in two installments during calendar years 2026 and 2027.
  • Eligible transactions: The tax credits are generated by the production of certain eligible components in the United States and the sale of such components to third parties during calendar year 2026.
  • Conditions precedent: Each payment date is subject to customary conditions, including absence of default and the accuracy of the company's representations and warranties.
  • Signatory: The filing was signed by Mandy Yang, Executive Vice President and Chief Financial Officer of Enphase Energy.

Enphase Energy's Section 45X Tax Credit Sale: Terms and Structure

Enphase Energy, Inc. (NASDAQ:ENPH) disclosed on October 28, 2026, that it entered into a Tax Credit Transfer Agreement with a counterparty the filing identifies only as "a leading corporation." Under the agreement, the company agreed to transfer up to $100,000,000 in advanced manufacturing production tax credits generated under Section 45X of the Internal Revenue Code of 1986, as amended. The credits are tied to the production and sale of certain eligible components within the United States during calendar year 2026.

According to the filing, the total purchase price for those credits shall not exceed $92,000,000, representing a discount to the face value of the credits being sold. The company disclosed that payment will be made across two installments, one falling in calendar year 2026 and the other in calendar year 2027. The filing notes that each payment date is conditioned on customary requirements, including the absence of default and the accuracy of the company's representations and warranties at the time of each installment.

The filing states that "the Agreement contains customary covenants, indemnification, and termination provisions for comparable Tax Credit sale agreements." The company also noted that the Form 8-K contains forward-looking statements, including statements related to its expectations about its ability to generate tax credits in the future and to receive related payments, and cautioned that actual results could differ materially. The company stated it undertakes no duty or obligation to update any such forward-looking statements.

What Was Disclosed

Enphase Energy reported entering into a Tax Credit Transfer Agreement on October 28, 2026, to sell up to $100,000,000 in Section 45X advanced manufacturing production tax credits for a purchase price not exceeding $92,000,000, payable in two installments over 2026 and 2027.