7X Energy, Inc. announces the purchase of 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 (2023).
7X negotiated and procured from Power Electronics, 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.
"Recognizing the need to 'safe harbor' equipment as the ITC begins its step-down process, we took the lead early in the year before supply ran out to ensure our contracted and un-contracted projects will maintain the 30 percent tax credit for our energy buyers over the next several years," said Clay Butler, President and CEO of 7X. "We chose to safe harbor the Freesun inverter by Power Electronics to avoid the price volatility around modules and because we liked the storage readiness aspect of the inverter allowing us to add storage easily to our projects."
"Power Electronics has based its growth on the development of cutting-edge technologies designed to improve reliability even more and meet the demanding specifications of international standards, and always with the valuable partnership of innovation leaders in utility-scale solar development such as 7X Energy," remarked David Salvo, CEO of the company.