Solar manufacturer closes 45X tax credit transfer

Share

Heliene Inc., a Canadian solar module manufacturer with production facilities in the United States, announced the sale of the 2025 Section 45X Advanced Manufacturing Production Tax Credit in partnership with Minneapolis-based U.S. Bank. The value of the transfer was not disclosed.

“By incentivizing domestic production and investment in renewable energy, the 45X tax credit is already playing an important role in bolstering U.S. jobs and fostering economic growth,” said Adam Altenhofen, Impact Finance senior vice president of environmental finance production.

Under a tax credit transfer transaction, renewable energy developers and owners are essentially able to sell tax credits for cash, making financing easier for new clean energy projects. The transferability option is generally open to the entities that are not covered by the direct pay option. The transferability provision addressed constraints in the nation’s tax equity market, opening a new source of capital for clean energy businesses. Notably, tax credit transferability is retained under the current One Big Beautiful Bill Act being considered by the Senate.

Heliene reports that it uses a “high volume of domestically-sourced components” at its  two Minnesota facilities, both of which came online in spring 2025. The company recently secured a number of strategic partnerships with domestic solar module component manufacturers, such as the deal it made with Suniva and Corning, enabling Heliene modules to contain 66% domestic content.

Across its two Minnesota facilities, Heliene’s annual U.S.-based domestic solar module manufacturing capacity is 1.3 GW. In addition, the two facilities employ more than 500 Minnesotans.

This transaction marks the second tax credit transfer sale completed by Heliene in the past year. In September 2024, it sold an estimated $50 million in 2023 and 2024 45X tax credits.

“We’re very proud to have worked with U.S. Bank on our second 45X tax credit transfer deal.” said Martin Pochtaruk, CEO of Heliene. “In monetising these additional tax credits, we can maintain our commitment to building a stronger, domestic solar supply chain and grow our Minnesota workforce to meet the target of American energy dominance.”

Heliene said that it will continue its commitment to strengthen U.S. energy independence through domestic manufacturing and job creation.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Popular content

Senate rushes reconciliation bill that launches new attacks on clean energy
29 June 2025 On Saturday the Senate moved the reconciliation bill to debate by the slimmest of margins.