$80 million solar tax credit transfer funding solar electricity purchase

Schneider Electric SE will pay $80 million to acquire tax credits, which in turn will help fund four Engie North America projects that are slated to come online in Texas this year.

Schneider will then use the tax savings to buy 110,000 megawatt hours of renewable energy credits annually — for an undisclosed amount — from Engie’s projects over 10 years.

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