SunPower, Hannon Armstrong set up safe harbor solar JV

SunPower panels at Toyota Motor North America HQ in Texas. Source: SunPower (www.us.sunpower.com).

October 7 (Renewables Now) - SunPower (NASDAQ:SPWR) and Hannon Armstrong Sustainable Infrastructure Capital Inc (NYSE:HASI) are forming a joint venture with the goal of preserving the 30% federal Investment Tax Credit (ITC) value for third-party owned commercial and residential installations.

SunPower said in a statement on Monday that the new JV will seek to acquire and deploy 200 MW of safe harbored solar photovoltaic (PV) panels, with the intention of increasing the volume in later years.

The Silicon Valley-based company pointed out that the ITC credit will be reduced from 30% to 26% next year and to 22% in 2021, before reaching 10% for commercial customers and zero for residential customers in 2022 and beyond.

The planned transaction with Hannon Armstrong will preserve the 30% value for projects placed in service from now through mid-2022, SunPower said.

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