Introduction:
Imagine a future where every home and business runs on clean, renewable energy. Schneider Electric and ENGIE are turning this vision into reality with a groundbreaking tax credit transfer agreement. This agreement, made possible by the Inflation Reduction Act (IRA), is propelling Schneider Electric closer to its goal of 100% renewable energy in North America.
Leveraging Tax Credits for Renewable Energy:
The key to this agreement lies in the IRA's transferability clause, which allows eligible federal tax credits from clean energy projects to be transferred. This innovative approach not only accelerates Schneider Electric's renewable energy goal but also sets a new standard for corporate sustainability initiatives. By investing in a portfolio of Texas-based clean energy projects developed by ENGIE, Schneider Electric is not only reducing its carbon footprint but also supporting the growth of renewable energy in the U.S. and Canada.
A Partnership for a Sustainable Future:
This collaboration between Schneider Electric and ENGIE is a testament to their commitment to sustainability. Since 2017, the two companies have partnered on multiple projects, leading clients through the procurement of renewable energy via virtual power purchase agreements (VPPAs). ENGIE's expertise in renewables has positioned it as a leading developer of corporate energy PPAs in North America, with a total portfolio exceeding 6.5 GW.
Advancing Renewable Energy Solutions:
Schneider Electric's investment in solar and battery storage projects not only demonstrates its commitment to sustainability but also creates economic opportunities for communities. By leveraging the IRA's tax credit transfer rules, Schneider Electric is not only reducing its Scope 2 emissions but also capturing favorable returns on investment. This approach not only benefits Schneider Electric but also paves the way for other companies to accelerate their decarbonization goals.
Conclusion:
Schneider Electric's investment in renewable energy is a testament to its commitment to sustainability. By leveraging the IRA's tax credit transfer rules, Schneider Electric is not only reducing its carbon footprint but also setting a new standard for corporate sustainability initiatives. Join Schneider Electric on its journey to a 100% renewable energy future and explore how you can make a difference in your community.
The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.
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