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Schneider Electric and Engie North America Partner to Fund Texas Clean Energy Projects Using Innovative Tax Credit Strategy.

French energy companies Schneider Electric and Engie North America are partnering to support clean power projects in Texas using an innovative financing strategy using a rule in the US Inflation Reduction Act to use tax credits to fund clean power initiatives. Schneider Electric will pay $80 million to acquire tax credits, which will be used to fund four Engie projects and then be purchased renewable energy credits from Engie over 10 years. This innovative financing arrangement allows Schneider to support renewable projects without taking an ownership stake, potentially attracting a wider pool of investors. Engie believes this approach will accelerate the energy transition in the United States by facilitating the construction of more clean energy projects and increasing renewable energy on the grid.

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