Enphase Energy Expands Safe Harbor Agreement with a Leading TPO Provider

Core Viewpoint - Enphase Energy has announced an expanded safe harbor agreement with a leading solar financing company, enhancing its engagement with third-party ownership (TPO) partners and expected to generate approximately $55 million in revenue [2][5]. Group 1: Safe Harbor Agreement - The newly expanded safe harbor agreement builds on a prior transaction and is projected to generate approximately $55 million in revenue across Q4 2025 and Q1 2026, with most revenue recognized in Q1 2026 [2]. - Safe harboring equipment helps preserve investment tax credit (ITC) eligibility on future projects and reduces exposure to potential policy changes, supporting strategies under both the 5% safe harbor and physical work test methods [3]. Group 2: Product Deployment and Manufacturing - The agreement is expected to expand deployments of Enphase's IQ8™ Microinverters, which are supplied from U.S. manufacturing facilities [4]. - Enphase IQ8HC™ Microinverters, when paired with U.S.-made solar equipment, can help TPO providers qualify for the domestic content bonus tax credit [4]. Group 3: Company Strategy and Future Outlook - The company aims to support TPO providers and developers in scaling high-quality residential solar and commercial projects with less risk by leveraging Enphase microinverters [5]. - Enphase expects to enter into similar agreements in the coming months and continues to expand U.S. manufacturing and domestic sourcing to support domestic content objectives [5].