SOLAREDGE TECHNOLOGIES INC
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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Sep 30, 2024 · Filed Nov 7, 2024
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Item 5. Other Information
5.01 Tax Credit Purchase and Sale Agreement between SolarEdge Manufacturing Inc. and Genworth Financial., Inc. dated November 4, 2024.
Pursuant to the Tax Purchase and Sale Agreement (the “Credit Sale and Transfer Agreement”), the Company agreed to sell to the Purchaser $42.6 million of advanced manufacturing production tax credits (“Tax Credits”) generated by the production of certain inverter components in the United States and the sale of such components during the first half of 2024 (the “Eligible Transactions”) pursuant to Sections 45X and and 6418 of the Internal Revenue Code of 1986, as amended (the “Code”). Pursuant to the Credit Sale and Transfer Agreement, the purchase price for such Tax Credits is $40.1 million which was paid at closing.
The foregoing summary of the Credit Sale and Transfer Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Agreement, which will be filed by the Company as required in its Form 10-K for the year ending December 31, 2024.
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