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Specialized components manufacturer Broadwind Inc (NASDAQ:BWEN) has entered into a definitive Tax Credit Transfer Agreement with MarketAxess Holdings, Inc. (NASDAQ:MKTX) to sell earned Advanced Manufacturing Production Credits (Tax Credits), within the Inflation Reduction Act (IRA).
Under the terms of the agreement, Broadwind looks to sell about $15 million of tax credits, less discounts, transaction fees and related expenses.
The tax credits will be assigned to the purchaser pursuant to IRC section 6418.
Broadwind has also agreed, on a quarterly basis, to sell to the purchaser section 45X tax credits generated in 2024.
The company is eligible for the tax credits under section 45X of the Internal Revenue Code, based on its domestic production and sale of certain eligible wind turbine components prior to the date of the agreement in 2023.
"Under the IRA, U.S. based manufacturers of clean energy componentry, including wind towers, are granted the full benefit of the 45X tax credit through 2029, representing a significant economic incentive for new investment in renewable energy projects over the coming years," said CEO Eric Blashford.
Price Action: BWEN shares are trading higher by 0.35% at $2.85 in premarket on the last check Wednesday.
