Enphase Expands Safe Harbor Deal With Solar Financing Partner, Eyeing $55M Revenue Boost

Enphase Energy, Inc. (NASDAQ:ENPH), a global energy technology company and the world's leading supplier of microinverter-based solar and battery systems, today announced a newly expanded safe harbor agreement with a leading solar financing company that offers third-party ownership (TPO) agreements to homeowners, including leases and power purchase agreements (PPAs).

The newly expanded safe harbor agreement builds on a prior transaction with this leading TPO provider that was announced after the One Big Beautiful Bill Act passed in July 2025, underscoring Enphase's strong, continued engagement with established TPO partners. The new agreement is projected to generate approximately $55 million in revenue across the fourth quarter of 2025 and the first quarter of 2026, with the majority expected to be recognized in the first quarter.

Safe harboring equipment helps preserve investment tax credit (ITC) eligibility on future projects under the current tax credit rules and reduces exposure to potential future policy changes. Enphase can support safe harbor strategies under both the 5% safe harbor and the physical work test methods, potentially providing flexibility for TPO customers based on project size and timing.

This agreement is expected to expand deployments of Enphase's IQ8™ Microinverters supplied from manufacturing facilities in the United States. Enphase IQ8HC™ Microinverters that have SKUs with a "DOM" suffix, when paired with other U.S.-made solar equipment, can help enable TPO providers to also qualify for the domestic content bonus tax credit and align with evolving U.S. sourcing requirements.