Broadwind to sell $15M IRA advanced manufacturing tax credits

Broadwind (BWEN) has entered into a definitive Tax Credit Transfer Agreement with MarketAxess Holdings Inc. (MKTX) to sell earned Advanced Manufacturing Production Credits, as outlined within the Inflation Reduction Act. Under the terms of the Agreement, Broadwind expects to sell approximately $15 million of tax credits, less discounts, transaction fees and related expenses. Broadwind is entitled to the Tax Credits pursuant to 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. Subject to the Agreement, the Tax Credits will be assigned to the Purchaser pursuant to IRC Section 6418. Under the terms of the Agreement, Broadwind has also agreed, on a quarterly basis, to sell to the Purchaser Section 45X Tax Credits generated in 2024.