Enphase Energy Inc. (NASDAQ: ENPH) announced a safe harbor agreement with a U.S. solar and battery financing company that provides third-party ownership agreements to homeowners and businesses. The agreement was signed on April 28, 2026, and is expected to generate approximately $52 million in revenue.

The deal covers Enphase IQ9 Microinverters for residential and commercial solar projects, with products supplied from U.S. manufacturing facilities. The agreement brings Enphase's total physical work test order backlog with third-party ownership providers to approximately $873.7 million.

This backlog includes approximately $67.7 million signed in the fourth quarter of 2025, approximately $754 million signed earlier in 2026, and the $52 million from the latest agreement. The company expects revenue from this backlog to be recognized between 2027 to 2030, subject to customer project timing and demand.

The backlog covers IQ9 Microinverters only, with cables, accessories, and IQ Batteries representing additional revenue opportunities that may be attached to these systems over the same period.

"This additional safe harbor agreement reflects the continued momentum we are seeing with TPO providers as they plan for future residential and commercial solar projects," said Ken Fong, senior vice president of sales at Enphase Energy.

Safe harbor agreements can help future projects preserve eligibility for the base investment tax credit and domestic content bonus credit by allowing solar companies to secure equipment ahead of deployment, reducing uncertainty around project economics.