Enphase Energy, Inc. (NASDAQ:ENPH), a global energy technology company, today announced a new safe harbor agreement with a U.S. solar and battery financing company that offers third-party ownership (TPO) agreements to homeowners and businesses, including leases and power purchase agreements (PPAs).

The new agreement was signed on April 28, 2026, and is expected to generate approximately $52 million in revenue. It covers Enphase® IQ9™ Microinverters for both residential and commercial solar projects, with products supplied from manufacturing facilities in the United States.

With this agreement, Enphase's total physical work test (PWT) order backlog with TPO providers is now approximately $873.7 million. This total includes approximately $67.7 million signed in the fourth quarter of 2025, approximately $754 million signed earlier in 2026, and the approximately $52 million signed on April 28, 2026. Enphase expects revenue associated with this PWT backlog to be recognized between 2027 to 2030, subject to customer project timing, demand, and other factors.

This PWT backlog covers IQ9 Microinverters only. Cables, accessories, and IQ® Batteries represent additional revenue opportunities that may be attached to these microinverter systems over the same 2027 to 2030 period.