The shares of many solar companies have skyrocketed this year, and a number of companies have seen their stock prices quadruple in the past 12 months.
Of pv magazine
Shares of solar companies around the world have more than doubled in value over the past 12 months, the International Energy Agency (AIE) reported in October. Now, as the year draws to a close, the rally has only gathered pace. Shares of renewable equipment makers and publicly traded project developers outperformed most major stock indexes and the energy sector as a whole, the IEA said.
Enphase Energy, a supplier of solar inverters, was one of the most notable winners of the year. Its share price has risen 561% in the past 12 months, from $ 26.81 on December 23, 2019, down to around $ 177.27 this week. SunPower has seen similar gains in its share price. Jinko Solar, SolarEdge Technologies and Invesco Solar all saw their stock prices rise by about 240% over the same time period.
China’s ReneSola Power, a developer of solar projects, has made massive gains this year, but also this week. Its shares nearly doubled from December 17 to 22. Sunrun, which supplies residential solar panels and home batteries, also saw a 380% share price increase in 2020. And shares of Sunnova Energy International have risen 311% in the past year. Shares of First Solar and Canadian Solar, meanwhile, also made substantial gains.
According to The Motley Fool, the “exceptional” rally in solar energy stocks shows little sign of abating. He says there is still “incredible growth potential”. Meanwhile, fossil fuel companies floundered the stock market in 2020 as they struggled to recover from the collapse in oil prices in February.
While there are questions as to whether solar stocks have gone too far, there is no sign of slowing down. As it stands, solar company share prices in 2020 confirm the optimistic future many see for PV.
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