Solar stocks are under stress – Find out why

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  • Canadian Solar Inc. CSIQ has agreed to sell a 70% stake in its 738 MWp solar projects, Marangatu and Panati-Sitia, to SPIC Brasil.
  • SPIC Brasil is a power generation company in Brazil.
  • The Marangatu and Panati-Sitiá projects covered an area of ​​2,200 hectares.
  • Both projects will likely begin construction in late 2022 and reach commercial operation in late 2023.
  • Marangatu and Panati-Sitiá will likely be two of the largest solar power plants in Brazil and will produce clean electricity equivalent to powering more than 900,000 homes in Brazil each year.
  • In the meantime, President Joe Biden is seeking to lift tariffs on solar panels for two years in four Southeast Asian countries after an investigation banned imports and hampered projects in the United States. , Reuters reports.
  • The White House aims to increase domestic solar manufacturing capacity to 22.5 gigawatts by 2024, three times the manufacturing capacity when the president took office, Barron’s reports.
  • Biden is seeking to assuage concerns about companies having to hold billions of dollars in reserves to pay potential tariffs.
  • Recently, the Commerce Department conducted a months-long investigation to determine whether solar panel imports from Cambodia, Malaysia, Thailand and Vietnam were dodging tariffs on products made in China.
  • SolarEdge Technologies, Inc. SEDG the shares traded up 4.41% at $311.50 pre-market when last checked on Monday. Enphase Energy, Inc. ENPH shares rose 4.74% to $205.65. SunPower Corporation SPWR the shares traded up 7.13% at $19.69. Sunrun Inc CLASSES the shares traded up 9.19% at $29.24.
  • Price Actions: CSIQ shares traded up 7.04% at $35.43 pre-market when last checked on Monday.
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