Several solar stocks are posting big gains in Wednesday’s trading after the European Union unveiled a multibillion-euro plan to cut red tape for solar and wind farms to help reduce reliance on Russian fossils fuels, FinancialTimes reports.
Solar names posting big gains include (FTCI) +11.2%(ARRY) +10%(SHLS) +5.3%(NOVA) +5.1%.
AND F : (NYSEARCA:TAN), (FAN), (ICLN), (QCLN), (PBW), (PBD), (ACES), (CNRG), (SMOG), (ERTH)
According to the new RepowerEU Planthe European Commission wants half of the EU’s energy to come from renewable sources by 2030, more than double current levels, with total costs reaching hundreds of billions of euros to be offset by 84 billion euros euros in annual savings on imported fuel.
One proposal is to “introduce an obligation to have rooftop solar installations for all new buildings and all existing buildings of energy performance class D and above [the most energy-intensive].”
The European Commission wants to speed up the construction of wind farms and solar panels by forcing member states to designate “go-to” areas with lower environmental standards and processes for fast-track approvals, according to FT.
RepowerEU claims that fully implementing its proposals would reduce gas consumption by 30% by 2030.
In addition, Northland Capital initiated coverage of Sunnova (NOVA) with a Outperform score and $30 price targetciting the “well-oiled dealer-based business model poised to thrive with growing solar demand”.
Solar inventories have mostly fallen in recent weeks in response to the US government’s investigation into solar panel imports, which are causing delays in solar and storage projects.